Contact CAAR
David R. Phillips, CAE, RCE
Chief Executive Officer
Charlottesville Area Association of REALTORS®
550 Hillsdale Dr.
Charlottesville, VA 22901
Phone: (434) 817-2393
AIM: CAARDave
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January 27, 2007
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Dave,
Who established the national standard for conforming/non-conforming mortgage loan amounts at $417k and when was the last time the amount was adjusted to to account for inflation and/or average home prices? Seems that with the significant difference in rates for these loans based on an arbitrary non-inflaction adjusted amount, is beginning to hit the middle income home buyer much harder as the years go by. The situation seems analogous to the growing impact of the AMT.
Patrick
Comment by Patrick — January 25, 2008 @ 12:05 pm
Dave,
On my first message I mixed up the terminology. I was referring to conventional v. jumbo loans, not conforming v. non-conforming. Just wanted to be clear.
Patrick
Comment by Patrick — January 25, 2008 @ 12:25 pm
Patrick,
There is a move afoot in DC right now to dramatically and temporarily up the jombo loan limit to the $700,000’s. If this passes, there is speculation that there will be a lot of refinancing going on. This will allow folks who are over extended in the higher priced categories to maybe salvage their situation. I think the past time the jumbo limit was raised was 2 ro 3 years ago.
Comment by Dave Phillips — January 25, 2008 @ 3:06 pm
Hi Dave,
Just noticed an e-mail with ONE more designation that is available for Realtors. With the huge proliferation of designations,most of which can be purchased easily for a fee, I believe we are creating a meaningless set of LETTERS. Are there no standards and why does our National Association seem to approve of all this?
Would love to hear other Realtors views on this.
Donna
Comment by Donna Goings — April 30, 2008 @ 10:08 am