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by CareyBot

A $150 billion economic stimulus package overwhelmingly approved by the House of Representatives Tuesday would raise the conforming loan limit and the upper threshold for FHA loan guarantee programs to as much as $729,750 in high-cost areas -- but only until the end of 2008. The bill would also restrict Fannie Mae, Freddie Mac and the Federal Housing Administration from guaranteeing or purchasing loans above 125 percent of the median home price for a given area. That means that should the bill become law, the existing $417,000 conforming loan limit for mortgages eligible for purchase by Fannie and Freddie would not increase in areas where the median home price is $333,600 or less. It would be up to the Secretary of Housing and Urban Development to determine the median home pr...