Only 2 weeks and our reliable mortgage financing will diminish. If this happens, many people wanting to purchase homes will be priced out of the market. Plus, it could worsen the housing recovery we so much need to occur. National Association of Realtors urges everyone to contact their congressmen to extend the current mortgage loan limits.
On Oct 1, if the loan limits are not extended, the limits will decrease and play havoc with our housing market and the economy. Our current economic situation is unstable at best, and this would just worsen it. The new limits as published by HUD and FHFA, indicate that more than 669 counties in 42 states would be negatively impacted. The average decline in loan limits would be more than $68,000
Again, urgent action needed on fha loan limits by all. Contact your congressman immediately.
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