Mortgage Changes For 2014

Mortgage Changes For 2014

It’s no surprise that home prices in the Northern VA are extraordinarily high.  Unless you had a significant amount of cash savings, in order to buy in a home in many high-cost communities, you needed to take out a large loan to cover the purchase price.  

Earlier in the month HUD announced that as of December 31st, 2013 the higher loan limits for FHA loans would expire.  For high-cost markets in Northern VA, this means that maximum FHA loans will decline from $729,750 to $625,500.  This new FHA loan limit of $625,500 will apply for case numbers assigned on and after January 1, 2014 through December 31, 2014.

Moreover, the Department of Veterans Affairs released a VA circular on December 18th likewise announcing that VA loan limits will also decrease for Northern VA markets beginning next year.  What does this mean to our military buyers:  For all Northern Virginia areas and counties, the VA loan limit for purchases between January 1, 2014 through December 31, 2014 is $692,500.


Michael Lorino Headshot
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Phone: 703-991-8762
Dated: December 20th 2013
Views: 32,989
About Michael: Michael was commissioned a 2nd Lieutenant in the U.S. Marine Corps in 2001. He has served around the...

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