· President Obama signed into law a government spending bill Friday morning effectively reinstalling higher conforming loan limits for the Federal Housing Administration through the end of 2013. The House passed the minibus spending bill 298-121 thursday afternoon, and the Senate approved it 70-30 Thursday night.
President Obama Signs Extension for higher fha loan Limits. President Obama signed into law a government spending bill that effectively reinstates higher conforming loan limits for the Federal Housing Administration through the end of 2013, HousingWire reported Nov. 18.
“The loan limit is interfering.” When Braier and his wife, Diana, purchase a new house in the spring, they will probably have to take out first and second mortgages because of the drop in the limits..
· President Barack Obama has signed HR 2112, the Consolidated and Further Continuing Appropriations Act of 2012 into law renewing the expired higher loan limits for Federal Housing Administration (FHA) and U.S. Department of Veterans Affairs (VA) loans for an additional two years, through Dec. 31, 2013.
The House of Representatives voted 292-121 to restore the elevated conforming limits for jumbo mortgages for the Federal Housing Administration Thursday.
· For those not familiar with the Washington DC Metro area, this is the limit that had been in place for the last few years, but reverted back to $625,500 on October 1, 2011. The new FHA loan limits, which will be in place through 2013, at 125% of local area median home prices, up to a maximum of $729,750 in the highest cost markets (that’s us!)
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One Response to “HUD and FHA Expectations from the New Obama Presidency” Sandra Says: December 8th, 2008 at 5:54 am. I do not believe now is the time to raise down payments to 3.5%. Many families are hurting and it is right after the Holidays. I think that should be modified in the Summer to give families a chance to recooperate.
WASHINGTON, Sept 15 (Reuters) – Congress should extend increased loan limits on mortgages. told Reuters after the hearing that the Obama administration “would be supportive” of an extension of the.
FHA loan limits can change based on factors including average area home prices. FHA limits also increase with the number of units. A multi-unit home will qualify for a higher rate, but those FHA lending limits are subject to the same factors as single unit homes.