Congress votes to extend current home loan limits through 2010

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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]

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