Those buyers, in turn, have reduced the inventory of unsold homes and contributed to three months in a row of increases in home prices nationwide. A stronger housing market benefits homeowners and strengthens the financial system. In order to reinforce the progress already made this year, the Administration urges Congress to extend the credit for a limited period. In doing so, we urge the Congress to include effective measures to combat tax fraud, including setting a minimum age for home purchase and requiring documentary proof of the purchase in order to receive the credit. Extend loan limits for mortgage loans the Administration supports a one-year extension of the current loan limits for the Federal Housing Administration, Fannie Mae, and Freddie Mac.
This extension is vital in helping support the continued availability of affordable mortgages for many working families and aiding the recovery in the housing markets. Under present law, the current loan limits will expire on December of 31 families are already applying for mortgages that are being turned down or priced higher due to this impending deadline. The extension of the loan limits is being considered in the upcoming continuing resolution, and we urge Congress to re-teach the extensions immediately in order to assure the smooth supply of capital to the housing market. Secure financing for the housing trust fund the Administration is committed to working with the Congress to fund the Housing Trust Fund. This Fund is important source of support for extremely low income families who otherwise cannot afford decent housing. The Fund what created in the 2008 HERA legislation, but has emergency had on effective funding source and so has emergency been able to fulfill its important mission.
While the President? s proposed budget to fund the Housing Trust Fund for $1 billion, and fully offset it within the budget, today the Administration is creating that it will actively work with Congress to identify a specific offset to assure that level of financing for the Fund. Many homeowners do not realize that they can apply for loan modification themselves without paying thoudsands of dollars to others-many are scams. The process is simple, straight forward and the government has set it out so that it is fair and easy for homeowners. Debt zero programs at d0p.org is the most up-to-date, comprehensive and accurate source of FREE information on the internet for homeowners about loan modification, affordable refinancing and other government help on debt reduction.