Rep. Aguilar introduces bi-partisan bill to help homebuyers get higher limits on low interest federal mortgages
Congressman Pete Aguilar of Redlands is co-sponsoring a bi-partisan bill to help homeowners, in regions like the Inland Empire, get access to higher loan limits for the popular low-interest federal FHA mortgage.
Right now, limits on the FHA loan, are decided through a formula that uses home values in a given metro area. The new legislation would make adjustments to account for areas where the price of homes can vary widely.
“Rising housing costs in our region are boxing out too many families from home ownership, which is why FHA loans are such an important tool," said Aguilar in a news release. "Giving Inland Empire residents access to higher FHA loan limits means expanding opportunities for home ownership."
Aguilar, a Democrat, is co-sponsoring the bill with Mark Amodei, a Nevada Republican. The bill also has the support of the California Association of Realtors.