US Congress and Senate Should Pass Permanent Federal Housing Administration Reform Legislation

US Congress and Senate Should Pass Permanent Federal Housing Administration Reform Legislation.

The time is now for the US Congress and Senate to pass permanent Federal Housing Administration reform legislation if we are to give American homebuyers and homeowners the peace of mind they need.

While new loan limits were recently enacted as part of the Economic Stimulus package, they will expire at the end of 2008 even though they have brought relief to more than 325,000 families so far this year.

Reducing these limits, or letting them expire by doing nothing, could cause further turmoil in our fragile housing market.

Realistic loan limits in high cost areas of the country are needed to bring stability to the marketplace.

So are lowered FHA downpayment requirements and options for buyers to obtain qualified mortgages for the purchase of condominiums as well as single family homes.

It is important for FHA reform legislation to be enacted during 2008 in order to create safe and affordable mortgage options for homebuyers and those wanting and needing to refinance home mortgages.

Posted by Harrison K. Long, Explore Properties Group, May 27, 2008