Maybe not for long, though. The proposed economic stimulus package would temporarily raise the limits to as much as $729,750 in very high-cost markets.

The U.S. Department of Housing and Urban Development told me this week that -- so far -- the proposal would cap loan amounts at 125 percent of the local median sales price or $729,750, whichever is lower. In a metro area, that would mean 125 percent of the median sales price in the most expensive county.

Howard, where the typical home sold for $380,000 in December, is the most expensive county in our metro area. So we could be looking at an FHA limit in the general neighborhood of $475,000.

Congress is also trying to hash out permanent increases to FHA-insured loans as part of FHA reform legislation.