Senate Votes to Extend Loan Limits

The Senate approved a two-year extension for the higher loan limits that the federal government would insure. The loan limits expired on Oct. 1, decreasing the maximum loan limit to $625,000 from $729,750. Neither the House nor President Obama have taken action on this issue yet. It is important for the real estate market's recovery that the loan limits are extended so that purchase power is not further restricted.