The U.S. Senate voted 60-38 yesterday to restore higher loan limits. This would raise the cap on Fannie, Freddie, FHA loans from the existing $625,500 (or lower depending on region) back to $729,750. Limits were just reduced to $625,500 as of October 1. The vote was on an amendment to a larger spending bill. The Senate still must pass the spending bill after they return from recess October 31. If so, then it would go to the GOP-controlled House, which may stop this effort by arguing that reducing loan limits helps shift mortgage market from government to private markets.
Yesterday’s vote will create lots of chatter, but the link below contains loan limits and rates available now with all U.S. lenders. End of story.
–2011 Conforming Loan Limits & Rates
–Senate Votes To Extend Loan Limits