Obama signs extension for higher FHA loan limits

Rates moved higher on Monday, not enough to push actual numbers up, but enough so that affected borrowers may notice a difference in closing costs. 30-year fixed rate conventional mortgages are still being reported at or near 3.625% (best execution), and the fha mortgage loan interest rate range between 3.25% and 3.5% is still there (again, best execution).

 · This agreement (that came with riders) increased the maximum dollar amount of mortgage loans that can be insured by the Federal Housing Administration (FHA) back to $729,750 after dropping the cap to $625,500 automatically after a temporary increase was issued for all loans insured by the FHA. The restored higher limit will remain in place through 2013 but does not include Fannie Mae or Freddie Mac backed loans.

Congress has voted to extend higher loan limits for the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac. Approved by the U.S. House of Representatives and Senate, President Barack Obama is expected to sign the initiative into law that would keep a ceiling of $729,750 for single-family home mortgages in high-cost areas other than Hawaii and Alaska in place until October 2011.

From small community banks to megabanks, the message is the same: Bring on the switch to lower limits. We plan to expand our jumbo loan business. agree to an extension – a move that would run.

After several weeks of debates in congress a bill reinstating those higher loan limits through the end of 2013 was passed and that bill was signed into law by President Obama on Friday. While this change will not affect a huge number of people, it will open up FHA loans to more Americans.

Last Friday, President Obama signed into law a bill that includes provisions to extend and expand the $8,000 credit for first-time homebuyers. The credit, due to expire on November 30th of this year, will be extended to contracts signed thru April 2010, for purchases completed by the end of July 1, 2010.

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