Higher Conforming Loan Limits Extended Thru 2010!
Monday, November 2nd, 2009
On October 29th, Congress passed a Resolution to extend the current FHA and GSE conforming home loan limits through 2010, according to a press release issued by the California Association of Realtors. Part of the Housing and Economic Recovery Act of 2008 included temporarily raising the conforming loan limits from $625,500 in high-cost areas to $729,750 and extending the limits through 2009. Last weeks actions effectively extend the higher conforming loan limits for Fannie, Freddie, and FHA loans through 2010, subject to the Presidents approval which is expected this week. Extensions of conforming loan limits for VA loans are also being debated, but will require a separate action through the Veterans Administration.
