Hello Tampa Bay -

Many bills in front of the House and Senate over the next several weeks are aimed at helping continue the recovery of the housing sector.  One such push was successful this week in extending higher loan limits for Fannie Mae, Freddie Mac, and FHA.  The move still needs to be signed by President Obama but that is expected to be a rubber stamp more or less.

The resolution would extend the present loan limits for FHA, Fannie and Freddie through the 2010 calendar year at 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost areas. The floor for FHA is $271,050; the floor for Fannie Mae and Freddie Mac conforming loan limits is $417,000.

This is great news in an area such as Tampa where home sales could have been drastically impacted by lowering those limits back to where they were a few years ago and adding even more frustration to consumers hoping to get a home loan. 

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