Congress passed a congressional resolution late yesterday that should help those with poor credit get mortgages in more expensive areas of the country like California. A provision of the Housing and Economic Recovery Act of 2008 included temporarily raising the conforming loan limits from $625,500 in high-cost areas to $729,750 through 2009. Yesterday’s actions effectively extend the higher conforming loan limits for Fannie, Freddie, and FHA loans through 2010. Continue reading ‘Cowabunga! Higher FHA Loan Limits a Boon to Cali Buyers with Poor Credit’
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