Dear CoronadoBeat Readers,
On September 30, the cost of a mortgage could rise significantly. CALL FOR URGENT ACTION!
CoronadoBeat.com is one of the publications I do for the joy of it – and is not intended primarily as a Real Estate website. However, as a REALTOR® – it's important that I share my knowledge about what's going on in Real Estate both locally and nationally – especially when it affects Coronado.
Today I want to share important information about the housing recovery, which most REALTOR's® and economists believe will be the primary rope that pull us out of this prolonged and painful recession.
On September 30, 2011 our fragile housing recovery, which has only recently began happening in areas like Coronado and as well as other communities across the United States could stop dead in it's tracks, unless we ACT NOW!
Here's the policy statement direct from the National Association of Realtors – It was written to come from Realtors – but I don't see why you can't use the same text. The point is, we need our elected officials to understand that rising mortgage costs and a reversal of our housing recovery is not something the citizenry wants.
I urge you to send a letter with the wording below (or you can write your own) to your representatives (both Senate and Congress) ASAP to persuade them to extend the mortgage loan limits in order to stop mortgage costs from rising on September 30, 2011!
Heidi White, Editor of CoronadoBeat.com & REALTOR®
PLEASE SEND THIS URGENT MESSAGE TO YOUR SENATORS & REPRESENTATIVES ASAP
Dear Decision Maker,
As your constituent,I urge you to act now to make the current loan limits for FHA, Freddie Mac and Fannie Mae (the government sponsored enterprises, or GSEs) permanent. On October 1, 2011, the mortgage loan limits for FHA and the GSEs will decrease, lessening the availability of mortgage credit for hundreds of thousands of responsible and credit-worthy American families. What we need now is time for the real estate market and overall economy to heal, to self-correct, and stabilize. Reducing mortgage liquidity at this time will hurt our fragile economic recovery. H.R. 1754 has been introduced in the House by Reps. Miller (R-CA) and Sherman (D-CA) to make the current limits permanent. No similar bill has yet been introduced in the Senate.
In today's real estate market, lowering the loan limits will make mortgages more expensive for households nationwide. Private investors have not yet returned to housing markets, and FHA and GSE mortgages together continue to constitute the vast majority of home financing available today, which makes it particularly critical to extend the current limits. Lowering the loan limits now will leave credit-worthy borrowers without access to affordable financing and will prolong our housing crisis.
Although many believe that lower rates will only affect a few high-cost markets. the new limits, published by HUD and the Federal Housing Finance Agency (FHFA), show that more than 669 counties in 42 states and the territories would be negatively impacted by the loan limit change. The average decline in loan limits would be more than $68,000. Only eight states will see no decline. Every other state will see a drop in loan limits, and therefore a corresponding drop in the availability and affordability of mortgage credit. I urge you to pass legislation, like H.R. 1754 in the House, to make the current limits for FHA and the GSEs permanent, and preserve housing opportunities for American families.
YOUR FULL NAME
(so they know you are a vote!)
Please Spread the Word!