Updates on Congressional Action Before the Adjournment

· Congress approved a one-year extension of the existing loan limits for Fannie Mae, Freddie Mac and the Federal Housing Administration. This allows the government’s loan guarantee and insurance programs to continue backing home loans of up to $729,750 in markets with the highest cost of living. Retaining the current higher conforming loan limits will allow homebuyers in higher cost areas to have access to affordable mortgage financing and share the same opportunity to achieve homeownership that borrowers in other regions of the country enjoy. This extension, which is good through Sept. 30, 2011, also expands the FHA’s capacity to back multifamily loans.

Congress also unanimously approved a one-year extension for the National Flood Insurance Program (NFIP), until Sept. 30, 2011. It was an extremely important step that the NFIP was reauthorized to continue issuing flood insurance policies long-term because earlier in 2010 the NFIP had lapsed, causing business disruptions for many Realtors in recovering real estate markets.

If you are interested in buying a home anywhere in the DC Metro Area, such as a townhouse in Kenwood Forest or a condo in DC, a luxury property in Chevy Chase or a second home in Old Town Alexandria, the Lise Howe team is there for you. Just give us a call at 240-401-5577 or email us at lise@lisehowe.com