NAR recently issued a Call For Action urging REALTORS® to contact Congress and clearly communicate that Congress needs to prevent conforming loan limits from expiring on Sept. 30. Unless Congress acts, the current loan limits will expire on Sept. 30, and the cost of a mortgage could rise significantly. More than 30,000 California families will face higher down payments, higher mortgage rates, and stricter loan qualification requirements if conforming loan limits on mortgages backed by the Federal Housing Administration (FHA), Fannie Mae, and Freddie Mac are reduced beginning
October 1, 2011, according to analysis by C.A.R.
Despite the Obama administration claiming it will support a one-year extension of the current loan limits, Bank of America already has lowered its loan limits for new loans, and others will follow suit.
Please contact Congress today and communicate clearly that a housing recovery depends on keeping mortgages affordable and that Congress needs to prevent these higher loan limits from taking effect.
From C.A.R. Newsline
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