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Consumer Mortgage Reports 22 Jul 2008 at 11:31am House and Senate negotiators have reached an agreement on loan limits, and it appears that the maximum amount for the Government Sponsored Enterprise (GSE)Fannie Mae, Freddie Mac, and Federal Housing Administration FHA loans will be $625,000. Negotiations on a massive housing bill are getting serious, with the House of Representatives scheduled to vote on the legislation tomorrow. In markets where housing prices exceed the $417,000 conforming loan limit, the maximum loan amount of Fannie Mae and Freddie Mac loans would be determined by multiplying the median home price by 115%, up to a maximum of $625,000, sources say. The same holds true for FHA loans, except that the multiplier kicks in at $271,050, or 65% of the conforming loan limit. If the median home price is $300,000, the maximum FHA loan amount in that area would be $345,000 ($300,000 x 115%). House Financial Services Committee Chairman Barney Fran, D-Mass., told The Washington Post that the House has agreed to accept Senate provisions that ban seller funded downpayment assistance on FHA loans and impose a 12-month moratorium on the charging of risk-based premiums by the FHA. Related PostsJames Lockhart Does Not Buy Into Fannie and Freddie Capital Concerns But Stockholders Do Increasing Conforming Loan Limits? STATEMENT OF OFHEO DIRECTOR JAMES B. LOCKHART Treasury Secretary Henry Paulson Speaks On Housing Part 2 $417,000 Is Still The Maximum Conforming Limit |
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