Obama Signs HR 2112 to Extend FHA and VA Loan Limits Through 2013

2
17

By: National Mortgage

 

President Barack Obama has signed HR 2112, the Consolidated and Further Continuing Appropriations Act of 2012 into law renewing the expired higher loan limits for Federal Housing Administration (FHA) and U.S. Department of Veterans Affairs (VA) loans for an additional two years, through Dec. 31, 2013. 

The higher loan limits expired on Oct. 1, 2011, when the size of a mortgage that the FHA could buy or guarantee was reduced to $625,500, down from $729,750. In addition, the formula for establishing limits for high-cost areas also fell from 125 percent to 115 percent of an area’s median home price.

Prior to President Obama’s signature, HR 2112 was approved by a 298-121 vote in the U.S. House of Representatives, and was faced with opposition by 101 House Republicans, many of whom opposed the measure due to the loan limit increase.

“Restoring the higher FHA loan limits will help to stabilize home values, provide constancy while private investors re-enter the market, and enable millions of creditworthy consumers to get home loans with the best mortgage rates and lowest fees and downpayment requirements,” said National Association of Home Builders (NAHB) Chairman Bob Nielsen.

Read full article here: National Mortgage

SHARE
Previous articleMontana Board of Housing launches home loan program for state’s veterans
Next articleAmerican Jobs Act Is Funded By Veterans Using VA Home Loan

VT Money is part of the Veterans Today Network (VTN). VTN is a full service media, information, marketing and promotion network managed by dedicated people that serve the U.S. Military Veterans Community

With over 2,000,000 plus unique visitors with millions more of page hits per month, our media network is now the largest network for U.S. Veterans in the United States of America.

As we continue forward, our people from all over the world work to bring dynamic interactive content, information, services, and products to serve our U.S. Military Veterans market contributing to the greater good of our dynamic community.

Created in 2003, the network has each and every year as it gained acceptance in this niche marketplace and now is the largest, brightest and most dynamic in the USA.

So click around the links and access our network of U.S. Military and Veterans sites. We stand proud of promoting our network that stands for and supports U.S. Military Veterans.

Comments Closed

Comments are closed.