Congress Working on Deal to Raise FHA Loan Limits
At the beginning of October, home loan limits for mortgages backed by the FHA, Fannie Mae and Freddie Mac dropped in higher-priced home markets like Washington, DC from $729,750 to $625,000.
Now, it appears that Congress is taking action to raise the limits back up for those loans backed by the FHA.
From The Wall Street Journal:
The agreement being worked out between House and Senate negotiators wouldn’t include loans backed by Fannie and Freddie, which are the main source of funding for U.S. home loans. Instead, the deal would restore the FHA’s loan limits to as high as $729,750 in high-cost cities through 2013.
The Journal goes on to say that legislators in the House and Senate are planning on including language to raise the limits in a spending bill that is “expected to clear Congress by Thursday.”
The deal is likely to have its opponents. Today, an audit will be released that is expected to show that the Federal Housing Administration’s cash reserves have been depleted to the point where the agency could require a bailout in the next year.
See other articles related to: loan limits, fha
This article originally published at http://dc.urbanturf.com/articles/blog/congress_working_on_deal_to_raise_fha_loan_limits/4578
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