Obama signs extension for higher FHA loan limits

The counties of Santa Clara, Alameda, San Mateo, San Francisco & Contra Costa in the Bay Area will have the maximum loan amount at $729,750.Yesterday actions extends the higher conforming loan limits for Fannie, Freddie, and FHA loans through 2010.

FHA, VA Loan Limits Extended in HR 2112 – New GSE Fee – President Barack Obama signed a bill Friday that reinstates the recently expired higher loan limits that were in effect for FHA and VA loans through December 31, 2013 but does not provide this.

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On September 1st, President Obama signed a resolution that included a provision extending through fiscal year 2011 the current conforming loan limit of $729,750 for high-cost areas, including many in California. The same limits will also be extended to loans insured by the Federal Housing Administration.

The measure would push the so-called fha conforming loan limit in the highest-priced real estate markets back up to $729,750 through 2013, from $625,500, a sign of lawmaker concern over the still.

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The Third Circuit today posted a new standing order on its website, link here.The order provides that, effective June 3, the marshals at all federal courthouses in the Eastern District of Pennsylvania (including the Third Circuit’s Byrne courthouse) will implement a new procedure that places significant new limits on use of electronic devices including phones inside the courthouse buildings.

This is the first time the HECM lending limit has been raised since President Barack Obama signed into law the American Recovery and Reinvestment Act in 2009. Announced by the FHA on December 1, 2016, it went into effect on January 1, 2017 and will continue through December 31, 2017.

For those not familiar with the Washington DC Metro area, this is the limit that had been in place for the last few years, but reverted back to $625,500 on October 1, 2011. The new FHA loan limits, which will be in place through 2013, at 125% of local area median home prices, up to a maximum of $729,750 in the highest cost markets (that’s us!)

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Obama signs extension for higher FHA loan limits. Extension of conforming loan limits fails in House. Toll Bros. executive chairman anticipates conforming loan limit extension.

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2009 brought much homeowner relief in the form of programs like Home Affordable, also known as the Obama mortgage. But President Obama has also signed into law a tax break for first time home buyers good only in 2009. If you are contemplating an FHA loan on your first home, you may qualify for an $8,000 tax credit.

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