The House of Representatives today voted to restore higher loan limits to $729,750!! This is great news considering that the high limits returned to $625,500 in October.
Here is a brief excerpt of an article published today at Bloomberg.com “For all of the objections from Republican lawmakers and interest groups, the measure survived congressional negotiations on the strength of last month’s Senate vote in favor of an amendment to boost limits for FHA loans and those purchased by Fannie Mae and Freddie Mac. The increase for Fannie Mae and Freddie Mac loans was dropped during the talks, and today’s vote leaves the FHA increase needing only a Senate vote and President Barack Obama’s signature to become law.
Lawmakers who back higher limits say withdrawing federal support could undermine a housing market that has struggled to recover from the 2008 credit crisis. The limits automatically returned to $625,500 in October, spurring lawmakers and housing lobbyists to press for a return to the higher level.”
Feel free to contact The Werdmuller Group for any questions on the housing and finance markets at info@garrick.biz or 510.282.5456.
To read the full Bloomberg Article click here:
U.S. House Backs FHA Loan-Limit Boost Over Republican Objections
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