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Information on FHA Lending Limits - The Bills.com Blog
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Information on FHA Lending Limits
Question: Are the federal lending limits going to be raised by FHA from 362k to over 400k?
Answer: Great question - the FHA limits are currently $417k, but it is being contemplated to raise the loan limit to a higher level. Increases are currently being pushed through Congress via the bill "H.R. 1852: Expanding American Homeownership Act of 2007". It has passed the House and is awaiting passage inthe Senate. President Bush has promised to sign the legislation if it makes it to his desk. Of course, increased lending limits are only one (but probably the most visible) of
the aspects of the bill. Here's a great site to follow and track the bill: http://www.govtrack.us/congress/bill.xpd?bill=h110-1852
I hope the information provided helps you Find. Learn. Save.
Best,
Bill
www.bills.com
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1. Posted by Raymond Begin on Friday 7th December 2007 04:06
Does this bill allow reverse mortgages on manufactured homes in a co-operative?
2. Posted by Nate on Friday 7th December 2007 17:56
The summary on this bill does not mention anything about Reverse Mortgages. You can read more about reverse mortgages in H.R. 568: Reverse Mortgages to Help America's Seniors Act, available at: http://www.govtrack.us/congress/bill.xpd?bill=h110-568