Straight from the Top!

Great, great news for all you home buyers! Congress just reinstated FHA loans for the next 2 years!

The loan limit reinstates the loans limits through 2013 at 125 percent of the local area median home prices up to a maximum of $729,750 in some of the higher end markets. The tighter credit in the real estate industry has made it difficult for many buyers, but this should ease up some now.

Loan limits for Fannie Mae and Freddie Mac mortgages will remain at 115 percent of the local median price for home up to $625,000. The National Association of Realtors thinks this move will make housing more readily available to many middle class families.

This same bill extends the National Flood Insurance Program, but only through December 16, 2011. What we really need is a long term solution there as well.

My advice, “Get out there and buy a home!” Great interest rates, incredible deals, a good inventory make this the best Buyers’ Market I’ve seen in my entire career. The market conditions now are great for the normal family and great for the investor. It’s time to fulfill the American Dream and buy a home.