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Monday, November 21st, 2011The United States House and Senate restored FHA loan limits to the level they were at before they were allowed to expire at the end of September. As a result, the limits will rise to 125 percent of the area median home price from 115 percent, up to a maximum of $729,750, from $625,500. NAR estimates that several hundred counties where FHA loan limits fell at the end of September will not rise back up to the previous level.
Very important to the Sacramento Region, this bill also extends the National Flood Insurance Program (NFIP) until December 16th to allow the Senate time to consider the House-passed five year re-authorization.
President Obama is expected to sign this legislation shortly.
restoring the FHA limits is something that needed to get done…it really helps buyers especially in the higher price homes areas…great post, thanks