Prince William County Virginia Real Estate

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Call for Action: Market Conditions Demand FHA Reform Now

The increased loan limits for FHA that were included in the Economic Stimulus package are set to expire at the end of the year. NAR supports an FHA Reform Bill that includes realistic and permanent increases in the loan limits.

Early evidence shows that the increased FHA loan limits will provide a much needed infusion of stability, liquidity and security into the market. If Congress lets the new limits expire, the fragile housing market will once again be thrust into a period of turmoil.

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/
WebBlog: http://www.ElliottForRealEstate.com/blogs
Blog: http://www.activerain.com/kelliott5264

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March 18, 2008   03:29 PM

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

Subject: Make the FHA Loan Limits Permanent in FHA Reform Bill


Dear Senator Warner,

The new loan limits passed in the recently enacted Economic Stimulus bill will expire in less than 10 months.  These new loan limits will offer much needed relief to more than 325,000 families this year alone.  Dramatically reducing these limits at year's end will push our nation's fragile housing markets into turmoil once again.  Realistic loan limits that permanently help ALL areas of the country are needed to bring stability to the marketplace.

FHA's downpayment levels led many borrowers to opt for the exotic, risky mortgages that have been the hallmark of the foreclosure crisis.  The FHA reform bills will allow FHA to modify downpayment requirements and offer flexible financing to eligible borrowers.

As your constituent and a REALTOR, I want to stress how important it is for FHA reform legislation to be quickly enacted. These bills, passed the House and Senate in 2007, are now stalled in conference.  Permanent increases in the FHA loan limits, lowered FHA downpayment requirements, and new opportunities for condominium purchases are needed to create safe and affordable mortgage options for our state's homebuyers and those wishing to refinance.  These changes will also provide much needed stability to our local housing markets and economies.

Sincerely,

Keith M. Elliott Jr
15100 Washington Street
Haymarket, VA 20169

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March 18, 2008   03:29 PM

Representative Frank Wolf
U.S. House of Representatives
241 Cannon House Office Building
Washington, DC 20515-0001

Subject: Make the FHA Loan Limits Permanent in FHA Reform Bill


Dear Representative Wolf,

The new loan limits passed in the recently enacted Economic Stimulus bill will expire in less than 10 months.  These new loan limits will offer much needed relief to more than 325,000 families this year alone.  Dramatically reducing these limits at year's end will push our nation's fragile housing markets into turmoil once again.  Realistic loan limits that permanently help ALL areas of the country are needed to bring stability to the marketplace.

FHA's downpayment levels led many borrowers to opt for the exotic, risky mortgages that have been the hallmark of the foreclosure crisis.  The FHA reform bills will allow FHA to modify downpayment requirements and offer flexible financing to eligible borrowers.

As your constituent and a REALTOR, I want to stress how important it is for FHA reform legislation to be quickly enacted. These bills, passed the House and Senate in 2007, are now stalled in conference.  Permanent increases in the FHA loan limits, lowered FHA downpayment requirements, and new opportunities for condominium purchases are needed to create safe and affordable mortgage options for our state's homebuyers and those wishing to refinance.  These changes will also provide much needed stability to our local housing markets and economies.

Sincerely,

Keith M. Elliott Jr
15100 Washington Street
Haymarket, VA 20169

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March 18, 2008   03:29 PM

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

Subject: Make the FHA Loan Limits Permanent in FHA Reform Bill


Dear Senator Webb,

The new loan limits passed in the recently enacted Economic Stimulus bill will expire in less than 10 months.  These new loan limits will offer much needed relief to more than 325,000 families this year alone.  Dramatically reducing these limits at year's end will push our nation's fragile housing markets into turmoil once again.  Realistic loan limits that permanently help ALL areas of the country are needed to bring stability to the marketplace.

FHA's downpayment levels led many borrowers to opt for the exotic, risky mortgages that have been the hallmark of the foreclosure crisis.  The FHA reform bills will allow FHA to modify downpayment requirements and offer flexible financing to eligible borrowers.

As your constituent and a REALTOR, I want to stress how important it is for FHA reform legislation to be quickly enacted. These bills, passed the House and Senate in 2007, are now stalled in conference.  Permanent increases in the FHA loan limits, lowered FHA downpayment requirements, and new opportunities for condominium purchases are needed to create safe and affordable mortgage options for our state's homebuyers and those wishing to refinance.  These changes will also provide much needed stability to our local housing markets and economies.

Sincerely,


Keith M. Elliott Jr
15100 Washington Street
Haymarket, VA 20169

 

 

Comment balloon 4 commentsKeith Elliott Jr • March 18 2008 02:35PM

Comments

HIi KEITH,

WE HAD A MINI CLASS IN MY OFFICE TODAY WHEREIN WE DISCUSSED THE PROS AND CONS OF FHA LOAN VERSUS THE CONVENTIONAL LOAN.  OUR INSTRUCTOR WHO IS OUR LOAN OFFICER, SAID FHA DOES NOT WANT TO WORK WITH CONDO LOANS- A REAL CHUNK OF PROPERTIES- -YOUR LETTER TO  SENATOR JIM WEBB REQUESTS REFORM IN  THESE AREAS TO SUPPORT AN IMPROVED BILL THAT WOULD ASSIST IN REFORMING THE CONDO RULES AND REGULATIONS (JUST ONE POINT ON YOUR LIST) IS TO BE COMMENDED.

Posted by ANNE LYON over 10 years ago
Thanks so much for taking the time out to give me a little advice. I sure will use your help if I need it, thank you for the offer.  Hope your day is great. ~heather
Posted by Heather Black (Keller Williams ) over 10 years ago

Hello Keith,

When I see local REALTORS® at board meetings sounding off that not enough people in our profession are contributing to support the legislation that the REALTORS® Political Action Committees are seeking I don't just see a local board reacting in support of it's own needs, I see a local board seeking the help of a local body supporting the need of a national body of REALTORS®. I received the NAR action committee bulletin today and have received a couple over the last month or so. It's a lending issue first and a REALTORS® issue second (I think/or perhaps both in no particular order). Maybe the lenders should jump on the bandwagon to support the limit extension. They've been pretty quiet. Thanks for the nice post. Like to hear more input from others, too, on the forthcoming efforts accompanying the legislation endeavor.

Best wishes.

Posted by David Saks over 10 years ago

Anne, Heather, & David: Thanks for stopping by my post to leave your comments!

I think this is a situation where everyone in this industry needs to let their voice be heard. If enough of us step up to the plate and take action...hopefully, we can all contribute to a positive outcome that benefits everyone.

-Keith

Posted by Keith Elliott Jr, Principal Broker/Owner (KEIRE Realty Group) over 10 years ago

Participate