Fewer Fla. buyers to qualify for FHA loan
Fewer Fla. buyers to qualify for FHA loan
Starting Oct. 1, some buyers that once qualified for FHA loans – and loans backed by Fannie Mae and Freddie Mac – will have to consider a jumbo loan and the higher interest rate associated with it. Or they’ll consider buying a less expensive home. Or they won’t buy a home at all.
NAR has issued a Call for Action and asks all Realtor members to contact their Washington representatives and tell them how much this change will impact an already shaky real estate market. While NAR continues to talk to lawmakers, few things catch Congressional reps’ attention like an email inbox filled with testimonials from thousands of the people who elect them to office and fund their political campaigns.
“It is with a sense of urgency and purpose that we ask you to contact Congress today,” NAR says in its Call for Action. “Communicate clearly and as a powerful voice of expertise that a housing recovery depends on keeping mortgages affordable. Congress needs to prevent these higher (FHA) loan limits from taking effect.”
