Could Loan Limits Be Restored?

Real Estate Investment 150x150 Could Loan Limits Be Restored?The Senate voted on Thursday to attach a proposal to a spending bill that could restore the size of loans the government buys or insures to a maximum mortgage amount of $729,750 in many markets.

The higher conforming loan limits expired at the end of September, reverting to a maximum amount of $625,500, despite mass calls from the industry that doing so could potentially weaken the housing market, particularly in high-priced areas.

The lower loan limits are making it more difficult for “middle class home buyers to get credit when credit is tight,” says Robert Menendez, D-N.J., who introduced the bill amendment. “Getting our housing market moving again is one of the most important tasks facing the country.”

The Senate voted 60-38 on the spending bill. It’s expected to go before the House later this year.

The National Association of REALTORS®, along with several other housing groups, have been urging Congress to renew a two-year extension that would maintain the GSE maximum loan limit at $729,750.

Source: “Senate Backs Plan to Help Americans Buy Homes,” Reuters (Oct. 21, 2011)

Read More

Drop in Loan Limits Has Many Concerned

On Loan Limit Drop, Middle Faces Hard Hit

 Could Loan Limits Be Restored?

Posted By

We offer the largest Realtor Rebate of any competitor and still offer full service representation throughout the entire DC Metropolitan Area. With I-Agent, you will work with local full service Realtors throughout the entire transaction, including touring homes. It is crucial for your Realtor to see the home that you intend to purchase. All of our agents are full time agents with over a 100 transactions. Other companies send inexperienced 'field agents' out to show homes who often have no or little real estate experience.

Twitter | Facebook | LinkedIn | Google+
1196 days ago by in headlines , homebuyer , house hunting , Mortgages , News | You can follow any responses to this entry through the RSS feed. You can leave a response, or trackback from your own site.
One Comment to Could Loan Limits Be Restored?

Leave A Response

* Required

1 + = 9

Buy a Home with and Receive 66% of our Commission | Average rebate is over $10,000 Contact an Agent