Both the Senate and House voted yesterday to extend the current higher loan limits for Fannie Mae, Freddie Mac and FHA loans through December, 2010. The resolution was attached to a continuing resolution that passed late in the day and prevented the higher limits from expiring at the end of the year.
Lawmakers had temporarily raised the loan limits back in 2008 as part of the Housing and Economic Act of 2008 and then again in 2009 through both a HUD mandated guideline and the Economic Stimulus Act up to a maximum of $729,750 for high-cost areas.
To find your individual counties higher loan limits, you can read our blog post at 2009 FHA and Conforming Loan Limit Changes.
Metro Mortgage Company is a federally regulated Mortgage Banker specializing in residential Florida mortgages including Conventional, Jumbo and FHA/VA loans. Visit our home loan approval process page for more information or call us today at 888-617-3674.
Tags: FHA, HUD, legislature, mortgages
7 users commented in " Congress Extends Higher Loan Limits Through 2010 "
Follow-up RSS Comments Feed or Leave a TrackbackSocial comments and analytics for this post…
This post was mentioned on Twitter by z49: Congress Extends Higher Loan Limits Through 2010 http://bit.ly/23PGVh…
It’s a really great news. I think it’s helpful for real estate buyers.
Thanks for the info.
Great news!!!
Now, if they would just make a decision one way or another on the tax credit, things could really move on from here.
Really great news for real estate buyers!
Thanks for sharing.
Now I just wish they would give some sort of incentive to buy those homes in the upper price ranges. They are struggling to sell in my market, and it’s making that inventory more bloated everyday. They should give a large tax credit to people who buy homes in the upper range. I think that with the larger loan amounts it will help expedite some of that inventory. Great post!
Great news for real estate agents and especially for Buyers!
Leave a Comment for Congress Extends Higher Loan Limits Through 2010