FHFA to Review Loan Limits Again-Update
The Federal Housing Finance Agency announced further steps today into evaluating whether to lower loan limits on loans sold or guaranteed by the GSEs ( Fannie Mae and Freddie Mac ). Just recently, they had announced a decision to postpone a mandate to lower these limits.
The proposal once again comtemplates the reduction of the Conforming Loan Limit from $ 417,000 in most areas to $ 400,000. This represents a proposed reduction of approximately 4 per cent from current levels. While this reduction might not hurt some areas, many high cost areas of the Country could be adversely affected by this change.
The FHFA once again is giving the public an opportunity to voice it's opinion. Those interested can submit their comments directly to the FHFA. The deadline is March 20, 1014.
To review the full article from Mortgage News Daily, please follow this link: FHFA Invites Comments on Maximum GSE Purchase Limits
To review the formal announcement by the FHFA, please follow this link:
To submit a response to the FHFA by email use this email address: loanlimitinput@FHFA.gov
While we are all busy attempting to transact business, input from those of us in the industry is important to reign in the effects of over regulation by our Government. Let your voices be heard, and spread this information if you so desire.
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Wayne L. Brown
SecurityNational Mortgage Company
Individual NMLS # 343946
Company NMLS # 3116
Website: Wayne Brown