The Federal Housing Finance Agency is considering a possible reduction in the maximum loan limits for Lake Minnetonka mortgages purchased by Fannie Mae and Freddie Mac, but the agency wants to collect public feedback before making any bold moves.
The GSE conservator recently sent a request for public comment to the Federal Register asking for input on the possibility of reducing the loan purchase ceilings.
The plan up for consideration would move the max loan limit for one-unit properties from its current $417,000 to $400,000, a 4% reduction. In parts of the country where the limit is $625,500, the ceiling would be pushed down to $600,000.
FHFA says before making a final move, it wants to be aware of any technical or operational concerns.
The agency also is asking respondents to determine whether a six-months advanced warning is enough time for the market to prepare for lower purchase limits.
Voice Your Input on Lower Limits on Lake Minnetonka Mortgages
The conservator will hold off on any adjustments to ensure it has time to review all submitted comments. If changes do occur, they will not impact any Lake Minnetonka mortgages originated before Oct. 1, 2014.
Feedback will be accepted up until March 20, 2014.
Submissions as to how you feel about the lower limits on Lake Minnetonka mortgages can be sent to the FHFA via e-mail: loanlimitinput@FHFA.gov. We encourage you to email them and ask that limits not be lowered, as this could make getting Lake Minnetonka mortgages more difficult for buyers in the future.
For more news and information relating to Lake Minnetonka mortgages, check out our other mortgage related stories by clicking on the Lake Minnetonka Mortgage Info link to your right under Lake Minnetonka Real Estate Categories.