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Posts Tagged ‘Loudoun County Virginia conforming loan limits in 2011 and 2012’

Senate Passed Loan Limit Extension Amendment – FHA loan limits back at $729,750 – click the link for more information: https://viviannerutkowski.wordpress.com/2011/11/16/conforming-loan-limits-for-conventional-mortgages-and-fha-loan-limits-at-729750-for-high-cost-of-living-areas-in-northern-virginia-and-arlington-county-va-fairfax-county-va-fauquier-county-va-lou/

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On October 1, 2011, mortgage loan limits for the government-sponsored enterprises Fannie Mae and Freddie Mac (GSEs) and the Federal Housing Administration (FHA) dropped from temporary levels to reduced limits based on permanent criteria established by Congress in 2008.

The base limit for most of US remains at $417,000, but the formula for establishing limits for high cost areas, like Northern Virginia, changed from 125% to 115% of the area MEDIAN HOME PRICE which means a drop in loan limit from $729,750 to $625,500.

It means that $625,500 is the maximum loan amount for one unit residential properties in high cost areas that can be purchased and securitized by Fannie Mae and Freddie Mac (GSEs).

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As with the conventional loans insured by GSEs (Fannie Mae and Freddie Mac), on October 1, 2011, the loan limits for the FHA loans also declined due to changes set in law. FHA loan limits are set slightly differently than those for Fannie Mae and Freddie Mac. By law, the lowest limit for any county in US for one-unit homes is $271,050. The ceiling for FHA loans in high cost areas declined on October 1, 2011 from $729,750 to $625,500 for one unit residential properties.

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The new 2011-2012 GSE Conforming Loan Limits in Washington, D.C. area, Northern Virginia and Arlington County VA, Fairfax County VA, Fauquier County VA, Loudoun County VA, and Prince William County VA are as follows:

  • 1 – UNIT         $625,500
  • 2 – UNIT         $800,775
  • 3 – UNIT         $967,950
  • 4 – UNIT      $1,202,925 

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The loan limits for VA Loans, mortgages guaranteed by the Department of Veterans Affairs, will change on January 1, 2012.  The current VA loan limit in Northern Virginia area is $818,750 thru December 31, 2011http://www.googlerealestate.com/va-loan-limits-2011/

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The new GSE Conforming Loan Limits for all counties in USA and Northern Virginia, Arlington County VA, Fairfax County VA, Fauquier County VA, Loudoun County VA, and Prince William County VA: http://www.nahb.org/fileUpload_details.aspx?contentTypeID=3&contentID=159279&subContentID=353571&channelID=311

The new FHA Loan Limits for all counties in USA and Northern Virginia, Arlington County VA, Fairfax County VA, Fauquier County VA, Loudoun County VA, and Prince William County VA:
http://www.nahb.org/fileUpload_details.aspx?contentTypeID=3&contentID=159279&subContentID=353572&channelID=311

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Click here for Mortgage Calculators and Interest Rates TODAY

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