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Keith M. Elliott Jr.
ASSOCIATE BROKER

Realtor®, e-PRO®, ABR®, SRES®
Commercial Specialist®
REO Listing Agent & Sales Specialist
Multi-Million Dollar Producer

RE/MAX Olympic Realty
15100 Washington Street
Haymarket, VA 20169

Main: (703) 881-8792
Cell: (540) 272-9012
Fax: (703) 891-9490
Office: (703) 754-4341

Email: kelliottjr@hotmail.com

Virginia General Assembly http://legis.virginia.gov/

United States Senate  http://www.senate.gov/index.htm

United States House of Representatives  https://forms.house.gov/wyr/welcome.shtml

Jun 29, 2011

Senator Jim Webb
Russell Senate Office Building, Room 248
Constitution and Delaware Avenues, NE
Washington, DC 20510-4605

Dear Senator Webb,

As a constituent and REALTOR, I can testify firsthand about the
critical need for certainty to local real estate markets, property
owners and surrounding communities, particularly in times of economic
recovery.  Yet, there have been nine stopgap extensions and five
shutdowns of the National Flood Insurance Program (NFIP) since
September of 2008; just one of the multi-week lapses last year alone
caused 47,000 home sales to be delayed or cancelled in already down
real estate markets.

Now is not the time to add uncertainty.  For this reason, I urge you to
reauthorize this vital program for a full five years, before September
30, 2011, when the program's authority is again set to expire.

In my own community, the NFIP enables dozens if not hundreds of
property owners to protect their family and property against floods,
which claimed more lives and property than any other U.S. natural
disaster over the past century.  Nationally, this program is the only
source of flood-damage protection for 5.6 million home- and business
owners, as well as the builders, remodelers, movers, furnishers, real
estate professionals, mortgage lenders, investors, insurance agents and
other companies upon which they relied to buy or sell property. Just as
important, without a stable, functioning flood insurance program, real
estate transactions in many of these neighborhoods across 21,000
communities nationwide could come to a standstill.

By ensuring access to affordable property insurance, NFIP saves
taxpayers money. Insurance reduces the amount of post-disaster relief
paid for by all taxpayers. However, this insurance is not available in
the private market except for the wealthiest and highest valued
property (at least $1 million), according to the General Accountability
Office. Without this program, more property owners would have to turn
back to the federal government and thus taxpayers for rebuilding
assistance after the next major flood, as they did before the NFIP was
created in 1968.

I respectfully request that you not allow another expiration of NFIP
authority. For the sake of the communities, property owners, and
taxpayers across the nation, please fully reauthorize this program for
five years before the September 30, 2011, deadline. Real estate markets
cannot afford any more uncertainty.

Sincerely,

Keith Elliott Jr

-----
Jun 29, 2011

Senator Mark Warner
Russell Senate Office Building, Room 459A
Constitution and Delaware Avenues, NE
Washington, DC 20510

Dear Senator Warner,

As a constituent and REALTOR, I can testify firsthand about the
critical need for certainty to local real estate markets, property
owners and surrounding communities, particularly in times of economic
recovery.  Yet, there have been nine stopgap extensions and five
shutdowns of the National Flood Insurance Program (NFIP) since
September of 2008; just one of the multi-week lapses last year alone
caused 47,000 home sales to be delayed or cancelled in already down
real estate markets.

Now is not the time to add uncertainty.  For this reason, I urge you to
reauthorize this vital program for a full five years, before September
30, 2011, when the program's authority is again set to expire.

In my own community, the NFIP enables dozens if not hundreds of
property owners to protect their family and property against floods,
which claimed more lives and property than any other U.S. natural
disaster over the past century.  Nationally, this program is the only
source of flood-damage protection for 5.6 million home- and business
owners, as well as the builders, remodelers, movers, furnishers, real
estate professionals, mortgage lenders, investors, insurance agents and
other companies upon which they relied to buy or sell property. Just as
important, without a stable, functioning flood insurance program, real
estate transactions in many of these neighborhoods across 21,000
communities nationwide could come to a standstill.

By ensuring access to affordable property insurance, NFIP saves
taxpayers money. Insurance reduces the amount of post-disaster relief
paid for by all taxpayers. However, this insurance is not available in
the private market except for the wealthiest and highest valued
property (at least $1 million), according to the General Accountability
Office. Without this program, more property owners would have to turn
back to the federal government and thus taxpayers for rebuilding
assistance after the next major flood, as they did before the NFIP was
created in 1968.

I respectfully request that you not allow another expiration of NFIP
authority. For the sake of the communities, property owners, and
taxpayers across the nation, please fully reauthorize this program for
five years before the September 30, 2011, deadline. Real estate markets
cannot afford any more uncertainty.

Sincerely,

Keith Elliott Jr

-----
Jun 29, 2011

Representative Frank Wolf
Cannon House Office Building, Room 241
Independence Avenue and 1st Street, SE
Washington, DC 20515-4610

Dear Representative Wolf,

As a constituent and REALTOR, I can testify firsthand about the
critical need for certainty to local real estate markets, property
owners and surrounding communities, particularly in times of economic
recovery.  Yet, there have been nine stopgap extensions and five
shutdowns of the National Flood Insurance Program (NFIP) since
September of 2008; just one of the multi-week lapses last year alone
caused 47,000 home sales to be delayed or cancelled in already down
real estate markets.

Now is not the time to add uncertainty.  For this reason, I urge you to
reauthorize this vital program for a full five years, before September
30, 2011, when the program's authority is again set to expire.

In my own community, the NFIP enables dozens if not hundreds of
property owners to protect their family and property against floods,
which claimed more lives and property than any other U.S. natural
disaster over the past century.  Nationally, this program is the only
source of flood-damage protection for 5.6 million home- and business
owners, as well as the builders, remodelers, movers, furnishers, real
estate professionals, mortgage lenders, investors, insurance agents and
other companies upon which they relied to buy or sell property. Just as
important, without a stable, functioning flood insurance program, real
estate transactions in many of these neighborhoods across 21,000
communities nationwide could come to a standstill.

By ensuring access to affordable property insurance, NFIP saves
taxpayers money. Insurance reduces the amount of post-disaster relief
paid for by all taxpayers. However, this insurance is not available in
the private market except for the wealthiest and highest valued
property (at least $1 million), according to the General Accountability
Office. Without this program, more property owners would have to turn
back to the federal government and thus taxpayers for rebuilding
assistance after the next major flood, as they did before the NFIP was
created in 1968.

I respectfully request that you not allow another expiration of NFIP
authority. For the sake of the communities, property owners, and
taxpayers across the nation, please fully reauthorize this program for
five years before the September 30, 2011, deadline. Real estate markets
cannot afford any more uncertainty.

Sincerely,

Keith Elliott Jr

On September 30, the cost of a mortgage could rise significantly. If this happens, many stand to run the risk of being priced out of the American Dream of home ownership. Even worse, this could hold back the housing recovery.

Therefore, I submitted the following letters urging members of Congress to make the current mortgage loan limits for FHA and GSEs permanent. Well-qualified buyers don't need another hurdle to access affordable mortgage financing.

The following projected FHA loan limits will impact the Virginia real estate market. If you do not see your county listed, it means your FHA loan limit will remain unchanged.

