I 

111TH CONGRESS 

1ST SESSION H. R. 587 

To increase the loan limits for the FHA single family housing mortgage 

insurance programs and reverse mortgage program and for the conforming loan limits for Fannie Mae and Freddie Mac during 2009. 

IN THE HOUSE OF REPRESENTATIVES 

JANUARY 15, 2009 

Mr. GARY G. MILLER of California introduced the following bill; which was 

referred to the Committee on Financial Services 

A BILL 

To increase the loan limits for the FHA single family housing mortgage insurance programs and reverse mortgage 

program and for the conforming loan limits for Fannie 

Mae and Freddie Mac during 2009. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. FHA LOAN LIMITS FOR 2009. 

4 For mortgages for which the mortgagee issues credit 

5 approval for the borrower during calendar year 2009, if 

6 the dollar amount limitation on the principal obligation 

7 of a mortgage determined under section 203(b)(2) of the 

8 National Housing Act (12 U.S.C. 1709(b)(2)) for any size 


jlentini on PROD1PC65 with BILLS
2 

•HR 587 IH

1 residence for any area is less than such dollar amount lim2 itation that was in effect for such size residence for such 

3 area for 2008 pursuant to section 202 of the Economic 

4 Stimulus Act of 2008 (Public Law 110–185; 122 Stat. 

5 620), notwithstanding any other provision of law, the max6 imum dollar amount limitation on the principal obligation 

7 of a mortgage for such size residence for such area for 

8 purposes of such section 203(b)(2) shall be considered (ex9 cept for purposes of section 255(g) of such Act (12 U.S.C. 

10 1715z–20(g))) to be such dollar amount limitation in ef11 fect for such size residence for such area for 2008. 

12 SEC. 2. FANNIE MAE AND FREDDIE MAC CONFORMING 

13 LOAN LIMITS FOR 2009. 

14 For mortgages originated during calendar year 2009, 

15 if the limitation on the maximum original principal obliga16 tion of a mortgage that may purchased by the Federal 

17 National Mortgage Association or the Federal Home Loan 

18 Mortgage Corporation determined under section 302(b)(2) 

19 of the Federal National Mortgage Association Charter Act 

20 (12 U.S.C. 1717(b)(2)) or section 305(a)(2) of the Fed21 eral Home Loan Mortgage Corporation Act (12 U.S.C. 

22 1754(a)(2)), respectively, for any size residence for any 

23 area is less than such maximum original principal obliga24 tion limitation that was in effect for such size residence 

25 for such area for 2008 pursuant to section 201 of the EcoVerDate Nov 24 2008 22:48 Jan 20, 2009 Jkt 079200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H587.IH H587

jlentini on PROD1PC65 with BILLS
3 

•HR 587 IH

1 nomic Stimulus Act of 2008 (Public Law 110–185; 122 

2 Stat. 619), notwithstanding any other provision of law, the 

3 limitation on the maximum original principal obligation of 

4 a mortgage for such Association and Corporation for such 

5 size residence for such area shall be such maximum limita6 tion in effect for such size residence for such area for 

7 2008. 

8 SEC. 3. FHA REVERSE MORTGAGE LOAN LIMITS FOR 2009. 

9 For mortgages for which the mortgagee issues credit 

10 approval for the borrower during calendar year 2009, the 

11 second sentence of section 255(g) of the National Housing 

12 Act (12 U.S.C. 1715–20(g)) shall be considered to require 

13 that in no case may the benefits of insurance under such 

14 section 255 exceed 150 percent of the maximum dollar 

15 amount in effect under the sixth sentence of section 

16 305(a)(2) of the Federal Home Loan Mortgage Corpora17 tion Act (12 U.S.C. 1454(a)(2)). 

Æ 


jlentini on PROD1PC65 with BILLS