As we go forward, there will always be new laws passed in an attempt to keep the our country's housing industry viable for all, while protecting the consumer. Some will be of merit and those that will hurt the industry, the National Association of Realtors and the Government Affairs Committees around the US are watching and protecting our rights as homeowners in making representation on capital hill.
By having a strong voice on capital hill and educating our law makers to major concerns that would affect all of us in a negative way, NAR has been successful in defeating legislation that would be detrimental to all homeowners. NAR has been equally successful in lobbying for those reforms and programs that help keep the real estate industry healthy and protect consumer's most precious possession and asset...their home!
Realtor Insider DC News and Events Report
Loan Limit Appeals Process Announced
Contrary to previous reports, FHA and FHFA will permit appeals for the 2010 limits. The 2010 limits will remain the same from the current limits at 125% of local area median home price up to $729,750 (with a floor for FHA of $271,050 and $417,000 for Freddie Mac and Fannie Mae). A full list of the limits is available at HUD.
If you wish to appeal your loan limit, and can demonstrate that sales prices are higher than the current limits, there is a set procedure, and time is short. All appeals must be made by December 21, 2009. Appeals will all be handled by the Santa Ana Homeownership Center. Full details are available in HUD's Mortgagee Letter 2009-50. This will be the only opportunity to appeal the 2010 limits.
Full List of 2010 Limits
HUD's Mortgagee Letter 2009-50
Megan Booth 202-383-1222, Jerome Nagy 202-383-1233
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