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Issue Position: Keeping Mortgages Affordable

Issue Position

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Brad Sherman has beena longtime supporter of increasing the single-family conforming loan limit and the Federal Housing Administration (FHA) loan limit in the Valley and other high-cost areas. Until early 2008, the national single-family conforming loan limit -- the maximum size of the mortgage loans that Fannie and Freddie could buy -- was $417,000, even in high-cost areas such as the San Fernando Valley. Additionally, the FHA insurable limit was only $362,000, far too low to be of use to many homeowners and prospective homebuyers in the Valley. Congressman Sherman helped pass the Housing and Economic Recovery Act, which permanently increased the single-family conforming loan limit and the FHA loan limit in high-cost areas to $625,500. In order to help stabilize home values and reinvigorate our struggling housing market, Brad Sherman also successfully fought for a temporary increase to $729,750 for high-cost areas in 2008, 2009 and 2010. Accordingly, Congressman Sherman introduced the Increasing Homeownership Opportunities Act, legislation that would make the $729,750 figure permanent.


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