House Extends High Limits for Federal Loans

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.

Get pre-approved now with The Mathews Lending Team of Prosperity Mortgage Company. The Mathews Lending Team has a 100% success rate for all pre-approvals issued!

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Source: Inman News (07/21/2009)

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