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.
Author:Michael Lorino 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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Fidelis Property Group is a company founded on two simple principles: Loyalty to you, our client; and dedication to helping you find your perfect home in Northern Virginia. These principles are rooted in a culture instilled in our members while serving with the U.S. Marine Corps. We know what it means to serve, and we understand the challenges of relocating - so we dedicate ourselves to supporting you as you transition to a new home and community.
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"Mike was consistently excellent, from start to finish. His advice was spot on -- telling me what I needed to know, not what he thought I might want to hear. His insight saved me money at various points of the negotiation with seller. Consummate professional. Personable and driven. Has a comprehensive understanding of the real estate needs of military professionals in particular."