FHA Loan limit increased in Hampton Roads, VA Areas: Norfolk, Chesapeake, Virginia Beach, Portsmouth, Suffolk, Hampton, Newport News. has raised to $428,750.
Be aware these higher loan limits are temporary and may expire at the end of 2008. Use this to drum up some immediate new business. FHA loans are insured by the government to allow a greater number of Americans to own or refinance a home of their own.
U.S. Department of Housing and Urban Development Secretary Alphonso Jackson said, President Bush and Jackson continue to call on Congress to pass a permanent bipartisan solution to help more families quality for FHA-insured mortgages, which allow low-income, minority and first-time homeowners access to prime-rate financing so they afford to purchase a home.
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