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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.
4/7/2025, 2:51 PM
Summary of Bill HR 587
Bill 111 hr 587, also known as the FHA and Conforming Loan Limit Increase Act of 2009, aims to raise the loan limits for the Federal Housing Administration (FHA) single family housing mortgage insurance programs and reverse mortgage program. Additionally, the bill seeks to increase the conforming loan limits for government-sponsored enterprises Fannie Mae and Freddie Mac.
The purpose of this legislation is to provide more affordable housing options for American families by allowing them to access larger loans for purchasing homes. By increasing the loan limits, more individuals will be able to qualify for FHA-insured mortgages and reverse mortgages, as well as conventional loans backed by Fannie Mae and Freddie Mac.
The bill is intended to stimulate the housing market and promote homeownership by making it easier for individuals to secure financing for their home purchases. This increase in loan limits is seen as a way to help stabilize the housing market during the economic downturn of 2009. Overall, Bill 111 hr 587 is aimed at providing greater access to affordable housing options for American families by raising the loan limits for FHA and conforming loans. It is hoped that this legislation will help boost the housing market and support economic recovery efforts.
The purpose of this legislation is to provide more affordable housing options for American families by allowing them to access larger loans for purchasing homes. By increasing the loan limits, more individuals will be able to qualify for FHA-insured mortgages and reverse mortgages, as well as conventional loans backed by Fannie Mae and Freddie Mac.
The bill is intended to stimulate the housing market and promote homeownership by making it easier for individuals to secure financing for their home purchases. This increase in loan limits is seen as a way to help stabilize the housing market during the economic downturn of 2009. Overall, Bill 111 hr 587 is aimed at providing greater access to affordable housing options for American families by raising the loan limits for FHA and conforming loans. It is hoped that this legislation will help boost the housing market and support economic recovery efforts.
Current Status of Bill HR 587
Bill HR 587 is currently in the status of Bill Introduced since January 15, 2009. Bill HR 587 was introduced during Congress 111 and was introduced to the House on January 15, 2009. Bill HR 587's most recent activity was Referred to the House Committee on Financial Services. as of January 15, 2009
Bipartisan Support of Bill HR 587
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 587
Primary Policy Focus
Housing and Community DevelopmentComments
Sponsors and Cosponsors of HR 587
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