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
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...

Property Search

RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Fidelis Property Group
1701 Duke St
Alexandria, VA