Obama signs extension for higher FHA loan limits

President Barack Obama signed a bill Friday that reinstates the recently expired higher loan limits that were in effect for FHA and VA loans through December 31, 2013 but does not provide this.

If you are contemplating an FHA loan on your first home, there's never been a. ( President Obama has signed off on the bill approving of the extension of the. with their incomes-you have a higher income limit in these cases.

homeowners to be refinanced into a FHA loan as long as they are current on their mortgage. Total mortgage debt for the borrower after the refinancing cannot be greater than 115% of the. maximum of 115% of the current value of the home.

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 · Extension of Conforming Loan Limits Through 2010 Earns Praise from C.A.R.. President Obama is expected to sign the resolution today or tomorrow as part of a broader piece of budgetary.

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.

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The higher GSE and FHA loan limits were originally intended to remain elevated only until the private sector was able to return to the market. Allowing them to drop back would have been a good (albeit first) step toward ditching the hybrid housing finance model that had led to the 2007 collapse.

 · The FHA currently can insure loans of up to $729,750 in high-cost markets, but the Obama administration recently recommended that those higher limits, which vary by market, expire in October.

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“The maximum mortgage amount is calculated using the appropriate. – Borrower-paid extras over and above the contract specifications and/or.

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.

President Barack Obama on Friday signed a bill to reinstate higher loan limits for mortgages insured by the Federal Housing Administration, less than two months after the limit had been reduced.

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