As part at the $300 billion mortgage rescue plan, the House and Senate will approve a new, more permanent FHA conforming limit amount of $625,000. This is in an effort to help home buyers who need jumbo loans to borrow money at more affordable rates.
The originial limit for the Washington, DC area (including Loudoun County) and other high-cost areas was raised from $417,000 to $729,750 in March, but that was only through the end of the year. The new bill will make the limit of $625,000 more permanent.
The legislation has been approved by the House, President Bush said he would sign it and the Senate is likely to approve it. But the Senate has not released an exact time frame for their final approval.
Comments(0)