Congress voted and approved a one-year extension on the temporary FHA, Fannie Mae and Freddie Mac loan limits. The loan limits vary by county, but are established by taking 125% of the county’s median home price and determining that as the upper limit, with $729,750 being the absolute maximum. The majority of the Bay Area falls into this upper limit of $729,750. This is good news for many homeowners. It was only a short time ago that the secondary market was not purchasing loans above $417,000. We’ll see what a year brings us …
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