The House Fails to Act - AGAIN

Real Estate Agent with Coldwell Banker Previews International

The house fails to vote on loan limits . .

As noted in the link, Congress has failed to extend the conforming loan limits on government-backed loans at Fannie Mae and Freddie Mac set to expire on Oct 1st.

In a challenging market, the government should be helping not hurting.  This failure will impact many markets in the country where homes regularly sell for over $625,500 which is the point at which the ceiling will retreat.  The continuation of the current numbers has been proposed in several bi-partisan bills.  Contact your representatives today and insist that this be passed. 

If you're a home owner or hope to be one someday, this effects you!  Make your voice heard!

Comments (3)

Bryan Robertson
Los Altos, CA

I don't see these levels being put back into place by the deadline.  On the other hand, so we really need them?  If most homes are priced below the loan limits, perhaps they're not necessary.

Sep 26, 2011 06:13 AM
Jay Cooke
Coldwell Banker Previews International - Greenwich, CT
People Always Come First

Hi Bryan,

In many parts of the northeast including Fairfield County, the average and mean prices are still way over this number but it was helpful for first time buyers.

Sep 26, 2011 06:29 AM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Most of us are disappointed that the levels were not left alone. OK, oe'll work with what we have. Jumbo rates are much better than they were and more jumbo prducts will continue to come online.

Thank you for the post. 

Sep 26, 2011 06:40 AM