Recovery Bill Would Increase FHA/GSE Loan Limits Back to 2008 Levels.

The recovery bill in the House would increase FHA/GSE limits back to the temporary limits in place during 2008. A November 7, 2008 prior post included a side by side listing of FHA limits by county showing which counties had mortgage limit reductions and which had no changes; that table from the prior post is HERE.

Relevant text from the House bill, H.R.1 (Section 1203 contains similar language for the GSE's) is pasted below. (The Senate version of the bill S.1 has not yet been updated, so can't see if similar text is in the Senate bill).

"SEC. 12002. FHA LOAN LIMITS FOR 2009.

(a) Loan Limit Floor Based on 2008 Levels- For mortgages for which the mortgagee issues credit approval for the borrower during calendar year 2009, if the dollar amount limitation on the principal obligation of a mortgage determined under section 203(b)(2) of the National Housing Act (12 U.S.C. 1709(b)(2)) for any size residence for any area is less than such dollar amount limitation that was in effect for such size residence for such area for 2008 pursuant to section 202 of the Economic Stimulus Act of 2008 (Public Law 110-185; 122 Stat. 620), notwithstanding any other provision of law, the maximum dollar amount limitation on the principal obligation of a mortgage for such size residence for such area for purposes of such section 203(b)(2) shall be considered (except for purposes of section 255(g) of such Act (12 U.S.C. 1715z-20(g))) to be such dollar amount limitation in effect for such size residence for such area for 2008."

In the future to see the CURRENT FHA mortgage limit for any area in Oregon (or anywhere else in the country), go HERE,