----------

Keith Elliott Jr.
15100 Washington Street
Haymarket, VA 20169

Jun 22, 2011

Senator Jim Webb
Russell Senate Office Building, Room 248
Constitution and Delaware Avenues, NE
Washington, DC 20510-4605

Dear Senator Webb,

As your constituent, and a REALTOR®, I urge you to act now to make the current loan limits for FHA, Freddie Mac and Fannie Mae (the government sponsored enterprises, or GSEs) permanent.  On October 1, 2011, the mortgage loan limits for FHA and the GSEs will decrease, lessening the availability of mortgage credit for hundreds of thousands of responsible and credit-worthy American families. What we need now is time for the real estate market and overall economy to heal, to self-correct, and stabilize.  Reducing mortgage liquidity at this time will hurt our fragile economic recovery.  H.R. 1754 has been introduced in the House by Reps. Miller (R-CA) and Sherman (D-CA) to make the current limits permanent.  No similar bill has yet been introduced in the Senate.

In today's real estate market, lowering the loan limits will make mortgages more expensive for households nationwide. Private investors have not yet returned to housing markets, and FHA and GSE mortgages together continue to constitute the vast majority of home financing available today, which makes it particularly critical to extend the current limits.  Lowering the loan limits now will leave credit-worthy borrowers without access to affordable financing and will prolong our housing crisis.

Although many believe that lower rates will only affect a few high-cost markets. the new limits, published by HUD and the Federal Housing Finance Agency (FHFA), show that more than 669 counties in 42 states and the territories would be negatively impacted by the loan limit change.  The average decline in loan limits would be more than $68,000.Only eight states will see no decline.  Every other state will see a drop in loan limits, and therefore a corresponding drop in theavailability and affordability of mortgage credit.  I urge you to pass legislation, like H.R. 1754 in the House, to make the current limits for FHA and the GSEs permanent, and preserve housing opportunities for American families.

Sincerely,

Keith Elliott Jr

----------

Keith Elliott Jr.
15100 Washington Street
Haymarket, VA 20169

Jun 22, 2011

Senator Mark Warner
Russell Senate Office Building, Room 459A
Constitution and Delaware Avenues, NE
Washington, DC 20510

Dear Senator Warner,

As your constituent, and a REALTOR®, I urge you to act now to make the current loan limits for FHA, Freddie Mac and Fannie Mae (the government sponsored enterprises, or GSEs) permanent.  On October 1, 2011, the mortgage loan limits for FHA and the GSEs will decrease, lessening the availability of mortgage credit for hundreds of thousands of responsible and credit-worthy American families. What we need now is time for the real estate market and overall economy to heal, to self-correct, and stabilize.  Reducing mortgage liquidity at this time will hurt our fragile economic recovery.  H.R. 1754 has been introduced in the House by Reps. Miller (R-CA) and Sherman (D-CA) to make the current limits permanent.  No similar bill has yet been introduced in the Senate.

In today's real estate market, lowering the loan limits will make mortgages more expensive for households nationwide. Private investors have not yet returned to housing markets, and FHA and GSE mortgages
together continue to constitute the vast majority of home financing available today, which makes it particularly critical to extend the current limits.  Lowering the loan limits now will leave credit-worthy borrowers without access to affordable financing and will prolong our housing crisis.

Although many believe that lower rates will only affect a few high-cost markets. the new limits, published by HUD and the Federal Housing Finance Agency (FHFA), show that more than 669 counties in 42 states and the territories would be negatively impacted by the loan limit change.  The average decline in loan limits would be more than $68,000. Only eight states will see no decline.  Every other state will see a drop in loan limits, and therefore a corresponding drop in the availability and affordability of mortgage credit.  I urge you to pass legislation, like H.R. 1754 in the House, to make the current limits for FHA and the GSEs permanent, and preserve housing opportunities for American families.

Sincerely,

Keith Elliott Jr

----------

Keith Elliott Jr.
15100 Washington Street
Haymarket, VA 20169

Jun 22, 2011

Representative Frank Wolf
Cannon House Office Building, Room 241
Independence Avenue and 1st Street, SE
Washington, DC 20515-4610

Dear Representative Wolf,

As your constituent, and a REALTOR®, I urge you to act now to make the current loan limits for FHA, Freddie Mac and Fannie Mae (the government sponsored enterprises, or GSEs) permanent.  On October 1, 2011, the mortgage loan limits for FHA and the GSEs will decrease, lessening the availability of mortgage credit for hundreds of thousands of responsible and credit-worthy American families. What we need now is time for the real estate market and overall economy to heal, to self-correct, and stabilize.  Reducing mortgage liquidity at this time will hurt our fragile economic recovery.  H.R. 1754 has been introduced in the House by Reps. Miller (R-CA) and Sherman (D-CA) to make the current limits permanent.  No similar bill has yet been introduced in the Senate.

In today's real estate market, lowering the loan limits will make mortgages more expensive for households nationwide. Private investors have not yet returned to housing markets, and FHA and GSE mortgages together continue to constitute the vast majority of home financing available today, which makes it particularly critical to extend the current limits.  Lowering the loan limits now will leave credit-worthy borrowers without access to affordable financing and will prolong our housing crisis.

Although many believe that lower rates will only affect a few high-cost markets. the new limits, published by HUD and the Federal Housing Finance Agency (FHFA), show that more than 669 counties in 42 states and the territories would be negatively impacted by the loan limit change.  The average decline in loan limits would be more than $68,000. Only eight states will see no decline.  Every other state will see a drop in loan limits, and therefore a corresponding drop in the availability and affordability of mortgage credit. I urge you to pass legislation, like H.R. 1754 in the House, to make the current limits for FHA and the GSEs permanent, and preserve housing opportunities for American families.

Sincerely,

Keith Elliott Jr

Keith Elliott Jr.
15100 Washington Street
Haymarket, VA 20169

Mar 28, 2011

Representative Frank Wolf
Cannon House Office Building, Room 241
Independence Avenue and 1st Street, SE
Washington, DC 20515-4610

Dear Representative Wolf,

As both your constituent and as one of more than one million members of the National Association of REALTORS, I remain steadfast in my belief that economic recovery depends in large measure on recovery in the housing market. That recovery is by no means complete and, in fact, the market is still quite weak.

I understand that throughout the spring and summer, Congress is likely to take many votes on huge bills that will affect economic, fiscal and tax policy.  I urge you in the strongest possible terms to assure that each one of them will contribute to stabilizing housing markets and, just as important, do no harm. The simplest way for Congress to provide certainty to the housing market is to preserve the MID and oppose any legislation that would undermine it.

Please show your support of stable housing policy by cosponsoring H.Res.25, a bipartisan resolution offered by Rep. Gary Miller. Realtors believe that wide cosponsorship of this resolution will send a strong  signal that Congress remains committed to a housing recovery.

H. Res.25 expresses the sense of Congress that the current law governing the MID must be retained. To restrict current law in any way would undermine progress in the still-fragile housing recovery.

Please join Mr. Miller and your colleagues in sending a strong signal that you support a stable housing market and that you support the current MID rules. Please co-sponsor H.Res. 25.

Sincerely,

Keith Elliott Jr

Keith Elliott Jr.
15100 Washington Street
Haymarket, VA 20169

April 10, 2010  

Representative Frank Wolf
U.S. House of Representatives
241 Cannon House Office Building
Washington, DC 20515-0001

Subject: Renew Critical Housing Programs: NFIP and RHS

Dear Representative Wolf,

Congress left for recess, leaving two critical housing programs unauthorized or unfunded.  On March 28, authority for the National Flood Insurance Program (NFIP) expired, and lenders have stopped accepting applications for the Section 502 rural housing program, which is expected to exhaust its commitment authority by the end of the month.

