The House and Senate were expected to approve legislation late Wednesday that would extend the increased loan limits for loans backed by the government-sponsored enterprises and Federal Housing Administration through Sept. 30, 2011.
The measure was tacked onto a broader continuing resolution to fund the government through Dec. 3; lawmakers want time to campaign before the elections and plan to deal with the federal budget afterwards.
Without the extension, the maximum limit of $729,750 in high-cost areas will expire at yearend and fall back to $625,000.
