The Senate has passed an amendment that will bring the temporary loan limits back through December 31, 2013! In the Seattle/King County area, this means that the FHA and conforming high balance loan limit would increase from $506,000 to $567,500.
This still needs to pass the House.
It's like deja vue all over again! Congress yo-yo'd the loan limits a few years ago between the high balance and temporary high balance loan amounts. Should Congress pass this and restore the higher loan limits, it may take banks some time to adjust to the changes.
Stay tuned!
Looks like the House is putting the ka-bosh on higher loan limits… you may want to contact your elected officials in Congress if this is impacting you.