Until Congress returns and extends these programs, worthy homebuyers will be left without access to mortgages.  Given the many challenges financial and real estate markets are facing, now is not the time to create another, but avoidable, obstacle to real estate transactions. Please do not let this continue.

As a Realtor, I can personally attest to these programs' importance.  Since the NFIP expired, my clients are no longer able to purchase a home or commercial property in many parts of my community.  They cannot buy the NFIP insurance needed to obtain a mortgage for those properties.  In addition, those families and businesses with existing mortgages are not able to renew their required coverage.

Rural families in every state in the nation rely on the Section 502 single family guarantee program to allow them to repair, renovate and purchase homes, as well as prepare sites with water and sewage facilities.

Today, property owners in every state depend on these programs.  Each day the Congress fails to act, thousands of real estate transactions will be delayed and homebuyers and homeowners will be left in the lurch. 

Upon your return, Congress must swiftly take the necessary steps to ensure the continuation of these critical and essential insurance programs.

Sincerely,

Keith Elliott Jr

~~~~~~~~~~
Keith Elliott Jr.
15100 Washington Street
Haymarket, VA 20169

April 10, 2010

Senator Jim Webb
U.S. Senate
248 Russell Senate Office Building
Washington, DC 20510-0001

Subject: Renew Critical Housing Programs: NFIP and RHS

Dear Senator Webb,

Congress left for recess, leaving two critical housing programs unauthorized or unfunded.  On March 28, authority for the National Flood Insurance Program (NFIP) expired, and lenders have stopped accepting applications for the Section 502 rural housing program, which is expected to exhaust its commitment authority by the end of the month.

Until Congress returns and extends these programs, worthy homebuyers will be left without access to mortgages.  Given the many challenges financial and real estate markets are facing, now is not the time to create another, but avoidable, obstacle to real estate transactions. Please do not let this continue.

As a Realtor, I can personally attest to these programs' importance.  Since the NFIP expired, my clients are no longer able to purchase a home or commercial property in many parts of my community.  They cannot buy the NFIP insurance needed to obtain a mortgage for those properties.  In addition, those families and businesses with existing mortgages are not able to renew their required coverage.

Rural families in every state in the nation rely on the Section 502 single family guarantee program to allow them to repair, renovate and purchase homes, as well as prepare sites with water and sewage facilities.

Today, property owners in every state depend on these programs.  Each day the Congress fails to act, thousands of real estate transactions will be delayed and homebuyers and homeowners will be left in the lurch. 

Upon your return, Congress must swiftly take the necessary steps to ensure the continuation of these critical and essential insurance programs.

Sincerely,

Keith Elliott Jr

~~~~~~~~~~
Keith Elliott Jr.
15100 Washington Street
Haymarket, VA 20169

April 10, 2010

Senator Mark Warner
U.S. Senate
459A Russell Senate Office Building
Washington, DC 20510-0001

Subject: Renew Critical Housing Programs: NFIP and RHS

Dear Senator Warner,

Congress left for recess, leaving two critical housing programs unauthorized or unfunded.  On March 28, authority for the National Flood Insurance Program (NFIP) expired, and lenders have stopped accepting applications for the Section 502 rural housing program, which is expected to exhaust its commitment authority by the end of the month.

Until Congress returns and extends these programs, worthy homebuyers will be left without access to mortgages.  Given the many challenges financial and real estate markets are facing, now is not the time to create another, but avoidable, obstacle to real estate transactions. Please do not let this continue.

As a Realtor, I can personally attest to these programs' importance.  Since the NFIP expired, my clients are no longer able to purchase a home or commercial property in many parts of my community.  They cannot buy the NFIP insurance needed to obtain a mortgage for those properties.  In addition, those families and businesses with existing mortgages are not able to renew their required coverage.

Rural families in every state in the nation rely on the Section 502 single family guarantee program to allow them to repair, renovate and purchase homes, as well as prepare sites with water and sewage facilities.

Today, property owners in every state depend on these programs.  Each day the Congress fails to act, thousands of real estate transactions will be delayed and homebuyers and homeowners will be left in the lurch. 

Upon your return, Congress must swiftly take the necessary steps to ensure the continuation of these critical and essential insurance programs.

Sincerely,

Keith Elliott Jr

Keith Elliott Jr.
15100 Washington Street
Haymarket, VA 20169

September 19, 2009

Representative Frank Wolf
U.S. House of Representatives
241 Cannon House Office Building
Washington, DC 20515-0001

Subject: Homebuyer Tax Credit: Extend and Expand 

Dear Representative Wolf,

As a Realtor and a constituent, I can assure you that the $8,000 first-time homebuyer tax credit has definitely been a success. Homebuyer interest and housing sales increased almost as soon as the ink was dry on the tax credit legislation. Today's lower prices and interest rates appeal to consumers, but it's been the tax credit that has attracted people to open houses and to homeownership.

That progress could grind to a halt sooner than you think. Congress must act NOW to extend the credit through 2010. Otherwise, uncertainty will return and the market might again be frozen -- possibly as soon as October.

A homebuyer is eligible for the tax credit only if the home is "purchased" before December 1, 2009. That means that buyers have to find a house, complete a contract, satisfy any contingencies, secure financing and go to closing by November 30. Accomplishing those tasks by November 30 will become more difficult with every passing day. In today's market, it generally takes between 45 and 60 days to go from contract to closing.

The market has improved, but it has not yet fully corrected itself. The credit needs to be extended for an additional period of time and expanded in order to build upon the progress that's been made. Uncertainty about the future of the credit will dampen consumer demand. The best way to assure continued housing activity is to extend and expand the credit and to do that NOW.

We can't wait until late in the year to see what happens. Consumers will drop out soon if they can't predict what's in their future. Please act NOW to extend and expand the credit through 2010.

 
Sincerely,

Keith Elliott Jr

~~~~~~~~~~
Keith Elliott Jr.
15100 Washington Street
Haymarket, VA 20169

September 19, 2009

Senator Jim Webb
U.S. Senate
144 Russell Senate Office Building
Washington, DC 20510-0001

Subject: Homebuyer Tax Credit: Extend and Expand 

Dear Senator Webb,

As a Realtor and a constituent, I can assure you that the $8,000 first-time homebuyer tax credit has definitely been a success. Homebuyer interest and housing sales increased almost as soon as the ink was dry on the tax credit legislation. Today's lower prices and interest rates appeal to consumers, but it's been the tax credit that has attracted people to open houses and to homeownership.

That progress could grind to a halt sooner than you think. Congress must act NOW to extend the credit through 2010. Otherwise, uncertainty will return and the market might again be frozen -- possibly as soon as October.

A homebuyer is eligible for the tax credit only if the home is "purchased" before December 1, 2009. That means that buyers have to find a house, complete a contract, satisfy any contingencies, secure financing and go to closing by November 30. Accomplishing those tasks by November 30 will become more difficult with every passing day. In today's market, it generally takes between 45 and 60 days to go from contract to closing.

The market has improved, but it has not yet fully corrected itself. The credit needs to be extended for an additional period of time and expanded in order to build upon the progress that's been made. Uncertainty about the future of the credit will dampen consumer demand. The best way to assure continued housing activity is to extend and expand the credit and to do that NOW.

We can't wait until late in the year to see what happens. Consumers will drop out soon if they can't predict what's in their future. Please act NOW to extend and expand the credit through 2010.

 
Sincerely,

Keith Elliott Jr

~~~~~~~~~~
Keith Elliott Jr.
15100 Washington Street
Haymarket, VA 20169

September 19, 2009

Senator Mark Warner
U.S. Senate
B40C Dirksen Senate Office Building
Washington, DC 20510-0001

Subject: Homebuyer Tax Credit: Extend and Expand 

Dear Senator Warner,

As a Realtor and a constituent, I can assure you that the $8,000 first-time homebuyer tax credit has definitely been a success. Homebuyer interest and housing sales increased almost as soon as the ink was dry on the tax credit legislation. Today's lower prices and interest rates appeal to consumers, but it's been the tax credit that has attracted people to open houses and to homeownership.

