Is there a doctor in the house?

A Message from our senator:

Dear Dr. Rockey:



Thank you for writing to me about legislation on homeownership assistance programs. Your correspondence is important to me and I welcome the opportunity to respond.



Like you, I recognize that the Federal Housing Administration (FHA) plays an important role in insuring home mortgages for those in underserved communities. It is critical that FHA programs be reformed to provide more homebuyers and borrowers looking to refinance the option to get an FHA loan, especially in states such as California where the cost of housing is extraordinarily high.



On December 14, 2007, the "FHA Modernization Act of 2007" (S.2338), sponsored by Senator Chris Dodd (D-CT), passed the Senate by a vote of 93-1. I voted in favor of this bill that would increase FHA single-family loan limits in both high and low cost areas to 100 percent of the median home price, or the government sponsored enterprise conforming loan limit of $417,000, whichever is lower. It also lowers the minimum down payment to 1.5 percent from the current requirement of 3 percent. On September 18, 2007, the House of Representatives passed a similar bill to reform the FHA, the "Expanding American Homeownership Act of 2007" (H.R. 1852). Please know that I appreciate hearing your support for FHA reform.



Conforming loan limits are determined by a survey of the average house price in the United States from year to year. In this past year, there was a 3.49% or $10,685 decline in the nationwide average. Therefore, the conforming loan limit will remain at $417,000 for single family mortgages in 2008. Be assured that I will also keep your support in mind should the Senate consider raising the GSE conforming loan limit.



Again, thank you for writing. Should you have any further questions or comments, please feel free to contact my Washington, D.C. staff at (202) 224-3841. Best regards.






Sincerely yours,

Dianne Feinstein
United States Senator


Further information about my position on issues of concern to California and the Nation are available at my website http://feinstein.senate.gov/public/. You can also receive electronic e-mail updates by subscribing to my e-mail list at http://feinstein.senate.gov/public/index.cfm?FuseAction=ENewsletterSignup.Signup.

My respone:

Thank you Senator, I appreciate your swift response. My only problem is that I
am not a doctor nor have I ever represented myself as one. With respect to the
response I will leave it at that.


-Christopher Rockey