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.

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Source: Inman News (07/21/2009)

Loan Limits Set to Adjust – ACT NOW!

The best time to purchase your new home is before the end of 2008 while the temporarily increased loan limits are still in effect. What does this mean to you? A lower interest rate! Conforming loans commonly have rates as much as 1.25 percentage points lower than jumbo loans – and that adds up to big savings!

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