That progress could grind to a halt sooner than you think. Congress must act NOW to extend the credit through 2010. Otherwise, uncertainty will return and the market might again be frozen -- possibly as soon as October.

A homebuyer is eligible for the tax credit only if the home is "purchased" before December 1, 2009. That means that buyers have to find a house, complete a contract, satisfy any contingencies, secure financing and go to closing by November 30. Accomplishing those tasks by November 30 will become more difficult with every passing day. In today's market, it generally takes between 45 and 60 days to go from contract to closing.

The market has improved, but it has not yet fully corrected itself. The credit needs to be extended for an additional period of time and expanded in order to build upon the progress that's been made. Uncertainty about the future of the credit will dampen consumer demand. The best way to assure continued housing activity is to extend and expand the credit and to do that NOW.

We can't wait until late in the year to see what happens. Consumers will drop out soon if they can't predict what's in their future. Please act NOW to extend and expand the credit through 2010.

 
Sincerely,

Keith Elliott Jr

Keith Elliott Jr.
15100 Washington Street
Haymarket, VA 20169

February 07, 2009   09:39 AM

Representative Frank Wolf
U.S. House of Representatives
241 Cannon House Office Building
Washington, DC 20515-0001

Subject: Reviving the real estate market must be the focus of the Stimulus plan to be sent to the President

Dear Representative Wolf,

The current economic crisis is the result of problems in the nation's housing markets. Efforts to boost the overall economy will be wholly ineffective if the Economic Stimulus bill that goes to the President does not include provisions focused on stabilizing real estate markets.

Both the House and Senate versions include provisions that are consistent with a housing plan that Realtors have advocated for several months.  A few more changes are needed.  Provisions offered by the National Association of Realtors that must be included are:

*The $15,000 homebuyer tax credit that was proposed by Senators Isakson, Lieberman and Dodd.

*Permanent FHA, Fannie Mae and Freddie Mac loan limits that match the levels enacted in 2008. 

*Increased resources for foreclosure mitigation efforts to stem the flood of foreclosures.

Housing has always lifted our economy out of past economic downturns. Let's get housing moving now so that the economy can recover. Please support the inclusion of these critical provisions in any economic stimulus bill sent to the President. 

Thank you for your hard work.

Sincerely,

Keith Elliott Jr

~~~~~~~~~~
Keith Elliott Jr.
15100 Washington Street
Haymarket, VA 20169

February 07, 2009   09:39 AM

Senator Jim Webb
U.S. Senate
144 Russell Senate Office Building
Washington, DC 20510-0001

Subject: Reviving the real estate market must be the focus of the Stimulus plan to be sent to the President

Dear Senator Webb,

The current economic crisis is the result of problems in the nation's housing markets. Efforts to boost the overall economy will be wholly ineffective if the Economic Stimulus bill that goes to the President does not include provisions focused on stabilizing real estate markets.

Both the House and Senate versions include provisions that are consistent with a housing plan that Realtors have advocated for several months.  A few more changes are needed.  Provisions offered by the National Association of Realtors that must be included are:

*The $15,000 homebuyer tax credit that was proposed by Senators Isakson, Lieberman and Dodd.

*Permanent FHA, Fannie Mae and Freddie Mac loan limits that match the levels enacted in 2008. 

*Increased resources for foreclosure mitigation efforts to stem the flood of foreclosures.

Housing has always lifted our economy out of past economic downturns. Let's get housing moving now so that the economy can recover. Please support the inclusion of these critical provisions in any economic stimulus bill sent to the President. 

Thank you for your hard work.

Sincerely,

Keith Elliott Jr

~~~~~~~~~~
Keith Elliott Jr.
15100 Washington Street
Haymarket, VA 20169

February 07, 2009   09:39 AM

Senator Mark Warner
U.S. Senate
B40C Dirksen Senate Office Building
Washington, DC 20510-0001

Subject: Reviving the real estate market must be the focus of the Stimulus plan to be sent to the President

Dear Senator Warner,

The current economic crisis is the result of problems in the nation's housing markets. Efforts to boost the overall economy will be wholly ineffective if the Economic Stimulus bill that goes to the President does not include provisions focused on stabilizing real estate markets.

Both the House and Senate versions include provisions that are consistent with a housing plan that Realtors have advocated for several months.  A few more changes are needed.  Provisions offered by the National Association of Realtors that must be included are:

*The $15,000 homebuyer tax credit that was proposed by Senators Isakson, Lieberman and Dodd.

*Permanent FHA, Fannie Mae and Freddie Mac loan limits that match the levels enacted in 2008. 

*Increased resources for foreclosure mitigation efforts to stem the flood of foreclosures.

Housing has always lifted our economy out of past economic downturns. Let's get housing moving now so that the economy can recover. Please support the inclusion of these critical provisions in any economic stimulus bill sent to the President. 

Thank you for your hard work.

Sincerely,

Keith Elliott Jr
 

Keith M. Elliott Jr.
15100 Washington Street
Haymarket, VA 20169

January 27, 2009

Senator Charles Colgan
U.S. Senate
225 Russell Senate Office Building
Washington, DC 20510-0001

Subject: Vote YES on SB 1157

Dear Senator Colgan,

Senate Bill 1157 is scheduled to be heard by the Senate Finance Committee on Wednesday morning, January 28.

As a REALTOR and a resident of your district, I am writing to ask you to vote YES on SB 1157.

This bill would require recordation and grantor taxes to be calculated on the sales price ("actual consideration") of a property. Under current law, these taxes are based on the sales price or the "actual value,"(i.e., assessed value) whichever is higher. SB 1157 deletes the requirement to use assessed values if they are higher, which can be far in excess of current sales prices.

Enactment of SB 1157 will help lower transaction costs for both buyers and sellers of real estate in Virginia, and eliminates the unfairness of charging taxes on an artificially high value basis. I hope I may count on you to vote YES on SB 1157.

Thank you very much for your consideration.

Sincerely,

Keith Elliott Jr

Keith M. Elliott Jr.
15100 Washington Street
Haymarket, VA 20169

January 27, 2009

Senator Charles Colgan
U.S. Senate
225 Russell Senate Office Building
Washington, DC 20510-0001

Subject: 2009 REALTOR Agenda Announced 
 

Dear Senator Colgan,

By now, I hope that you have settled into Richmond and are looking forward to the challenges that still lay ahead in the 2009 session.

As you know, the past year has been challenging for the real estate industry. REALTORS face uncertainty as to when and how the market will rebound. Our buyers and sellers face uncertainty about jobs, prices and the overall economy...which have many of them concerned about their homes and businesses.

With the challenges that lay ahead for us as REALTORS, we understand the important role you play as a member of the General Assembly. With that in mind, I wanted to send you a copy of the 2009 Virginia Association of REALTORS Legislative Agenda, which can be found at: www.VARealtor.com/legislativeagenda.

