High Cost Loan Limits Extended
The U.S. Senate and House of Representatives passed legislation that extends the current conforming loan limits through the new fiscal year. High-cost loan limits as high as $729,750 were set to expire Sept. 30 — the end of the government’s fiscal year. “Extending the existing limits is essential to helping borrowers continue to have access to affordable long-term, fixed-rate mortgage credit in today’s struggling economy,” the chairman of the Mortgage Bankers Association Chairman said in a news release.
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