That limit is currently $417,000. FHA-backed loans under existing law can be no more than $362,000, far less than the amounts borrowers need in states such as New York, New Jersey, Connecticut and California. While the issue of

FHA reform enjoys broad bipartisan support, including the administration, there are still a number of details to be worked out between the Senate FHA reform bill and the House passed version. Additionally, legislation to reform Government Sponsored Entities (GSEs) Fannie Mae and Freddie Mac has not yet been introduced in the Senate.

Legislation that would modernize the Federal Housing Administration has now been passed by both the U.S. House of Representatives and the U.S. Senate and could soon be on its way to the president. (Dec. 14)

This entry was posted on Monday, December 17th, 2007 at 9:50 am and is filed under San Diego Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.