Raising the conforming loan limit to $625,000 in high-cost housing markets

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Real Estate Agent with Frank Howard Allen

Does anyone have an idea as to when this will take effect? How far is along is this in the works? To my knowledge both the house and the senate are in agreement that this needs to occur. Will the typical bureaucratic red-tap hold this up or will we some of these loans in areas that desperately need it?

I work and live in one of these areas and would like to stay as current as possible. Any news or insight would be very helpful. Thanks!

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Anonymous
Joseph Mimmo

Sources in the House, the Senate, and the White House are all indicating today that a tentative consensus has been reached that the economic stimulus bill that Congress will send to the President will include much of the FHA Reform Legislation including raising the FHA loan limit max to match the FHA conforming limit AND a one year raise of the conforming limit to $625,000 with the possibility of an additional one year extension at expiration. All sources also indicate Congress will deliver the bill to the President before their break in mid-February and that it should be signed by the end of February. Obviously this is not "done" but all of the sources I am using are very close to the action. This would mean that we could see at least the loan limit portions of the legislation we are hoping for within the next 6 weeks."

 Steve hope this helps. Got this info out of a New York Newspaper which states that it should be done by end of February. Let's keep our fingers crossed. Best regards. Joe

Jan 26, 2008 05:35 PM #1
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Rainer
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Steve Ragghianti

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