An extension of the current loan limits for Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA) loans(which had been due to expire Dec. 31, 2009) was exteneded through Dec 31,2010 in the continuing resolution (HR 2996) that passed the House of Representatives and the United States Senate on Oct. 29.
"Given the lack of a private secondary mortgage market, FHA, Fannie Mae and Freddie Mac are pretty much the only game in town. Extending the current loan limits through 2010 will allow more loans to qualify for these important programs and will help keep mortgage credit more accessible and affordable for qualified borrowers," said MBA Chairman Robert E. Story Jr. "As we try to maintain the momentum of the housing recovery, providing affordable financing for qualified borrowers is critical. Extending the loan limits, along with other initiatives such as extending and expanding the homebuyer tax credit, will help restore stability to the housing and mortgage markets."
While this has NOT been signed into law yet it HAS passed both the House of Representatives and the United States Senate on Oct. 29 So there would be no reason for the President not to sign this.