2. Call for Action: Maintain Federal Loan Limits
June 30, 2011
Source: National Association of REALTORS®
FHA and the conforming loan limits of Fannie Mae and Freddie Mac expire at the end of the federal fiscal year, Sept. 30. If lawmakers take no action, the limits drop to 115 percent from 125 percent of the area median home price and the high-cost limits are reduced to $625,500 from $729,750. Such a reduction would destabilize the housing market at a time when sales are struggling to recover, NAR says. The association is asking lawmakers to support bi-partisan legislation, H.R. 1754, by Gary Miller (R-Calif.) and Brad Sherman (D-Calif.), to keep limits where they are. With two clicks, your members can tell lawmakers to support this bill and maintain current loan limits. Learn more about the issue in a short video with NAR Government Affairs. Access a chart showing how loan limits would change in your area.