If you are not aware the U.S. Department of Housing and Urban Development (HUD) is set to lower the Mortgage Limit amount for FHA loans in the Las Vegas Valley. Click HERE for an easy FHA Loan Limits Calculator.  Just type in Clark for the county and Nevada for the state, you can choose the time frame of 2008 or 2009 to see the difference coming.

 

These changes will limit what can be purchased with an FHA loan.  The new limit will be approximately $287,000 (down from $400,000).  There is a call to action from the National Association of REALTORS® to contact your Senators and Representatives of Congress to support a plan that would render FHA loans at an amount closer to their current limits permanently, approximately $400,000. 

 

At this TAKE ACTION WEB SITE you can find more information and a very easy way to send a letter to your representatives.

I encourage you to take the time to visit the above site Contact Congress today and ask them to include National Association of REALTORS®‘s Four-Points in the next stimulus package. 
 
National Association of REALTORS® Four Point Plan

The most recent economic stimulus bill, the Emergency Economic Stabilization Act, was a good first step towards stabilizing our nation’s economy.  Unfortunately, a number of the Act’s provisions have not proven to be as useful at stabilizing the nation’s housing markets as was first thought.

Congress may consider second economic stimulus bill this month.  If they do, there are a number of changes that could help to provide more stability to the nation’s real estate markets which most agree is a necessary step towards recovery.

NAR has urged Congress to include the following provisions in any future legislation:

·      Make the $7500 tax credit available to all purchasers and eliminate the repayment requirement. The credit’s limited availability and required repayment terms have severely limited the credit’s appeal to potential homebuyers. As a result, the credit has not been widely used or proven effective at stimulating sales.

·      Make the 2008 FHA, Fannie Mae and Freddie Mac loan limits permanent. New rules for 2009 would significantly reduce the FHA, Fannie Mae and Freddie Mac loan limit from their 2008 levels. Now is not the time to limit the availability of affordable mortgages.

·      Get the Emergency Treasury bank relief program back on track by targeting more funds to mortgage relief efforts and increasing efforts to mitigate foreclosures. Don’t just give the banks unrestricted cash. Make the program work to improve mortgage and housing markets as it was originally intended.

·      Permanently bar banks and banking conglomerates from engaging in real estate brokerage and management. The banks have proven they have enough to do to simply properly manage their current lines of business. Do we really want them to manage on the home buying process? Imagine what could have been the situation now if they already had the added ability to engage in real estate sales.

 

 

 

Advertisements