WASHINGTON, June 17 (Reuters) - A housing aid package likely to clear the U.S. Senate would raise to $625,000 the limit on the size of loans that Fannie Mae (FNM.N: Quote, Profile, Research) and Freddie Mac (FRE.N: Quote, Profile, Research) may purchase, industry sources familiar with the legislation said.

The draft of the bill agreed to by leaders of the Senate would give the so-called conforming loan limit a more than $200,000 boost from its recent level of $417,000. Designated high-cost housing markets would qualify for the new loan level, sources said, and the same rules would hold for loans from the Federal Housing Administration.

The two government-sponsored enterprises would be permitted to hold those new, larger loans in their portfolios, the sources said.

(Written by Patrick Rucker; Editing by Theodore d'Afflisio)