News is spreading today that both houses of Congress have passed a resolution which will keep the higher conforming loan limits in place through 2010, and is now pending President Obama’s signature. The current loan limit extension was set to expire at the end of this year. If this comes to pass, this will be great news for home buyers in higher-priced regions such as the San Francisco Bay Area, since it will keep the conforming loan limit at $729,950.
Since the loan limit was temporarily increased in 2008, it has easily become the most popular loan written by the major lenders in this area, even for properties selling north of $1M. As I have stated numerous times in this blog, I believe it has been the most effective stimulus act that has been put in place, by far. Here’s a post with some additional details:
This is extremely good news for buyers and sellers alike, and should serve to keep the current market momentum going into the new year.
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