UPDATE 1-U.S. House votes to raise FHA loan limits

WASHINGTON, Nov 17 (Reuters) - U.S. Congress on Thursday approved a bill to increase the maximum size of mortgages the Federal Housing Administration can guarantee and deliver it to President Barack Obama to sign into law.

The measure will encourage what is called the FHA loan limits at the highest price adjusting real estate market back to $ 729,750 through 2013, of $ 625,500, a sign of concern over the state lawmakers are still depressed from the housing sector.

The limits, which vary from market to market, which temporarily collected for FHA and Fannie Mae and Freddie Mac during the financial crisis when banks became reluctant to lend. They are automatically dropped back on October 1.

Parliament decided to not increase the level of loans to Fannie Mae and Freddie Mac, which has been soaked up to about $ 169 billion in taxpayer assistance, as they strive to strike a balance between supporting the market and begin to shrink government housing footprint.

Seeking to avoid a polarizing debate, members of the House and Senate decided to connect the size of the mortgage to must-pass legislation that includes funding for a large swath of federal programs, from food inspection to law enforcement.

This bill passed the Republican-controlled House of Representatives on a 298-121 vote, and passed the Democratic-controlled Senate by a vote of 70 to 30.

FHA, which does not make loans, provide mortgage insurance for borrowers without enough of a down payment to qualify for the loan principal. With FHA loans, home buyers can put as little as 3.5 percent.

Agency, which is mainly funded through insurance premiums that brings in, supported by around a third of the loans used to buy a house last year.

FHA, Fannie Mae and Freddie Mac have seen their share of the mortgage market as private lenders layoffs swell, they are now returning about 90 percent of all new housing loans.

The Obama administration and many lawmakers from both parties want to reduce the role of government in supporting housing finance system, and the White House to see the end of the higher loan limits as a first step.

Some Republicans divided their party from the general consensus that the government should no longer subsidize the cost of mortgage risk on a large scale. Members of parliament from countries with expensive real estate markets, like California and New York, argued that the withdrawal of support could hurt the market.

Housing industry and consumer advocates mounted an intensive lobbying effort to convince officials it was not yet ripe to reduce government support.

Some conservative groups fighting increasing loan limits, with the influential Club for Growth warning that governments distort markets and hamper recovery.

FHA, which traditionally has supported low to moderate income households, said on Tuesday that the capital reserve has declined over the past year. But that presumption rebutted some analysts that it may be necessary to switch to the U.S. Treasury for a bailout.

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article source :- http://www.reuters.com/article/2011/11/18/usa-housing-idUSN1E7AG25120111118