Access to Mortgage Loans in Danger
In 2008, when the economy and the housing market were in freefall Congress temporarily raised the limits for FHA and GSE loans. This common sense response to a severe credit crisis has been critical to ensuring access to mortgage loans.
Unfortunately, unless Congress acts before October 1, the temporary loan limits will expire. If that occurs, conforming and FHA loan limits will be slashed by over 50% in some markets dealing a devastating blow to a housing market struggling to recover. And the impact won't be limited to only "high cost" markets. Limits will be reduced in 608 counties which contain 59% of all U.S. households.
Fortunately, some leaders in Congress are taking steps to extend the temporary loan limits. But they need your help to succeed.
Please contact your elected representative in Congress today and ask them to co-sponsor HR 1754 the "Preserving Equal Access to Mortgage Finance Programs Act." This legislation enjoys bi-partisan support in the House and is our only chance to preserve the existing loan limits that are so important to stabilizing the housing market.