Per the economic stimulus package, temporary conforming and FHA loan limits have been released and they are higher then we anticipated. This is for FHA and Conforming loan amounts through the end of the year:
Richmond City MSA $528,750
Washington DC Metro $729,750
Charlottesville MSA $425,000
Winchester MSA $475,000
VA Beach/Norfolk MSA $428,750
What this means:
Lower Rates on mortgages greater than $417,000.
Higher Loan to Values on loan sizes greater than $417.000.
More Flexible underwriting guidelines for loans over $417,000.
Loan limits are higher for 2,3 & 4 family properties. These loan amounts apply to all conforming and FHA loan types (except reverse mortgages), this includes fixed terms of 40, 30, 25, 20, 15 and 10 years and a variety of ARM and interest only products. This is a temporary increase is valid for loans closing through the end of 2008.
For additional information contact Paul Cantor at (804) 433-1510 or on the web at www.PaulCantor.com .
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