Guest post from Dale Stinton, CEO of NAR: Some folks that get it!

I have been invited to offer a few comments on VARBuzz and appreciate the willingness for Scott and Ben to afford me a few inches of valuable space. These guys have really put themselves out there and it must be a very exciting time for the Virginia REALTORS®.

As to offering a bit of content related to today’s market conditions, we have been lauding the announcement that HUD has come out with some conforming loan limit caps which are actually higher than what was expected. There is even an appeal process, I’m told, should an area feel they have not gone quite far enough. So to those of you who seem to perennially reflect on how government agencies don’t work or don’t care – at this time, on this issue – these folks ‘get it.’ They’re trying to be part of the solution rather than the problem. So give ’em a hand, you’ll be amazed at how well intentioned they really are!

Blogmaster’s note: Determine FHA’s new loan limits using their new interactive online tool.

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7 Responses to Guest post from Dale Stinton, CEO of NAR: Some folks that get it!

  1. Dale is right—this time, those folks in government, got it! We owe NAR for staying on top of this.

  2. Scott Brunner, Virginia Assn of REALTORS says:

    Thanks, Dale, for the kind words, and for joining the online discussion here (and elsewhere). I know (first-hand) that managing organizations like ours is kind of like trying to keep a bunch frogs in a wheelbarrow. Regardless of NAR’s size, there are always multiple needs (and finite resources) competing for your attention. I personally appreciate your leadership on the variety of issues — some are maintenance, but many are visionary — on which NAR is working, but especially on what appears to be an emergent focus on new media as essential tools for engagement and influence-building.

    You’re welcome to guest post anytime you please….Hope you’ll come back.

  3. Jay Thompson says:

    Dale is really starting to get around the real estate Blogiverse! Nice!

    “like trying to keep a bunch frogs in a wheelbarrow”

    Virginia saying? ;) I like it. A better visual than “like trying to herd cats”…

  4. Gwen Pangle says:

    Already we are seeing MANY FHA offers being written. Training classes are springing up all around; it has, after all, been many years since FHA was the loan of choice and a refresher is needed.

    Many thanks to Dale for his comments and participation in the new VARBuzz. It’s encouraging to see the communication and support between the State and the National associations. That will be good for all of us.

  5. Dale – I appreciate you stopping by and your willingness to put yourself out here on the “blogosphere”. I also appreciate the good intentions from these government and private agencies and associations, including NAR had and the work that went into it.

    But what I don’t understand is why they cheer about what was intended rather than looking at and talking about what is actually being realized.

    I have been on the phone with several loan officers over the past few days including one that was the top LO at National City for years and they have told me that the new “jumbo-conforming” loans have forced Fannie, Freddie, etc., to raise the requirements in order for borrowers to qualify. And not just a little…a lot. This will have an adverse effect on buyers and the housing market.

    In reality, the new limits are hurting many borrowers, not helping them.

    Btw…if you haven’t seen the new Fannie guidelines, I have a copy and would be happy to forward it on to whomever is interested.

  6. Danilo – Very interesting. I attended a HUD seminar in Prince William County, the panel was made up of HUD, FHA, VHDA, County Housing Program reps, a rep from the Governor’s office and they announced all these wonderful new increases in loan limits, guidelines relaxing qualifications, downpayments, and even appraisals. Really good stuff! But in talking to lenders they are not as optimistic and complain about “real” qualifications and downpayments. I don’t get the disconnect. We have written a couple of FHA contracts just like in the old days and they are working. Thanks NAR and HUD!

  7. John DiBiase says:

    I appreciate your comments, I know the Northern Virginia market is one of the highest cost areas in the country and would like to see the new requirements you mention. The good news is that the increased loan limits on FHA will reopen a long dormant financing vehicle for customers who had been forced into riskier loans because the old FHA limit was out of sync with the market. To your point about the stricter requirements for the Freddie and Fannie loans, I think the continuing credit crunch is the primary reason–not the loan limit increases, but will reserve comment until you can send them to me at NAR.
    John DiBiase
    NAR Government Affairs Communications Manager

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