Senate Banking Committee chairman Alfonse D'Amato has endorsed an increase the Federal Housing Administration loan limit recently approved by a Senate Appropriations subcommittee.The subcommittee's action is a "great first step in expanding homeownership," Sen. D'Amato said, that will benefit homebuyers in urban and rural areas where current loan limits restrict FHA financing. The subcommittee approved a Department of Housing and Urban Development appropriations bill that would raise the FHA loan limit from $86,317 in low-cost areas to $108,960 and from $170,362 in high-cost areas to $197,490.
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