House Extends High Limits for Federal Loans
July 23, 2009
Source: Inman News 7/21/09
The House Appropriations Committee approved an extension of the $729,750 loan limits for Fannie Mae, Freddie Mac, and Federal Housing Administration financing in high-cost areas through September 2010.
Without this extension, the loan limits revert at the end of the year to $417,000 in the highest-cost areas.
The spending bill also would extend FHA's Home Equity Conversion Mortgage reverse mortgage program for seniors. And it provides $70 million to continue pre-purchase counseling for prospective home buyers and counseling for families facing foreclosure.