Politicians and Organizations Call on Congress to Raise FHA Loan Limit in St Mary County | thebaynet.com | TheBayNet.com


HAGESVILLE, Maryland – Earlier this week, St. Mary County Commissioners voted unanimously to sign a coalition letter with the St. Mary County State Delegation, St. Mary’s NAACP and the Southern Maryland Association of Realtors asking the Maryland Congressional delegation to appeal. the county’s current FHA loan limits.

“To put it simply, it’s a matter of fairness. We constantly see homeowners turn to Charles or Calvert County for a federal-backed FHA loan because they can get up to $ 500,000 more. It’s not fair for the county or our people to lose the American Dream to an outdated formula. ” Delegate Matt Morgan, who leads the County State Delegation, and is a practicing Realtor® and SMAR member. In the period up to 2021, 581 FHA loans were disbursed for Charles County in 180 days, compared to 124 in St Mary’s County.

In the predominantly minority community of Lexington Park, the USDA loan program is not available, leaving many without the option of any low down payment mortgage programs and continuing to hold back the growth of minority homeowners. The current FHA restriction in St Mary’s County is a direct reflection of stagnating minority ownership, and a simple recalculation of the coverage of this program may instead open up an opportunity to increase the prosperity of generations in the region and in this community.

We pride ourselves on working together as the collective voice of the community and strongly believe in providing fair housing for all of our communities, and increasing FHA credit limits will create a level playing field for our neighboring counties.

For any media inquiries, please contact SMAR Vice President Government Relations Theresa Koons. theresak@somdrealtors.com

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