I had a great dinner last night at Dino, and I am ready to forgo touristing here in DC to do my REALTOR’s political duty.
In my last post I listed the REALTOR talking points we will be presenting to legislators today.
A little bit more detail on the talking points, starting with FHA reform, taken from NAR’s materials:
Because FHA is not a player in today’s market, many borrowers were enticed by “specialty” or “non-traditional” mortgages which can pose severe risk burdens to consumers who may be unable to afford the increased mortgage payment in the future. FHA’s ability to serve the market has dwindled because its loan limits, downpayment requirement, and limited uses have rendered the program unusable for many prospective home buyers. REALTORS favor increasing FHA loan limits, reform and restructure of rigid downpayment requirements, and a re-working of outdated FHA owner/occupancy and documentation for condos. While condos are a viable alternative to stand-alone single family homes, FHA rules make it difficult to buy one, in many cases.
In light of the reign of the predatory lenders for a few years there, FHA reform is logical as well as progressive.
If you get to DC, check out the Renwick Gallery (part of the Smithsonian collection). I hope to get by there during this visit.