The Senate has voted in favor of higher conforming loan limits for home buyers. The Senate’s approval for the amendment will reinstate the higher conforming loan limits for mortgage loans backed by Fannie Mae, Freddie Mac, and the Federal Housing Administration. It had been previously increased on a temporary basis, but the rate expired on Sept. 30 and it went back to the original rate. If the House will approve the new limits, then the loan limits will again rise to $729,750 and remain that way through 2013. The original limit was $625,500.
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