U.S. Congress Votes to Raise FHA Mortgage Limits to $729,750

The U.S. Congress approved higher limits for mortgages backed by the Federal Housing Administration, bypassing the objections of Republicans who said the increase could threaten the agency’s stability.

Lawmakers voted today to increase the limit to $729,750 as part of a $182 billion spending bill that included funding for the government through Dec. 16. The legislation was passed by both chambers, with the House approving the measure 298-121 and the Senate clearing it for President Barack Obama’s signature 70-30. The measure was opposed by 101 members of the House’s Republican majority, some of whom said they opposed the measure primarily because of the loan-limit increase.