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: fha, loan limits
This article originally published at https://dc.urbanturf.com/articles/blog/congress_working_on_deal_to_raise_fha_loan_limits/4578.
Most Popular... This Week • Last 30 Days • Ever
The big news in the development pipeline east of DC's H Street Corridor is the resur... read »
In this article, UrbanTurf looks at the estimated annual maintenance costs associated... read »
Today, UrbanTurf is examining one of our favorite metrics regarding competition in th... read »
Another concept has been unveiled for one of DC's most contentious development sites,... read »
The residential development in the works along Florida Avenue NE is looking to increa... read »
- The 4 Projects In The Works Near DC's Starburst Intersection
- What Are the Annual Maintenance Costs When You Own a Home?
- The 6 Places In The DC Area Where You Aren't The Only One Bidding On a Home
- A First Look At The New Plans For Adams Morgan's SunTrust Plaza
- 46 to 48: The Biggest Project In Trinidad Looks To Get Bigger
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro