NAR Calls for Urgent Action With Loan Limit Increases
The NATIONAL ASSOCIATION OF REALTORS® has called on both the U.S. Department of Housing and Urban Development and the Office of Federal Housing Enterprise Oversight to promptly implement the higher conforming loan limits for Fannie Mae and Freddie Mac, and the increased Federal Housing Administration loan limits that Congress mandated and that President George W. Bush today signed into law.
In a letter to HUD Secretary Alphonso Jackson and OFHEO Director James Lockhart, NAR notes that failing to move quickly to allow Fannie Mae, Freddie Mac, and the FHA to increase their loan limits will prolong the nation’s mortgage crisis and make a recovery in the housing market more difficult.
“Our research indicates that the increased FHA loan limits will help an additional 138,000 Americans achieve the dream of homeownership and will allow nearly 200,000 home owners to refinance and potentially keep their homes,” says NAR President Richard Gaylord.
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The increase in the FHA loan limits does not help our area of Spring Texas as much as other areas because we have not experienced the large price appreciations in the last few years. But hopefully the increase will help other areas and indirectly it will benefit our area because we have buyers that are waiting on their homes to sell in other areas.
Posted by: Jill Wente | March 25, 2008 04:47 PM