OBAMA SIGNS BILL TO INCREASE FHA & VA LOAN LIMITS
President Obama has signed HR 2112, the Consolidated and Further Continuing Appropriations Act of 2012 into law renewing the expired higher loan limits for Federal Housing Administration (FHA) and U.S. Department of Veterans Affairs (VA) loans for an additional two years, through Dec. 31, 2013.
The higher loan limits expired on Oct. 1, 2011, when the size of a mortgage that the FHA could buy or guarantee was reduced to $506,000 from $567,500 for most counties in Washington State.
"Restoring the higher FHA loan limits will help to stabilize home values, provide constancy while private investors re-enter the market, and enable millions of creditworthy consumers to get home loans with the best mortgage rates and the lowest fees and down payment requirements" said National Association of Home Builders (NAHB) Chairman Bob Nielsen.
National Professional Mortgage Magazine
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