FHA Loan Limits Restored

By
Real Estate Agent with RE/MAX Platinum Realty BK3111936

Today I received an email from the National Association of Realtors Realtor Action Committee stating that Congress restored the loan limits for FHA.  Realtors have been working hard to help preserve this right and finally our hard work has paid off.  This is a big step towards our real estate market recovery. Below is the full letter I received.

"Last night Congress restored the loan limits for the Federal Housing Administration (FHA) for two years.

As you know, in 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.

NAR immediately went to work with the goal to get the loan limits restored in Congress. For weeks that goal seemed unlikely.

You, and countless other REALTORS® like you along with YOUR leadership and YOUR management team worked to educate Congress that well-qualified buyers didn't need yet another hurdle to access affordable mortgage financing.

They finally listened. Because we were persistent. And because we were right.

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.

I know that when we work together we can accomplish anything we set our minds to in order to preserve, protect and defend the American Dream of Home Ownership." 

Posted by

 

Helping buyers and sellers since 2004.  A Venice/Englewood area Florida resident for almost 40 years, put my local real estate knowledge to work for you today.  My coverage areas include Southwest Florida communities of Venice, South Venice, West Villages, North Venice, Nokomis, Osprey, Casey Key, Manasota Key, Englewood, Rotonda West, South Gulf Cove, Grove City, Placida, Cape Haze, Port Charlotte, Punta Gorda & North Port which are located in Sarasota and Charlotte Counties

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KARI BATTAGLIA, PA
REALTOR Broker Associate ABR AHWD CRS GRI SFR SRES
PalmerHouse Properties
Past President Venice Area Board of REALTORS 2017
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Florida Sarasota County
Tags:
fha
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Rainmaker
2,204,046
Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

Thisis good new for all of us who sell homes via FHA

Nov 19, 2011 11:45 PM #1
Rainmaker
182,854
Joan Congilose
New Jersey Properties - Manalapan, NJ
Helping Sellers & Buyers

That is great news for a change, especially since the majority of buyers are seeking FHA loans these days

Nov 19, 2011 11:50 PM #2
Rainer
243,805
JOSH EVANS *JoshEvansHomes 516-655-5000
Village Properties of Mineola, LLC - Mineola, NY

Great news. Good to know and thanks for the update. Good luckmthis year and happy thanksgiving and have fun

Nov 20, 2011 12:01 AM #3
Rainmaker
159,109
Kari Battaglia, PA
RE/MAX Platinum Realty - Venice, FL
Love Where You Live

Joe - Very good news and thanks for visiting my blog.

Joan - In Venice FL there are many homebuyers seeking FHA loans and this is definitely great news.

Josh - You have a great Thanksgiving too!

Nov 20, 2011 12:19 AM #4
Rainer
88,546
Paul Lesieur
203kloanmn - North Oaks, MN

FHA loan limits has been a moving target, were good for now but look for more changes soon.

Nov 20, 2011 01:53 AM #5
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Rainmaker
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Kari Battaglia, PA

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