Raising Loan Limits
The plan also offers help for the mortgage crisis. It lifts the limit on the Federal Housing Administration loans (FHA) to approximately $725,000. The previous limit had been $362,000 for FHA and $417,000 for Fannie Mae and Freddie Mac.
According to reports the Finance Committee will soon release the details. Loan limits to be set based on local housing markets. So we could see Conforming lending limits go up from $417k to $725k.
Stay tuned! ~ Chris
Chris Hirai | Wells Fargo Home Mortgage | http://www.chrishirai.com/ | chris.hirai@wellsfargo.com
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