In it, you will see that we have sought the introduction of a variety of measures that will provide relief for targeted sectors of our markets, will provide protection for the general public who engage REALTORS and will protect private property rights.

We ask for your support of these bills.

Additionally, should you or any of your colleagues need a REALTOR perspective on any issue that may arise during the Session, please feel free to contact Martin K. Johnson, VAR's Legislative Consultant (Martin@futurelaw.net) or VAR's Legislative Counsel, Chip Dicks (ChipDicks@futurelaw.net) with any questions.

Sincerely,

Keith Elliott Jr

Keith M. Elliott Jr.
15100 Washington Street
Haymarket, VA 20169

November 14, 2008   02:17 PM

Senator John Warner
U.S. Senate
225 Russell Senate Office Building
Washington, DC 20510-0001

Subject: Reviving the real estate market must be the focus of a future stimulus bill

Dear Senator Warner,

As a constituent and a Realtor, I ask that Congress focus any future stimulus package on reinvigorating housing markets. The current crisis is the result of problems in the nation's housing markets. Efforts to boost the economy must calm jittery real estate markets.

Earlier, the National Association of Realtors (NAR) proposed a 4-Point Housing Stimulus Plan that should be part of any new stimulus package. NAR's plan would:

*Make the $7500 first-time homebuyer tax credit available to all buyers and eliminate repayment requirements. The credit's limited availability and repayment requirement severely limit the credit's use and effectiveness.

*Make the 2008 FHA, Fannie Mae and Freddie Mac loan limits permanent. New rules for 2009 will reduce them. Now is not the time to limit mortgage affordability.

*Get the Treasury relief program back on track and target more funds to mortgage relief. Create a federal mortgage interest buy-down program to make below-market rates available and stabilize home prices.

*Permanently bar banks from engaging in real estate brokerage and management. The banks have proven they have enough to do to simply manage the loan process. Banks should not manage home sales and purchases.

Housing has always lifted our economy out of past economic downturns. It's imperative now to foster a housing recovery, so that the economy can recover. Thank you for your hard work.

Sincerely,

Keith M. Elliott Jr.

--------------------------------------

Keith M. Elliott Jr.
15100 Washington Street
Haymarket, VA 20169

November 14, 2008   02:17 PM

Representative Frank Wolf
U.S. House of Representatives
241 Cannon House Office Building
Washington, DC 20515-0001

Subject: Reviving the real estate market must be the focus of a future stimulus bill

Dear Representative Wolf,

As a constituent and a Realtor, I ask that Congress focus any future stimulus package on reinvigorating housing markets. The current crisis is the result of problems in the nation's housing markets. Efforts to boost the economy must calm jittery real estate markets.

Earlier, the National Association of Realtors (NAR) proposed a 4-Point Housing Stimulus Plan that should be part of any new stimulus package. NAR's plan would:

*Make the $7500 first-time homebuyer tax credit available to all buyers and eliminate repayment requirements. The credit's limited availability and repayment requirement severely limit the credit's use and effectiveness.

*Make the 2008 FHA, Fannie Mae and Freddie Mac loan limits permanent. New rules for 2009 will reduce them. Now is not the time to limit mortgage affordability.

*Get the Treasury relief program back on track and target more funds to mortgage relief. Create a federal mortgage interest buy-down program to make below-market rates available and stabilize home prices.

*Permanently bar banks from engaging in real estate brokerage and management. The banks have proven they have enough to do to simply manage the loan process. Banks should not manage home sales and purchases.

Housing has always lifted our economy out of past economic downturns. It's imperative now to foster a housing recovery, so that the economy can recover. Thank you for your hard work.

Sincerely,

Keith M. Elliott Jr.

--------------------------------------

Keith M. Elliott Jr.
15100 Washington Street
Haymarket, VA 20169

November 14, 2008   02:17 PM

Senator Jim Webb
U.S. Senate
144 Russell Senate Office Building
Washington, DC 20510-0001

Subject: Reviving the real estate market must be the focus of a future stimulus bill

Dear Senator Webb,

As a constituent and a Realtor, I ask that Congress focus any future stimulus package on reinvigorating housing markets. The current crisis is the result of problems in the nation's housing markets. Efforts to boost the economy must calm jittery real estate markets.

Earlier, the National Association of Realtors (NAR) proposed a 4-Point Housing Stimulus Plan that should be part of any new stimulus package. NAR's plan would:

*Make the $7500 first-time homebuyer tax credit available to all buyers and eliminate repayment requirements. The credit's limited availability and repayment requirement severely limit the credit's use and effectiveness.

*Make the 2008 FHA, Fannie Mae and Freddie Mac loan limits permanent. New rules for 2009 will reduce them. Now is not the time to limit mortgage affordability.

*Get the Treasury relief program back on track and target more funds to mortgage relief. Create a federal mortgage interest buy-down program to make below-market rates available and stabilize home prices.

*Permanently bar banks from engaging in real estate brokerage and management. The banks have proven they have enough to do to simply manage the loan process. Banks should not manage home sales and purchases.

Housing has always lifted our economy out of past economic downturns. It's imperative now to foster a housing recovery, so that the economy can recover. Thank you for your hard work.

Sincerely,

Keith M. Elliott Jr.

Keith Elliott Jr
15100 Washington Street
Haymarket, VA 20169

October 3, 2008

The Honorable John W. Warner
United States Senate
225 Russell Senate Office Building
Washington, DC 20510-4601

Re: Emergency Economic Stability Act

Dear Senator Warner:

As your constituent and a REALTOR®, I urge you, as a Member of the Senate, to consider the following Common Sense Plan as a means of resolving the current economic nightmare facing this country as an acceptable solution to the Emergency Economic Stability Act.

Years of bad decisions and stupid mistakes have created an economic nightmare in this country, but $700 billion in new debt is not the answer. As a tax-paying American citizen, I will not support any congressperson who votes to implement such a policy. Instead, I submit the following three steps for your consideration:

Common Sense Plan.

I. INSURANCE

A. Insure the subprime bonds/mortgages with an underlying FHA-type insurance. Government-insured and backed loans would have an instant market all over the world, creating immediate and needed liquidity.

B. In order for a company to accept the government-backed insurance, they must do two things:

   1. Rewrite any mortgage that is more than three months delinquent to a 6% fixed-rate mortgage.
      a. Roll all back payments with no late fees or legal costs into the balance. This brings homeowners current and allows them a chance to keep their homes.
      b. Cancel all prepayment penalties to encourage refinancing or the sale of the property to pay off the bad loan. In the event of foreclosure or short sale, the borrower will not be held liable for any deficit balance. FHA does this now, and that encourages mortgage companies to go the extra mile while
working with the borrower—again limiting foreclosures and ruined lives.

   2. Cancel ALL golden parachutes of EXISTING and FUTURE CEOs and executive team members as long as the company holds these government-insured bonds/mortgages. This keeps underperforming executives from being paid when they don’t do their jobs.

C. This backstop will cost less than $50 billion—a small fraction of the current proposal.

II. MARK TO MARKET

A. Remove mark to market accounting rules for two years on only subprime Tier III bonds/mortgages. This keeps companies from being forced to artificially mark down bonds/mortgages below the value of the underlying mortgages and real estate.

B. This move creates patience in the market and has an immediate stabilizing effect on failing and ailing banks—and it costs the taxpayer nothing.

III. CAPITAL GAINS TAX

A. Remove the capital gains tax completely. Investors will flood the real estate and stock market in search of tax-free profits, creating tremendous—and immediate—liquidity in the markets. Again, this costs the taxpayer nothing.

