It's Official: Congress Passes And Obama Signs into Law the FHA Loan Limit Hike
What does this mean to Central Oregon?
First, note that this bill is lifting the FHA loan limit. In fact, congress considered and specifically excluded increasing the Freddie Mac and Fannie Mae loan limits. This means that limits for loans guaranteed by FHA (requiring mortgage insurance even if you are putting 20% down) will rise. For some high cost areas (like the San Francisco bay area) it will rise as high as $729,750 where it was earlier this year.
But in Bend and Central Oregon, the limit for FHA loans will be only $332,500 (up slightly from today’s $305,900.) This expansion is in place 2 years through December 31, 2013.
Note that the much more common conforming loans, targeted to the GSEs Freddie Mac and Fannie Mae, have a Central Oregon limit of $417,000 and this limit is not effected by today’s 2012 Appropriations Act.
Happy House Hunting!
And have a peaceful Thanksgiving.
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