An appropriations bill has been proposed that will extend the FHA reverse mortgage limits until the end of 2010.  The current limit of $625,500 is currently set to expire at the end of the year unless new appropriations are made. The appropriations bill still needs to pass the House of Representatives and the Senate. The extensions would also apply to Jumbo Conforming Loans and Conforming Loans, two kinds of forward or conventional mortgages.

Many in the industry appear to be hopeful that the bill will be passed before the limits expire.  It is probably too early to become extremely concerned about the expiring limits, but with the bill needing to pass through both houses of Congress, it is something to keep an eye on.

This entry was posted on Thursday, October 29th, 2009 at 4:19 pm and is filed under Consumer News, Industry News. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.