More Expensive Home Areas Like Porter Ranch go a Break.

President Obama signed into law a bill that will reinstate higher limits for Federal Housing Administration-backed mortgages in high-cost areas. In expensive housing areas such as Porter Ranch, the limit for these FHA-backed loans had dropped to $625,500 from $729,750 on Oct. 1. The change will enable home buyers to get reasonable loans at rates they can afford. Since over 90% of loans are backed by the U.S government, it is important to see higher loan limits again until the rest of the loan market recovers.