Here is the latest on regarding loan limits for FHA increasing from one of my lenders The Mortgage Advantage here in the Phoenix AZ Real Estate Market:
"Just the facts, please, (as of today): HR5140 has past the House of Representatives. It still has to be approved by the Senate and signed off by the President. Although the House passed the bill with no changes, the Senate may not be quite as bipartisan with several Senators having their own agenda. President Bush is trying to push the bill through by a February 15 deadline. Section 21 of bill pertains to the Conforming (loans purchased by Fannie Mae and Freddie Mac)and FHA loan limits, and as well as changes in FHA down payment and mortgage insurance. IF it passes without modification, the loan limits will be raised until the end of 2008 for Conforming loans, permanently for FHA. But …….guidelines for the increased loan limits are not outlined. IF the FHA loan limits are raised, Arizona is not a high cost state according to HUD so the limits may not be as high as we are hearing on the street.…… So, as of today, it is business as usual but with the current loan limits. Stay tuned!"
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