"Call to Action" required to ensure that your clients recieve affordable mortgages!
As reported yesterday by OCCOASTPROPERTIES.COM, Steve Mino & Natalie Vizir, NAR recently issued a Call For Action urging REALTORS® and clients to contact Congress and clearly communicate that Congress needs to prevent 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 669 counties in 42 states and the territories would be negatively impacted by the loan limit change. According to Natalie Vizir of OCCOASTPROPERTIES.COM, "This could futher devastate the already suffering resale market by reducting the limits of the conforming loan amounts by as much as 25% in some areas." The average decline in loan limits would be more than $68,000 nationally, and loan limits for FHA, Fannie Mae, and Freddie Mac-insured loans will drop to 115 percent of the local area median home price with a cap of $625,500. Currently, limits for these loans are 125 percent of local area median home price with a cap of $729,750.
Steve Mino of OCCOASTPROPERTIES.COM believes that "This proposed change may remove hope for many buyers by pricing them out of the American Dream of homeownership. Even worse, this could delay the housing recovery."
Steve Mino and Natalie Vizir agree that well-qualified buyers don't need yet another hurdle to access affordable mortgage financing.
OCCOASTPROPERTIES.COM urges you to 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. If you need further information please contact Steve Mino at 949.300.7412 or Natalie Vizir at 949.300.5074
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Steve Mino & Natalie Vizir
Century 21
949.300.7412
949.300.5074
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