2008 NAR Policy Accomplishments - Housing
- Permanently increased the FHA loan limits from 95% of local area median to 115% of local area median price, and increased the loan limits in low-cost areas to $271,050 from $200,160 and the high-cost cap to $625,500 from $362,790.
- Modernized the FHA program by easing and streamlining condominium purchases, establishing a new Home Equity Conversion Mortgage (HECM) purchase loan product, creating a pilot program for automated underwriting for those with non-traditional forms of credit, and updating the manufactured housing program.
- Enhanced the FHA program to help troubled homeowners by creating a new program, Hope for Homeowners, to refinance problematic subprime loans.
- Increased the loan limits for veterans to 175% ($729,750) of the Freddie Mac/Fannie Mae conforming loan limit through 2011 under the VA Home Loan Guaranty Program.
- Enhanced the VA Home Loan Guaranty Program to streamline refinances by eliminating the equity requirement and raising the refinancing loan limits to equal the purchase loan limits.
- Extended authority of the VA to provide adjustable rate mortgages through 2012.
- Established a National Affordable Housing Trust Fund to increase the supply of affordable and entry-level housing.
- Worked with the Department of Housing and Urban Development to create FHASecure, a refinancing program that allows homeowners with current or delinquent non-FHA adjustable rate mortgages to refinance into an FHA insured mortgage regardless of the ARM reset status.
- Partnered with minority real estate organizations to reverse the declining markets policies of Fannie Mae and Freddie Mae that were unintentionally limiting housing opportunities in residential communities where home prices were declining in value.
2008 NAR Policy Accomplishments>