B. This move will be seen as a lightning rod politically because many will say it is helping the rich. The truth is the rich will benefit, but it will be their money that stimulates the economy. This will enable all Americans to have more stable jobs and retirement investments that go up instead of down. This is not a time for envy, and it’s not a time for politics. It’s time for all of us, as Americans, to stand up, speak out, and fix this mess.

Thank you for your hard and thoughtful work to forge an acceptable solution. I urge you to move forward as quickly as possible to safeguard homeowners, homebuyers, and the economy.

Sincerely,

Keith M. Elliott Jr.

--------------

Keith Elliott Jr
15100 Washington Street
Haymarket, VA 20169

October 3, 2008

The Honorable James Webb
United States Senate
144 Russell Senate Office Building
Washington, DC 20510-4604

Re: Emergency Economic Stability Act

Dear Senator Webb:

As your constituent and a REALTOR®, I urge you, as a Member of the Senate, to consider the following Common Sense Plan as a means of resolving the current economic nightmare facing this country as an acceptable solution to the Emergency Economic Stability Act.

Years of bad decisions and stupid mistakes have created an economic nightmare in this country, but $700 billion in new debt is not the answer. As a tax-paying American citizen, I will not support any congressperson who votes to implement such a policy. Instead, I submit the following three steps for your consideration:

Common Sense Plan.

I. INSURANCE

A. Insure the subprime bonds/mortgages with an underlying FHA-type insurance. Government-insured and backed loans would have an instant market all over the world, creating immediate and needed liquidity.

B. In order for a company to accept the government-backed insurance, they must do two things:

   1. Rewrite any mortgage that is more than three months delinquent to a 6% fixed-rate mortgage.
      a. Roll all back payments with no late fees or legal costs into the balance. This brings homeowners current and allows them a chance to keep their homes.
      b. Cancel all prepayment penalties to encourage refinancing or the sale of the property to pay off the bad loan. In the event of foreclosure or short sale, the borrower will not be held liable for any deficit balance. FHA does this now, and that encourages mortgage companies to go the extra mile while
working with the borrower—again limiting foreclosures and ruined lives.

   2. Cancel ALL golden parachutes of EXISTING and FUTURE CEOs and executive team members as long as the company holds these government-insured bonds/mortgages. This keeps underperforming executives from being paid when they don’t do their jobs.

C. This backstop will cost less than $50 billion—a small fraction of the current proposal.

II. MARK TO MARKET

A. Remove mark to market accounting rules for two years on only subprime Tier III bonds/mortgages. This keeps companies from being forced to artificially mark down bonds/mortgages below the value of the underlying mortgages and real estate.

B. This move creates patience in the market and has an immediate stabilizing effect on failing and ailing banks—and it costs the taxpayer nothing.

III. CAPITAL GAINS TAX

A. Remove the capital gains tax completely. Investors will flood the real estate and stock market in search of tax-free profits, creating tremendous—and immediate—liquidity in the markets. Again, this costs the taxpayer nothing.

B. This move will be seen as a lightning rod politically because many will say it is helping the rich. The truth is the rich will benefit, but it will be their money that stimulates the economy. This will enable all Americans to have more stable jobs and retirement investments that go up instead of down. This is not a time for envy, and it’s not a time for politics. It’s time for all of us, as Americans, to stand up, speak out, and fix this mess.

Thank you for your hard and thoughtful work to forge an acceptable solution. I urge you to move forward as quickly as possible to safeguard homeowners, homebuyers, and the economy.

Sincerely,

Keith M. Elliott Jr.

--------------

Keith Elliott Jr
15100 Washington Street
Haymarket, VA 20169

October 3, 2008

The Honorable Frank R. Wolf
House of Representatives
241 Cannon House Office Building
Washington, DC 20515-4610

Re: Emergency Economic Stability Act

Dear Representative Wolf:

As your constituent and a REALTOR®, I urge you, as a Member of the House of Representatives, to consider the following Common Sense Plan as a means of resolving the current economic nightmare facing this country as an acceptable solution to the Emergency Economic Stability Act.

Years of bad decisions and stupid mistakes have created an economic nightmare in this country, but $700 billion in new debt is not the answer. As a tax-paying American citizen, I will not support any congressperson who votes to implement such a policy. Instead, I submit the following three steps for your consideration:

Common Sense Plan.

I. INSURANCE

A. Insure the subprime bonds/mortgages with an underlying FHA-type insurance. Government-insured and backed loans would have an instant market all over the world, creating immediate and needed liquidity.

B. In order for a company to accept the government-backed insurance, they must do two things:

   1. Rewrite any mortgage that is more than three months delinquent to a 6% fixed-rate mortgage.
      a. Roll all back payments with no late fees or legal costs into the balance. This brings homeowners current and allows them a chance to keep their homes.
      b. Cancel all prepayment penalties to encourage refinancing or the sale of the property to pay off the bad loan. In the event of foreclosure or short sale, the borrower will not be held liable for any deficit balance. FHA does this now, and that encourages mortgage companies to go the extra mile while
working with the borrower—again limiting foreclosures and ruined lives.

   2. Cancel ALL golden parachutes of EXISTING and FUTURE CEOs and executive team members as long as the company holds these government-insured bonds/mortgages. This keeps underperforming executives from being paid when they don’t do their jobs.

C. This backstop will cost less than $50 billion—a small fraction of the current proposal.

II. MARK TO MARKET

A. Remove mark to market accounting rules for two years on only subprime Tier III bonds/mortgages. This keeps companies from being forced to artificially mark down bonds/mortgages below the value of the underlying mortgages and real estate.

B. This move creates patience in the market and has an immediate stabilizing effect on failing and ailing banks—and it costs the taxpayer nothing.

III. CAPITAL GAINS TAX

A. Remove the capital gains tax completely. Investors will flood the real estate and stock market in search of tax-free profits, creating tremendous—and immediate—liquidity in the markets. Again, this costs the taxpayer nothing.

B. This move will be seen as a lightning rod politically because many will say it is helping the rich. The truth is the rich will benefit, but it will be their money that stimulates the economy. This will enable all Americans to have more stable jobs and retirement investments that go up instead of down. This is not a time for envy, and it’s not a time for politics. It’s time for all of us, as Americans, to stand up, speak out, and fix this mess.

Thank you for your hard and thoughtful work to forge an acceptable solution. I urge you to move forward as quickly as possible to safeguard homeowners, homebuyers, and the economy.

Sincerely,

Keith M. Elliott Jr.

Keith Elliott Jr
15100 Washington Street
Haymarket, VA 20169

August 12, 2008

The Honorable John W. Warner
United States Senate
225 Russell Senate Office Building
Washington, DC 20510-4601

Re: Support Down Payment Assistance!

Dear Senator Warner:

As your constituent and a REALTOR, I urge you to support H.R. 6694. This new legislation will reform and save downpayment assistance for hundreds of thousands of homebuyers each year.

Downpayment assistance provides an opportunity for borrowers who can afford a mortgage payment but don't have the downpayment to get the process started.

Current legislation bans downpayment assistance on October 1, 2008 and will have a negative impact on our already struggling housing market.

Helping people become homeowners adds to the tax base, improves communities, allows children to attend better schools and helps people gain wealth through the equity in their home.

Downpayment Assistance Programs will encourage qualified homebuyers back into the market, and help to stabilize housing prices.

