Prince William County Virginia Real Estate

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Call for Action: Higher Loan Limits Are Needed for FHA, Freddie Mac & Fannie Mae

Higher Loan Limits Are Needed for FHA, Freddie Mac & Fannie Mae

Making the higher loan limits permanent will increase investor confidence and the availability of safe, fair, affordable mortgage credit for borrowers and those wishing to refinance.  Higher loan limits will help stabilize mortgage markets and the economy as a whole.

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.

"Helping You Get What You Want In The Time That You Want"

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

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June 13, 2008   02:42 PM

 

Senator John Warner

U.S. Senate

225 Russell Senate Office Building

Washington, DC 20510-0001

Subject: Make Higher Loan Limits Permanent for FHA, Freddie Mac & Fannie Mae

Dear Senator Warner,

As your constituent and a REALTOR, I urge you, as a Member of the Senate, to support making permanent the FHA, Fannie Mae and Freddie Mac loan limits in the bipartisan Economic Stimulus Act, signed by President Bush last February.  The legislation raised the maximum loan limits in high cost areas to $729,750 but it expires on December 31, 2008.  The limits help homeowners in 240 counties in 26 states and can help get our national economy back on track.

The House-passed housing stimulus bill, H.R. 3221, makes the $729,750 limits permanent.  Senate bills cap the limits at $550,440.  Our 1.2 million members applaud the progress the Senate has achieved, but strongly believe that the final bill must include the House bill's loan limits.

The national mortgage market meltdown dramatically raised the cost and reduced the availability of mortgages in my market.  Higher limits are helping to revitalize local housing markets, providing safe, fair and affordable mortgages for our state's homeowners.  The limits are also helping to stabilize our entire economy.  Higher limits simply reflect market realities in high cost areas.  A lower limit unfairly penalizes citizens based simply on geography.

Drastically reducing the temporary limits at year's end to the Senate cap of $550,440 will push our fragile housing and credit markets back into turmoil.  We need permanent limits of $729,750 to stabilize our housing markets and help citizens of every state -- not just residents of high cost areas.  Please support making the $729,750 loan limits permanent.

Sincerely,

Keith M. Elliott Jr.

15100 Washington Street

Haymarket, VA 20169

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June 13, 2008   02:42 PM

Senator Jim Webb

U.S. Senate

144 Russell Senate Office Building

Washington, DC 20510-0001

Subject: Make Higher Loan Limits Permanent for FHA, Freddie Mac & Fannie Mae

Dear Senator Webb,

As your constituent and a REALTOR, I urge you, as a Member of the Senate, to support making permanent the FHA, Fannie Mae and Freddie Mac loan limits in the bipartisan Economic Stimulus Act, signed by President Bush last February.  The legislation raised the maximum loan limits in high cost areas to $729,750 but it expires on December 31, 2008.  The limits help homeowners in 240 counties in 26 states and can help get our national economy back on track.

The House-passed housing stimulus bill, H.R. 3221, makes the $729,750 limits permanent.  Senate bills cap the limits at $550,440.  Our 1.2 million members applaud the progress the Senate has achieved, but strongly believe that the final bill must include the House bill's loan limits.

The national mortgage market meltdown dramatically raised the cost and reduced the availability of mortgages in my market.  Higher limits are helping to revitalize local housing markets, providing safe, fair and affordable mortgages for our state's homeowners.  The limits are also helping to stabilize our entire economy.  Higher limits simply reflect market realities in high cost areas.  A lower limit unfairly penalizes citizens based simply on geography.

Drastically reducing the temporary limits at year's end to the Senate cap of $550,440 will push our fragile housing and credit markets back into turmoil.  We need permanent limits of $729,750 to stabilize our housing markets and help citizens of every state -- not just residents of high cost areas.  Please support making the $729,750 loan limits permanent.

Sincerely,

Keith M. Elliott Jr.

15100 Washington Street

Haymarket, VA 20169

 

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