Higher jumbo-loan limits bill passes Congress

Higher jumbo-loan limits bill passes Congress

The U.S. housing industry has scored a victory with House and Senate votes to raise the size of mortgages backed by the Federal Housing Administration to $729,750.

The measure split Republicans, many of whom supported retaining the lower limit of $625,500. As a result, efforts to restore the higher limit fell short until the Senate attached an increase to a package of spending bills that were passed Thursday by both the House and Senate.

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