Prince William County Virginia Real Estate

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Call for Action: Include FHA Reform and GSE Increases in the Economic Stimulus Package

Please encourage the Senate to include FHA Reform and GSE increases in the economic stimulus package currently under consideration.

I just sent a letter to my Members of Congress urging them to support REALTOR issues!

You too can send a letter, just like I did using the NAR Action Center: http://www.realtoractioncenter.com/   Once on the site, it is easy to register, read about important issues affecting REALTORS and take action.

-Keith


Keith M. Elliott Jr.

PRINCE WILLIAM COUNTY REAL ESTATE EXPERT

Realtor®, e-PRO®, ABR®, SRES®, Commercial Specialist®


RE/MAX Olympic Realty

15100 Washington Street

Haymarket, VA 20169

Office: (703) 530-2955, Ext. 6316

Cell: (540) 272-9012

Fax: (571) 261-5048

Email: kelliott@comcast.net

Website: http://www.ElliottForRealEstate.com/

Blog: http://www.activerain.com/kelliott5264


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January 30, 2008   10:38 PM

Senator John Warner
U.S. Senate
225 Russell Senate Office Building
Washington, DC 20510-0001

Subject: Support Inclusion of Housing in the Economic Stimulus Package 


Dear Senator Warner,

As a constituent and a REALTOR, I want to stress how important it is for the Senate to include increases for the FHA and GSE loan limits in the Senate's economic stimulus package.  These provisions will create safe and affordable mortgage options for our state's homeowners and provide much needed stability for our local economies.

The critical role that Fannie Mae and Freddie Mac (GSEs) play in providing liquidity to the mortgage market has never been more evident than it is today.  The national subprime meltdown has had a dramatic impact on both the cost and availability of mortgages in my market.  Since August 2007, the interest rates for jumbo borrowers have been more than 1 percentage point higher than conforming loans, which can cost homeowners up to $400 month in higher interest payments.

Raising the GSEs' conforming loan limit will provide immediate relief to borrowers and alleviate downward pressure on our already fragile housing markets. According to the National Association of REALTORS, increasing the GSE loan limit will result in more than 300,000 additional home sales and strengthen current home prices by 2 to 3 percent.

I also believe that increasing the FHA loan limits is critical to helping bolster our fragile housing market.  Current law restricts FHA loans to levels well below the median home price in many areas of the country and caps loans in high costs states at $363,790. These limits are preventing many homebuyers from using FHA to purchase or refinance their loan.  The proposed provision will increase FHA loan limits nationwide by raising the floor to $271,050 and the limit to 125% of local median home prices.  These increases will help an additional 138,000 Americans purchase and 200,000 families refinance their homes safely and affordably.

I hope I can count on you to support including increases for the FHA and GSE loan limits in the Senate's economic stimulus package.  Our national housing and mortgage finance markets need stability and an immediate infusion of liquidity.  Both of these provisions are necessary if our nation's families, housing markets and economy are to move beyond the crisis they now face.

Sincerely,

 

Keith M. Elliott Jr

15100 Washington Street

Haymarket, VA 20169

 

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January 30, 2008   10:38 PM

Senator Jim Webb
U.S. Senate
144 Russell Senate Office Building
Washington, DC 20510-0001

Subject: Support Inclusion of Housing in the Economic Stimulus Package 


Dear Senator Webb,

As a constituent and a REALTOR, I want to stress how important it is for the Senate to include increases for the FHA and GSE loan limits in the Senate's economic stimulus package.  These provisions will create safe and affordable mortgage options for our state's homeowners and provide much needed stability for our local economies.

The critical role that Fannie Mae and Freddie Mac (GSEs) play in providing liquidity to the mortgage market has never been more evident than it is today.  The national subprime meltdown has had a dramatic impact on both the cost and availability of mortgages in my market.  Since August 2007, the interest rates for jumbo borrowers have been more than 1 percentage point higher than conforming loans, which can cost homeowners up to $400 month in higher interest payments.

Raising the GSEs' conforming loan limit will provide immediate relief to borrowers and alleviate downward pressure on our already fragile housing markets. According to the National Association of REALTORS, increasing the GSE loan limit will result in more than 300,000 additional home sales and strengthen current home prices by 2 to 3 percent.

I also believe that increasing the FHA loan limits is critical to helping bolster our fragile housing market.  Current law restricts FHA loans to levels well below the median home price in many areas of the country and caps loans in high costs states at $363,790. These limits are preventing many homebuyers from using FHA to purchase or refinance their loan.  The proposed provision will increase FHA loan limits nationwide by raising the floor to $271,050 and the limit to 125% of local median home prices.  These increases will help an additional 138,000 Americans purchase and 200,000 families refinance their homes safely and affordably.

I hope I can count on you to support including increases for the FHA and GSE loan limits in the Senate's economic stimulus package.  Our national housing and mortgage finance markets need stability and an immediate infusion of liquidity.  Both of these provisions are necessary if our nation's families, housing markets and economy are to move beyond the crisis they now face.


Sincerely,

 

Keith M. Elliott Jr

15100 Washington Street

Haymarket, VA 20169

 

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