Industry NewsMortgage

Loan limits coming down?

Jan. 1 deadline looms
Published on Nov 11, 2008

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by CareyBot

Unless Congress says otherwise, temporary increases for mortgages eligible for purchase by Fannie Mae and Freddie Mac or Federal Housing Administration loan guarantees will be rolled back to no more than $625,500 in high cost areas beginning Jan. 1, federal regulators said.

The National Association of Realtors and other housing industry groups have urged Congress to make permanent the $729,750 limit for high cost areas adopted by Congress in Febuary (see story).