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Congress restored the loan limits for the Federal Housing Administration (FHA)

By
Real Estate Agent with Better Homes and Gardens Rand Realty

Congress restored the loan limits for the Federal Housing Administration (FHA) for two years, late September the FHA, Fannie Mae; and Freddie Mac loan limits were reduced in 42 states pricing potential home buyers out of the American Dream of home ownership and holding back the housing recovery.

The reinstated FHA loan limit formula and cap change will help make mortgages more affordable and accessible for hard-working, middle-class families in 669 counties in 42 states and territories, where the average loan limit reduction after the reset last month was more than $68,000. The provision reinstates the FHA loan limits through 2013 at 125 percent of local area median home prices, up to a maximum of $729,750 in the highest cost markets, the floor will remain at $271,050. However, Congress chose not to apply the loan limits restoration to Fannie Mae and Freddie Mac. Fannie-and-Freddie-backed mortgages will remain at 115 percent of local area median home prices up to $625,500.

The bill also provides for a short-term extension of the National Flood Insurance Program through December 16, 2011. NAR will continue to press Congress to use the additional time to complete their work on a five-year reauthorization of the program, which ensures access to affordable flood insurance for millions of home and business owners across the country

                 

Anthony Stokes Pereira (845) 624-8100 Ext. 188

Better Homes and Gardens Rand Realty

I can help you with every aspect of buying or selling your home because I'm experienced, because I am a Better Homes and Gardens Rand Realty Real Estate Professional . . . and because I care.

As your Better Homes and Gardens Rand Realty Sales Professional, I will provide you with the information you need to make an educated decision.

The relationship between a home buyer or seller and their agent is based on trust, shared goals and understanding. I strive to continually improve and to do this I listen and take the needs and wants into consideration.

For assistance with any of your real estate needs, please contact me, whether it's to get started on helping you realize your goals and dreams, or just to ask a question - no pressure, no hassle, no obligation - just a friendly conversation. I would welcome the opportunity to make a difference for you.

Anthony Stokes Pereira

Office: (845) 624-8100 Ext:168

Cell: (845) 538-7021

Fax: (845) 624-7137

anthony.stokespereira@randrealty.com

www.anthonystokespereira.com

 

 

Better Homes and Gardens Real Estate - Rand Realty, founded in 1984, is the No. 1 real estate brokerage in the Greater Hudson Valley with 25 offices serving Westchester, Rockland, Orange, Putnam and Dutchess counties. Rand has more than 800 sales associates, as well as a commercial real estate company (Rand Commercial Services), mortgage company (Rand Mortgage), title company (Hudson Abstract Services) and insurance agency (The Hudson Group Insurance Agency). The company’s Web sites are: randrealty.com, randcommercial.com, randmortgage.com, www.hudsonabstract.com and www.hudson-group.com. Rand Realty is also on Facebook and Twitter. Anthony Stokes Pereira web site www.anthonystokespereira.com . Information deemed reliable but not guaranteed.

Comments (3)

Marco Giancola
Beachfront Realty - Miami Beach, FL
Realtor (305)608-1922, Miami Beach Florida

Hey Anthony-thanks for the post and the heads up-I did not know that they reset the limits.

Nov 25, 2011 12:43 AM
Lisa Dunham
Alexandria, VA
Associate Broker, Alexandria Virginia Real Estate

Anthony, thanks for highlighting and confirming this information.  This is certainly good news and I really appreciate your post!

Nov 25, 2011 01:09 AM
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

I think it is interesting that they restored them but didn't extend them back in October - we had some buyers rushing to get to closing on time.  Luckily they did and here the limits are raised again.  Thanks for the post - Kasey

Nov 27, 2011 04:56 PM