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Changing FHA Loan Parameters

The Senate has passed legislation which would allow the Federal Housing Administration (FHA) to lend up to $417,000 on the purchase of a home, up from the current limit of $304,000. It also lowers the down payment required to obtain a loan. This should help about 200,000 homeowners who have fallen behind on their mortgage payments due to their current mortgage interest rate resets. It also makes available loans for lower and middle income home buyers living in higher priced housing markets.

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