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Husband, father, inline skater, cycling and triathlon athlete and sometimes coach, graduate civil engineer, commercial and residential and commercial Broker Realtor® working in Ellum, Expo Park, Munger, Peak Suburban, PD 98, PD 269, Swiss Avenue, Baylor PD, all of in-town east Dallas, former home building land acquisitions executive, home builder, home designer (chief architect X3 design solutions), LEED Green Associate (GA), NAHB Green Professional (CGP), NAHB Graduate Builder (CGB), Universal Design and Accessability student and Certified Aging in Place Specialist (CAPS), Advanced Historic Home Specialist certified by Preservation Dallas..........EdgyDad is Biff Bailey of Dallas, Texas

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US House Bill to Increase FHA Minimum Down to 5%, Lower Loan Limit to 125% Median

USHouse bill to raise FHA down payment to 5%, lower limit to 125% median price. Realtors, Builders to oppose - why? #p #in

Last Update: 2011-05-31 09:00:02

Picked this up of a news feed:

Republicans on the House Financial Services Committee have drafted legislation that would raise the minimum down payment for FHA mortgages to 5 percent, cut FHA loan limits in most markets, and move the Agriculture Department's rural housing program to FHA's parent agency, HUD.

The FHA loan limit formula would be revised to 125 percent of the median home sale price in the local county under the bill, and the current $271,050 floor for loan limits nationwide would disappear.

Audits of FHA loan performance repeatedly have shown that higher-balance mortgages default and trigger claims against FHA's insurance funds at lower rates than smaller-balance loans.

The National Association of Realtors and the National Association of Home Builders have opposed such a move in the past, arguing that there is no statistical evidence that adding 1.5 percent onto the current 3.5 percent minimum would significantly affect default probabilities of new FHA loans.

Now this is where EdgyDad gets edgy in the "irritated" sense. Two associations, which I have not choice but to belong to professionally, are arguing against clear evidence and against responsible fiscal practices - both for our government and the home buyer - because............ anyone, anyone, buheler?............. profit motivations. Get over it.

To the Realtors I say the demand for housing will not change, there may be different buyers and sellers in our future, but so what? The real estate will still be there and real estate professionals will be needed to navigate this nuances and technicalities.

To the Builders I say adjust to the demand. Downsize if you must. Build smaller homes. Redevelop in-town lots. Build multi-family. Remodel. Just a few options, boys and girls.

Let's subordinate profits and resistance to change to rebuilding our economy in a sustainable way.

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