Well looks like Congress is getting the message and seriously getting ready to do something about the looming economic down turn. The Democrats and Republicans have found something they can agree on for once - a need for economic relief, especially in the housing market where states like California and Florida have suffered 20-30 percent declines in home values and home owners are losing their proverbial shirts.
Unfortunately what they haven't agreed on is how to provide the relief. The Democrats want to increase the loans limits available for insurance backing of FHA and HUD supported homes from a maximum of $417,000 to over $700,000. The Republicans want to have the limits raised also but somewhere in the neighborhood of $600,000. This is all part of the economic stimulus package that is being considered right now by Congress. Rest assure there will likely be an increase in the maximum amount of the home loan size for insured purposes that will be backed by the government but how much should it be?
I think it should be $700,000 or more. That way more people will be able to obtain loans that are insured by the feds and housing markets in California, Arizona etc. will be stimulated and the down slide can ultimately be stopped and the housing market stabalized. It will also provide an opportunity for more first time home buyers to have access to loans for homes that otherwise would not even be considered part of the housing inventory because of the current low loan approval amount of $417,000.
The housing industry is the main key to recovery in this current economic spin. I say increase the loan limits to the $700,000 amount or more.
What's your take on it? Talk back to me and let me hear your side of it. Get involved and talk to your representatives about this too. Now is not the time to be silent.
Give me your comments in the comments section of this blog. Have a good one.
Roy Landers -roylanders@housingamericans.com. http://www.housingamericans.com/
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