The Official Online Weekly Newspaper of NAHB
In a victory for NAHB, a provision that will extend the loan limits for mortgages insured by the Federal Housing Administration and purchased by Fannie Mae and Freddie Mac through next Sept. 30 was included in a continuing resolution approved by Congress last week as part of a stop-gap spending bill to keep the government operating through Dec. 3.
The loan limits will continue to be capped at $729,750 in high-cost markets. Those caps were due to expire on Dec. 31 and revert back to $625,500 if Congress had not taken action.
With the housing market struggling to regain its footing, NAHB urged Congress to extend the higher loan limits to help make affordable loans available for a broader spectrum of consumers who want to purchase a home or refinance an existing mortgage.
For more information, contact Scott Meyer at 800-368-5242 x8144.