My google-foo isn’t working on this subject, so I figured someone here would know.
Congress recently raised the limit on conforming loans from $418k to a max of $729,750k (in certain areas). Link. But, as the link notes, this is a temporary change. What is the time limit on the change-- a year? Any reason that the change wasn’t made permanent? I assume that it’s likely to be renewed once it expires, but the fact that this change is only temporary has to have a certain chilling effect on how much lending institutions change their policies as opposed to what they would do if it were permanent, no?