The Lodi News-Sentinel reports that Congressman Jerry McNerney co-authored a bill to boost home loan access. If passed, the bill will require HUD to use a Median Home Price consistent with one used in 2013 when calculating the loan limit for a specific area.
Read the Lodi News-Sentinel article: Congressman Jerry McNerney co-authors bill to boost home loan access.
The bill will stabilize the loan limit calculations by requiring HUD to use a Median Home Price consistent with one used in 2013 when calculating the loan limit for a specific area. The act also lets HUD react to local market conditions by giving it the authority to alter the loan limits for different communities within the same county.
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