Restoring Higher GSE Loan Limits?

By
Mortgage and Lending with The Jonathan Arnold Team of Inlanta Mortgage
https://activerain.com/droplet/lGQ

Senate has Passed a Measure to Restore Higher GSE Loan Limits

Late yesterday the Senate approved the amendment to restore the maximum loan limits on government backed mortgages to where they were two years ago; $729,750. Additionally, this restores the FHA loan limit to 125% of the median home price in low cost areas (it was reduced to 115%).

This would roll back the October 1 reductions in the Fannie Mae, Freddie Mac and FHA/VA loan limits in high cost areas.  

Restoring Higher GSE Loan LimitsThe goal with this is to get the housing market moving faster to play a part in the economic recovery.  At this point every little bit is going to help.

This was an amendment that was heavily lobbied by the National Association of Realtors to get the votes needed.  The Senate approved this amendment by a 60-38 vote, so now it is on to the house.

Within the amendment is also an annual 15 basis point fee on "jumbo GSE" loans to cover possible losses on higher balance Fannie/Freddie mortgages

We will keep you posted as this moves on to the house.

 

 

What are you thoughts on this?  Do you see it helping your clients?


Original Notice by Brian Collins, Narional Mortgage News

Posted by

 

 
 
  Katrina Cole  

Katrina Cole

Business Development

The Jonathan Arnold Team
   


Inlanta Mortgage, Inc
2029 Celadon Dr NE
Grand Rapids, MI 49525

 
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Rainer
27,574
Aloha Mortgage Loans
Kihei, HI

Higher loan limits by Fannie, Freddie, FHA, and VA are great to keep the housing market rolling. Especially if you live in higher priced real estate markets such as Hawaii. I'm glad to see this and thanks for the imformation!

Oct 21, 2011 07:40 AM #1
Rainer
119,944
Katrina Cole
The Jonathan Arnold Team of Inlanta Mortgage - East Grand Rapids, MI
Inlanta Mortgage, Business Development Manager

I agree that the loan limit increase would help greatly! Your welcome for the information, I will keep you posted.

 

Katrina

Oct 21, 2011 07:48 AM #2
Rainmaker
1,186,654
Curtis Van Carter
Better Homes & Gardens Wine Country Group - Yountville, CA
Your Napa Valley Broker Extraordinaire

I feel you can already feel the effect. The Napa Valley were I live went from $729,750 to $592,250, a 27.5% decrease.

Oct 21, 2011 07:49 AM #3
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Rainer
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Katrina Cole

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