Buyers have a rare moment of opportunity this year. With mortgage rates at 50-year lows, the time is just right to make that first home purchase or to trade up.

But because overly stringent loan underwriting standards have replaced standards that were far too lax during the boom years, people who have decent credit are often finding themselves shut out when they apply for a loan.

Higher-income households, particularly those in high-cost areas where jumbo loans are common, also face challenges because the spread between conforming and jumbo loans remains stubbornly high. 

We see the result of this spread in our monthly sales figures. While sales of homes priced under $400,000 held steady last year, sales of homes over $750,000 declined 47 percent.

Though we can be hopeful that this year’s spring selling season will be better than last year’s, the stringent lending standards and continuing high jumbo rates could choke off a recovery that would otherwise take hold. 

For that reason, lending must be brought to a middle ground: Standards must be neither too lax nor too stringent, and interest rates on jumbo loans must be brought down in the same way that conforming loan rates have been.

As a REALTOR®, you play a crucial role in helping the market return to this comfortable middle. 

Let Congress know that conforming loan limits for high-cost areas, which last year were raised temporarily to $729,750 but are now $625,500, must be returned to the higher level permanently. And Congress must make money available directly to help reduce preventable foreclosures.

Tell Congress to do what’s right and fair by using money from its pot of rescue funds, which so far has been going to banks, to help the country’s 75 million home owners and 6 million home buyers.