Unless Congress says otherwise, temporary limits 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 say. 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 February as part of an economic stimulus package (see story). The bill allows FHA to guarantee and Fannie and Freddie to purchase loans of up to 115 percent of the median home price for a given area after Jan. 1, as determined by the Federal Housing Finance Agency (FHFA). As of Jan. 1, the ceiling for both FHA loan guarantees and Fannie and Freddie will be reduced to 150 percent of the $417,000 conforming loan limit, which is also set by FHFA. FHFA officials say the conforming loan limit will remain at $417,000 next year, although a home...
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