HERE ARE SOME HOUSING ISSUES CURRENTLY BEING DEBATED IN CONGRESS THAT SHOULD BE OF INTEREST TO YOU…..
Mortgage interest deduction (MID)-This is one way some politicians are trying to address the deficit problem – they want to eliminate the MID. How about that!! Take your real estate taxes and multiply it by your tax rate and that’s about how much it will cost you. You say you don’t agree with that? Better contact your representatives soon!!!
Penalties for down payments less than 20%. A loan that is 80% or less of the value of the property being purchased (usually the purchase price of the property) is called a Qualified Residential Mortgage or (QRM). In a nut shell buyers who can’t come up with 20% down would be required to pay .8 to 1.85% more interest. There was a time when that was probably appropriate. But given the situation now, and with the underwriting requiements that are in place now it does not make much sense to me. How about you???
FHA loan limits The FHA has been a big part of the backbone of home ownership for years. They help people who may not have that 20% down and who may not have high credit scores become homeowners. Some politicians want to shrink FHA and limit the number of buyers it supports. Bad idea in my book.
Give some thought to these issues. When you do remember that housing is a huge part of our national economy. SHARE YOUR THOUGHTS, WHATEVER THEY ARE, WITH YOUR LIGISLATORS AND REPRESENTATIVES