NAHB: FHA conforming loan limits restored for two years

In an important victory for NAHB, the housing industry, and consumers, Congress voted to reinstate for another two years the higher conforming loan limits for the Federal Housing Administration that expired on Sept. 30. President Obama signed the measure into law on Nov. 18.

NAHB has led the industry charge to restore the higher loan limits, which is essential to help mend the struggling housing market, stabilize home values, provide constancy while private investors re-enter the market and ensure that millions of creditworthy home borrowers can access the best possible mortgage rates.

In the days and weeks leading up to the vote, NAHB launched a major grassroots push, urging our members to call, email and meet with their lawmakers on this issue. Your HBA of Greenville supported these efforts by holding meetings with Congressman Trey Gowdy and Jeff Duncan.

Greenville, Pickens, and Laurens counties were particularly impacted by the reduction in the conforming loan limits.  In those counties the limits were reduced by nearly $25,000, while the limits remained the same in the rest of the Upstate.  With this victory, the original loan limits have been restored.