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The FHA loan amount discussions are nothing new, as each year, since the subprime mortgage crisis the loan limits have been a hot topic. It's no secret that most lending companies became reluctant to offer mortgages in high cost areas until FHA committed to insuring the jumbo loan amounts. FHA, Fannie Mae and Freddie Mac are presently guaranteeing over 90% of home loan originated in the United States.
According to the National Association of Homebuilders 5.3 million houses were affected by the reduced FHA loan amounts when Congress lowered limits on October 1st. According to the NAR said that almost 670 counties would see their conforming loan limits fall. NAR's chief economist, Lawrence Yun said, "We have a convoluted policy in America where the most financially qualified individuals are being forced to pay higher rates because they're outside the loan limits."
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