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On March 19, 2014, President Steve Brown wrote a letter to the Federal Housing Administration (FHA) about the significant drops in loan limits in some areas with revised Metropolitan Statistical Area (MSA) determinations. While MSAs are determined by the Office of Management and Budget (OMB), FHA has the discretion to modify which counties it selects when determining loan limits. NAR urges FHA to use this discretion in areas that have seen significant drops in loan limits.
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