Sincerely,

Keith M. Elliott Jr

--------------

Keith Elliott Jr
15100 Washington Street
Haymarket, VA 20169

August 12, 2008

The Honorable James Webb
United States Senate
144 Russell Senate Office Building
Washington, DC 20510-4604

Re: Support Down Payment Assistance!

Dear Senator Webb:

As your constituent and a REALTOR, I urge you to support H.R. 6694. This new legislation will reform and save downpayment assistance for hundreds of thousands of homebuyers each year.

Downpayment assistance provides an opportunity for borrowers who can afford a mortgage payment but don't have the downpayment to get the process started.

Current legislation bans downpayment assistance on October 1, 2008 and will have a negative impact on our already struggling housing market.

Helping people become homeowners adds to the tax base, improves communities, allows children to attend better schools and helps people gain wealth through the equity in their home.

Downpayment Assistance Programs will encourage qualified homebuyers back into the market, and help to stabilize housing prices.

Sincerely,

Keith M. Elliott Jr

--------------

Keith Elliott Jr
15100 Washington Street
Haymarket, VA 20169

August 12, 2008

The Honorable Frank R. Wolf
House of Representatives
241 Cannon House Office Building
Washington, DC 20515-4610

Re: Support Down Payment Assistance!

Dear Representative Wolf:

As your constituent and a REALTOR, I urge you to support H.R. 6694. This new legislation will reform and save downpayment assistance for hundreds of thousands of homebuyers each year.

Downpayment assistance provides an opportunity for borrowers who can afford a mortgage payment but don't have the downpayment to get the process started.

Current legislation bans downpayment assistance on October 1, 2008 and will have a negative impact on our already struggling housing market.

Helping people become homeowners adds to the tax base, improves communities, allows children to attend better schools and helps people gain wealth through the equity in their home.

Downpayment Assistance Programs will encourage qualified homebuyers back into the market, and help to stabilize housing prices.

Sincerely,

Keith M. Elliott Jr 

June 13, 2008   02:42 PM

Senator John Warner
U.S. Senate
225 Russell Senate Office Building
Washington, DC 20510-0001

Subject: Make Higher Loan Limits Permanent for FHA, Freddie Mac & Fannie Mae

Dear Senator Warner,

As your constituent and a REALTOR, I urge you, as a Member of the Senate, to support making permanent the FHA, Fannie Mae and Freddie Mac loan limits in the bipartisan Economic Stimulus Act, signed by President Bush last February.  The legislation raised the maximum loan limits in high cost areas to $729,750 but it expires on December 31, 2008.  The limits help homeowners in 240 counties in 26 states and can help get our national economy back on track.

The House-passed housing stimulus bill, H.R. 3221, makes the $729,750 limits permanent.  Senate bills cap the limits at $550,440.  Our 1.2 million members applaud the progress the Senate has achieved, but strongly believe that the final bill must include the House bill's loan limits.

The national mortgage market meltdown dramatically raised the cost and reduced the availability of mortgages in my market.  Higher limits are helping to revitalize local housing markets, providing safe, fair and affordable mortgages for our state's homeowners.  The limits are also helping to stabilize our entire economy.  Higher limits simply reflect market realities in high cost areas.  A lower limit unfairly penalizes citizens based simply on geography.

Drastically reducing the temporary limits at year's end to the Senate cap of $550,440 will push our fragile housing and credit markets back into turmoil.  We need permanent limits of $729,750 to stabilize our housing markets and help citizens of every state -- not just residents of high cost areas.  Please support making the $729,750 loan limits permanent.

Sincerely,

Keith M. Elliott Jr.
15100 Washington Street
Haymarket, VA 20169

-------------------------

June 13, 2008   02:42 PM

Senator Jim Webb
U.S. Senate
144 Russell Senate Office Building
Washington, DC 20510-0001

Subject: Make Higher Loan Limits Permanent for FHA, Freddie Mac & Fannie Mae

Dear Senator Webb,

As your constituent and a REALTOR, I urge you, as a Member of the Senate, to support making permanent the FHA, Fannie Mae and Freddie Mac loan limits in the bipartisan Economic Stimulus Act, signed by President Bush last February.  The legislation raised the maximum loan limits in high cost areas to $729,750 but it expires on December 31, 2008.  The limits help homeowners in 240 counties in 26 states and can help get our national economy back on track.

The House-passed housing stimulus bill, H.R. 3221, makes the $729,750 limits permanent.  Senate bills cap the limits at $550,440.  Our 1.2 million members applaud the progress the Senate has achieved, but strongly believe that the final bill must include the House bill's loan limits.

The national mortgage market meltdown dramatically raised the cost and reduced the availability of mortgages in my market.  Higher limits are helping to revitalize local housing markets, providing safe, fair and affordable mortgages for our state's homeowners.  The limits are also helping to stabilize our entire economy.  Higher limits simply reflect market realities in high cost areas.  A lower limit unfairly penalizes citizens based simply on geography.

Drastically reducing the temporary limits at year's end to the Senate cap of $550,440 will push our fragile housing and credit markets back into turmoil.  We need permanent limits of $729,750 to stabilize our housing markets and help citizens of every state -- not just residents of high cost areas.  Please support making the $729,750 loan limits permanent.

Sincerely,

Keith M. Elliott Jr.
15100 Washington Street
Haymarket, VA 20169

March 18, 2008   03:29 PM

Senator John Warner
U.S. Senate
225 Russell Senate Office Building
Washington, DC 20510-0001

Subject: Make the FHA Loan Limits Permanent in FHA Reform Bill

Dear Senator Warner,

The new loan limits passed in the recently enacted Economic Stimulus bill will expire in less than 10 months.  These new loan limits will offer much needed relief to more than 325,000 families this year alone.  Dramatically reducing these limits at year's end will push our nation's fragile housing markets into turmoil once again.  Realistic loan limits that permanently help ALL areas of the country are needed to bring stability to the marketplace.

FHA's downpayment levels led many borrowers to opt for the exotic, risky mortgages that have been the hallmark of the foreclosure crisis.  The FHA reform bills will allow FHA to modify downpayment requirements and offer flexible financing to eligible borrowers.

As your constituent and a REALTOR, I want to stress how important it is for FHA reform legislation to be quickly enacted. These bills, passed the House and Senate in 2007, are now stalled in conference.  Permanent increases in the FHA loan limits, lowered FHA downpayment requirements, and new opportunities for condominium purchases are needed to create safe and affordable mortgage options for our state's homebuyers and those wishing to refinance.  These changes will also provide much needed stability to our local housing markets and economies.

Sincerely,

Keith M. Elliott Jr.
15100 Washington Street
Haymarket, VA 20169

-------------------------

March 18, 2008   03:29 PM

Representative Frank Wolf
U.S. House of Representatives
241 Cannon House Office Building
Washington, DC 20515-0001

Subject: Make the FHA Loan Limits Permanent in FHA Reform Bill

Dear Representative Wolf,

The new loan limits passed in the recently enacted Economic Stimulus bill will expire in less than 10 months.  These new loan limits will offer much needed relief to more than 325,000 families this year alone.  Dramatically reducing these limits at year's end will push our nation's fragile housing markets into turmoil once again.  Realistic loan limits that permanently help ALL areas of the country are needed to bring stability to the marketplace.

FHA's downpayment levels led many borrowers to opt for the exotic, risky mortgages that have been the hallmark of the foreclosure crisis.  The FHA reform bills will allow FHA to modify downpayment requirements and offer flexible financing to eligible borrowers.

