Realtors, watch this video. Our National Association of Realtors is asking for you to take action against the lower FHA loan limits that are scheduled to take place.
NAR is once again defending home ownership. In case you weren’t aware, maximum loan limits for government backed mortgages are set to decrease. The thinking is that if loan limits fall so will home prices. For example, if you live in a housing market where the FHA maximum loan limit is $350…and the max loan limit drops to $299 that home seller will have to reduce their price or lose out on up to 90% of the potential buyers. (FHA is doing 90% of the mortgage business) This will force MORE owners underwater…leading to more short sales and REOs. End result, negative housing momentum continues.
No one argues against sensible lending standards. But, lets be equally sensible when it comes to enacting mortgage requirements that will only further push down home prices.
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Support NARs fight to keep loan limits where they are.