Lawmakers voted late Thursday to increase the ceiling for loans insured by the Federal Housing Administration (FHA). The measure was signed into law by President Obama Friday morning.
Included in a “minibus” spending bill passed by both the House and Senate was an amendment to restore the FHA loan limit to $729,750 in high cost areas including San Diego.
The maximum loan limit was lowered from that amount to $625,500 on October 1st in San Diego for government housing agencies, including FHA, Fannie Mae, and Freddie Mac.
The provision reinstates the FHA loan limits through 2013 at 125 percent of local area median home prices, up to a maximum of $729,750 in the highest cost markets.
The loan limits for Fannie Mae- and Freddie Mac-backed mortgages, however, will remain at 115 percent of local area median home prices, up to $625,500.
The bill also provides for a short-term extension of the National Flood Insurance Program through December 16, 2011.
Call to obtain an FHA loan.
Tags: fha, va, Fannjie Mae, Freddi Mac, San Diego Real Estate, Buying a home in San Diego, Loans
Fannie and Freddie | VA-FHA
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