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AS THE REAL ESTATE MARKET CHANGES, SO TOO DOES HOME MORTGAGE FINANCING IN LOUDOUN COUNTY.

LOUDOUN COUNTY IS A LARGELY RURAL COUNTY IN NORTHERN VIRGINIA.  However, over the past 10 years or so, significant growth in high tech, information management, Internet services and other businesses have located in Northern Virginia and changed the nature of residential real estate and real estate financing.  Higher density development made homes affordable for the new high tech employment sector.  Popular Loudoun County public schoolsencouraged many families to relocate from Fairfax County to the more bucolic atmosphere in Loudoun County, where the horse population likely exceeds human residents.Homes in Loudoun County VA  Loudoun County real estate offers lovely communities without the traffic congestion of more urban areas. 

BUILD IT AND THEY WILL COMEwas the theme for areas in the Dulles Corridor, Ashburn, Sterling, Leesburg and South Riding in Loudoun County.  Rezoning communities for 1/4 acre development permitted home pricing in a price range where the average local employees in the high tech sector could qualify for wonderful new homes.  New home development has been vigorous and even in our slower market, has thrived for over 10 years. 

FHA FINANCING GAINING in POPULARITY over CONVENTIONAL LOANS in Loudoun County.  With the collapse of the mortgage market, conventional loan underwriting and funding practices have presented significant barriers to many home buyers.  However, an increase in the loan limit for FHA insured loans have offered opportunities for home buyers to buy and obtain financing with very low down payments. 

The FHA loan limit for Loudoun County Single Family residential home is $729,750.  The down payment for FHA financing is 3.5%.  Also, the seller can pay up to 6% of the contract price of the home towards the buyers closing costs.  See:  FHA Loan Limit.

Loan Type Jun-09 Jun-06
Conventional 238 484
FHA 184 2
VA 33 1
Assumption 18 17
Cash 41 10
Other  9 1
     
 

The average price for a Single Family Colonial Home in Loudoun County constructed 2000 or later with 4 bedrooms, 2 full and 1 half bath, 2 car garage on a lot of about 1/4 acre, is about $530,000, well within the FHA financing limit 

COME TO LOUDOUN COUNTY VA.  YOU'LL LOVE IT HERE!

Loudoun County VA Real Estate and Homes,  Experienced agents for Loudoun County Virginia Home Buyers.  Loudoun County has the largest horse population in Virginia and the third highest in the country.

search listings oudoun county    Horse Farm in Loudoun County 

                                                                        LOUDOUN COUNTY MAP

               Loudoun County VA Map

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, E-mail.


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10 Comments on FINANCING TYPES FOR LOUDOUN COUNTY VA, JUNE 2009. You'll be surprised!

JUL
14
2009
288,572 Points 38 Featured Posts Outside Blog

FHA is becoming wildly popular in my area as well. It is a really great loan and can offer buyers wonderful options.
11:44am • #1
1,546,105 Points 417 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Steve.  I agree.  I was surprised to see the increase from 2006.
12:00pm • #2
555,524 Points 31 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I've been seeing almost all FHA loans especially with the onslaught of 1st time home buyers in our market - our cap here in Wake county is $417,000 though...
1:06pm • #3
733,769 Points 231 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Lenn... that's the big thing there, that the loan limits in your areas were raised to over 700k and with just 3.5% down....  how can one go wrong, if they can afford it.  For me, FHA mortgages have always been around, but I have approved some deals as of lately that the previous lender took as a conventional loan, and then denied the buyer, and now I am taking them FHA... 

jeff belonger
1:17pm • #4
1,546,105 Points 417 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Jeff.  I was surprised to see the dramatic increase in FHA vs. Conv. in Loudoun County.  I'm going to research other counties in my market area too.  I'm sure they're way up all around.

Lee and Pamela.  I'm surprised that the limit in Wake County is that high.  Our average prices are a lot higher than than yours. 
2:01pm • #5
310,174 Points 10 Featured Posts Localism Sponsor Outside Blog Hit Router

Lenn --- FHA financing has become so much more popular in the Charleston market also --- my particular office has pretty much been conv. financing until this year and we're seeing more FHA and VA.

Mama Liz's Signature
2:22pm • #6
751,907 Points 7 Featured Posts Localism Sponsor Outside Blog Called Shot Master

I am now seeing VA loans as well as FHA loans in my area going up as well.
2:56pm • #7
1,546,105 Points 417 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Liz.  Many areas that were once conventional only are now going FHA and VA.  I'm glad to see it.

Rebecca.  Me too.  Where in the past, I'd get a groan from a listing agent with VA financing, not these days.
3:36pm • #8
JUL
15
2009
811,199 Points 91 Featured Posts Outside Blog Called Shot Master

I would have made the false assumption that FHA ruled the day, and it didn't.  I don't know your market as well as my own.  The interesting item in what you shared was the big increase in the number of FHA, VA, and cash.
6:46pm • #9
JUL
16
2009
1,546,105 Points 417 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Jim.  There are MANY, MANY agents in my area licensed between 2004 and 2007 jumping on the gravy train.

Conventional is all they know and all they're comfortable with.  Since buyer know little to nothing about financing, when an agent says do conventional, they do conventional. 

It's largly agent failure.  Clearly, when the buyer has little down payment, FHA or VA is the best alternative for them and often the only way they can buy. 

 
6:05am • #10

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