Bloomberg Businessweek issued an article stating that the Senate has approved a measure to increase our high balance loan limits. The measure now has to be passed by the House to become law. My fingers are crossed! Since reverting back to the “permanent” limit of $625,500 for high-cost counties, there has been a slow down in refinances. Not all of it is due to the decreased limit, but for homeowners and buyers in the loan amount range of $625,500 and $729,750, this decrease has been extremely hurtful.
If passed, it will still only be temporary (until 12/31/13), but at least it would allow some people to take advantage of opportunities. Read the full Bloomberg article here.