As your constituent and a REALTOR, I want to stress how important it is for FHA reform legislation to be quickly enacted. These bills, passed the House and Senate in 2007, are now stalled in conference.  Permanent increases in the FHA loan limits, lowered FHA downpayment requirements, and new opportunities for condominium purchases are needed to create safe and affordable mortgage options for our state's homebuyers and those wishing to refinance.  These changes will also provide much needed stability to our local housing markets and economies.

Sincerely,

Keith M. Elliott Jr.
15100 Washington Street
Haymarket, VA 20169

-------------------------

March 18, 2008   03:29 PM

Senator Jim Webb
U.S. Senate
144 Russell Senate Office Building
Washington, DC 20510-0001

Subject: Make the FHA Loan Limits Permanent in FHA Reform Bill

Dear Senator Webb,

The new loan limits passed in the recently enacted Economic Stimulus bill will expire in less than 10 months.  These new loan limits will offer much needed relief to more than 325,000 families this year alone.  Dramatically reducing these limits at year's end will push our nation's fragile housing markets into turmoil once again.  Realistic loan limits that permanently help ALL areas of the country are needed to bring stability to the marketplace.

FHA's downpayment levels led many borrowers to opt for the exotic, risky mortgages that have been the hallmark of the foreclosure crisis.  The FHA reform bills will allow FHA to modify downpayment requirements and offer flexible financing to eligible borrowers.

As your constituent and a REALTOR, I want to stress how important it is for FHA reform legislation to be quickly enacted. These bills, passed the House and Senate in 2007, are now stalled in conference.  Permanent increases in the FHA loan limits, lowered FHA downpayment requirements, and new opportunities for condominium purchases are needed to create safe and affordable mortgage options for our state's homebuyers and those wishing to refinance.  These changes will also provide much needed stability to our local housing markets and economies.

Sincerely,

Keith M. Elliott Jr.
15100 Washington Street
Haymarket, VA 20169

February 20, 2008

Senator Colgan
U.S. Senate
225 Russell Senate Office Building
Washington, DC 20510-0001

Subject: VOTE YES on HB516

Dear Senator Colgan,

I am writing in reference to HB 516. As a member of the Virginia Association of REALTORS, I urge you to support HB 516, which will be heard Wednesday afternoon in the Senate General Laws and Technology Committee.

HB 516 marks a substantial change in the way we all do business with property owners' associations, homeowners' associations and condominium associations in Virginia. HB 516 does two very important things:

1. It establishes a regulatory board under the Department of Professional and Occupational Regulation that will be responsible for licensing managers of these entities, as well as enforcing pre-existing laws and regulations to be promulgated at a later date.

2. HB 516 also establishes consistency and more clearly defined processes for buyers and sellers working with these entities during real estate transactions. Since their initial inception over 20 years ago, we have all dealt with the ambiguity in the current laws; in fact, the General Assembly has passed a bill in each of the last six years addressing interpretation issues.

The Virginia Housing Commission unanimously recommended the approach that you see in HB 516.

In addition to the Virginia Association of REALTORS, the Community Association Institute (representing these entities) and the Virginia Community Managers Association (representing the managers of these entities) all support the bill.

Please join us in finally addressing long-standing concerns with the current provisions of these statutes....join us in finally having laws that we can all understand and interpret, from the perspective of REALTORS, managers, and most importantly, homeowners...join us in helping to ensure your constituents have a voice in their property owners' associations, homeowners' associations and condominium associations.

JOIN US IN SUPPORTING HB 516.

Sincerely,

Keith M. Elliott Jr.
15100 Washington Street
Haymarket, VA 20169

January 30, 2008   10:38 PM

Senator John Warner
U.S. Senate
225 Russell Senate Office Building
Washington, DC 20510-0001

Subject: Support Inclusion of Housing in the Economic Stimulus Package 

Dear Senator Warner,

As a constituent and a REALTOR, I want to stress how important it is for the Senate to include increases for the FHA and GSE loan limits in the Senate's economic stimulus package.  These provisions will create safe and affordable mortgage options for our state's homeowners and provide much needed stability for our local economies.

The critical role that Fannie Mae and Freddie Mac (GSEs) play in providing liquidity to the mortgage market has never been more evident than it is today.  The national subprime meltdown has had a dramatic impact on both the cost and availability of mortgages in my market.  Since August 2007, the interest rates for jumbo borrowers have been more than 1 percentage point higher than conforming loans, which can cost homeowners up to $400 month in higher interest payments.

Raising the GSEs' conforming loan limit will provide immediate relief to borrowers and alleviate downward pressure on our already fragile housing markets. According to the National Association of REALTORS, increasing the GSE loan limit will result in more than 300,000 additional home sales and strengthen current home prices by 2 to 3 percent.

I also believe that increasing the FHA loan limits is critical to helping bolster our fragile housing market.  Current law restricts FHA loans to levels well below the median home price in many areas of the country and caps loans in high costs states at $363,790. These limits are preventing many homebuyers from using FHA to purchase or refinance their loan.  The proposed provision will increase FHA loan limits nationwide by raising the floor to $271,050 and the limit to 125% of local median home prices.  These increases will help an additional 138,000 Americans purchase and 200,000 families refinance their homes safely and affordably.

I hope I can count on you to support including increases for the FHA and GSE loan limits in the Senate's economic stimulus package.  Our national housing and mortgage finance markets need stability and an immediate infusion of liquidity.  Both of these provisions are necessary if our nation's families, housing markets and economy are to move beyond the crisis they now face.

Sincerely,

Keith M. Elliott Jr.
15100 Washington Street
Haymarket, VA 20169

-------------------

January 30, 2008   10:38 PM

Senator Jim Webb
U.S. Senate
144 Russell Senate Office Building
Washington, DC 20510-0001

Subject: Support Inclusion of Housing in the Economic Stimulus Package 

Dear Senator Webb,

As a constituent and a REALTOR, I want to stress how important it is for the Senate to include increases for the FHA and GSE loan limits in the Senate's economic stimulus package.  These provisions will create safe and affordable mortgage options for our state's homeowners and provide much needed stability for our local economies.

The critical role that Fannie Mae and Freddie Mac (GSEs) play in providing liquidity to the mortgage market has never been more evident than it is today.  The national subprime meltdown has had a dramatic impact on both the cost and availability of mortgages in my market.  Since August 2007, the interest rates for jumbo borrowers have been more than 1 percentage point higher than conforming loans, which can cost homeowners up to $400 month in higher interest payments.

Raising the GSEs' conforming loan limit will provide immediate relief to borrowers and alleviate downward pressure on our already fragile housing markets. According to the National Association of REALTORS, increasing the GSE loan limit will result in more than 300,000 additional home sales and strengthen current home prices by 2 to 3 percent.

I also believe that increasing the FHA loan limits is critical to helping bolster our fragile housing market.  Current law restricts FHA loans to levels well below the median home price in many areas of the country and caps loans in high costs states at $363,790. These limits are preventing many homebuyers from using FHA to purchase or refinance their loan.  The proposed provision will increase FHA loan limits nationwide by raising the floor to $271,050 and the limit to 125% of local median home prices.  These increases will help an additional 138,000 Americans purchase and 200,000 families refinance their homes safely and affordably.

I hope I can count on you to support including increases for the FHA and GSE loan limits in the Senate's economic stimulus package.  Our national housing and mortgage finance markets need stability and an immediate infusion of liquidity.  Both of these provisions are necessary if our nation's families, housing markets and economy are to move beyond the crisis they now face.

Sincerely,

Keith M. Elliott Jr.
15100 Washington Street
Haymarket, VA 20169