Capital Briefs: House Backs Insuring Bigger FHA Mortgages

The House approved a compromise spending bill Tuesday by a 409-to-14 vote that would raise the caps on government-backed mortgage loans. The Senate is expected to approve the legislation this week.

Under the appropriations bill for housing, veterans, and other programs, the Department of Housing and Urban Development's FHA program could insure residential mortgages as large as $197,621 in high-cost areas and $109,032 in the cheapest housing markets. The current limits are $170,362 and $86,317, respectively.

The President is expected to sign the bill.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER