Federal lawmakers last week passed a congressional resolution to keep
the existing Fannie Mae, Freddie Mac and Federal Housing Administration
home loan limits steady through 2010. The current loan limits for FHA,
Fannie and Freddie — set at 125 percent of local median home sales
prices, up to a maximum of $729,750 in high-cost areas — had been
slated to expire at the end of this year. President Obama must sign off
on the legislation, which is expected soon. “Given the lack of a
private secondary mortgage market, FHA, Fannie Mae and Freddie Mac are
pretty much the only game in town,” said Robert Story, chair of the
Mortgage Bankers Association. “Extending the current loan limits
through 2010 will allow more loans to qualify for these important
programs and will help keep mortgage credit more accessible and
affordable for qualified borrowers,” he said. [National Mortgage Professional] and [FAR] [more]