The current mortgage loan limits are set to expire Sept. 30.
Lawmakers have been debating whether to change limits for FHA loans, as well as for Fannie Mae and
Freddie Mac’s conventional conforming loans. NAR has estimated that reverting to lower FHA limits on Oct. 1
could impact 669 counties in 42 states as well as the District of Columbia.
In the letter to lawmakers, NAR and the other groups also expressed concern that some major lenders have
already stopped accepting mortgage applications at the current limits, fearing the loans won’t close prior
to the expiration.
“Extending the current limits at levels appropriate for all parts of the country will provide home
owners and home buyers with safe, affordable financing and help stabilize local housing markets,” the
letter reads.
Read the letter in its entirety.
Source: “NRMLA Co-Signs on Trade Associations’ Request for Loan Limit Extensions,” Reverse
Mortgage Daily (July 31, 2011)
