Obama Reinstates Higher FHA Mortgage Loan Caps

Law360, New York (November 18, 2011, 1:27 PM EST) -- President Barack Obama on Friday signed a bill to reinstate higher loan limits for mortgages insured by the Federal Housing Administration, less than two months after the limit had been reduced.

Both houses of Congress passed a broader spending bill Thursday that included a provision to restore the maximum size of a mortgage the FHA can back in more expensive cities to $729,750, instead of the lower $625,500 instituted on Oct. 1. The new provision will last until December 2013.

“The expiration of these limits was...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.