Real Estate Blog - FAIRFAX COUNTY HOME LOANS, FHA HIGHER LIMIT FOR VIRGINIA HOME BUYERS

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FAIRFAX COUNTY HOME LOANS, FHA HIGHER LIMIT FOR VIRGINIA HOME BUYERS - FHA Loan Limit $729,750 and 3% Down!

WELCOME TO THE NEW FHA LOAN. VIRGINIA REAL ESTATE OPPORTUNITY FOR HOME BUYERS.

HAVING TROUBLE GETTING A CONVENTIONAL HOME LOAN APPROVED? You bet! Is the home you wish to buy in a "declining market"? What's a "declining market"? What's the solution?

DECLINING MARKET. Mortgage companies are smart. While home prices in the Virginia real estate market have come down significantly, conventional mortgages have become harder and harder for buyers to get approved. 5% has become 10% and 10% has become 20%. In designated "declining market" areas, areas where prices have declined, underwriting and appraisal guidelines are much more difficult than in the past 5 years. Mortgage companies want to protect themselves from the risk of making loans on homes whereby the market value is likely to decline. They protect themselves by limiting the amount of money they will lend on properties where there security (the property) will decline in value.

What is the solution?

YES! 3% Down loans are available with FHA Financing. BUT, THAT'S NOT ALL. If you qualify, you may be able to obtain DOWN PAYMENT ASSISTANCE from the Down Payment Assistance programs offered by the Nehemiah Program. Wait! There's more. With FHA Financing, you may receive up to 6% closing cost assistance from the Seller. Of course, the seller must be willing to make this contribution. In today's real estate market, our buyers agents are negotiating contracts with helpful closing cost contributions to help our buyers with costly settlement costs.

ENTER FHA MORTGAGE FINANCING. Just in time, the loan limits for FHA insured mortgage loans will help many home buyers obtain financing at a reasonable cost. The new loan limit for FHA is $729,750. In some areas of Virginia the loan limit is less.

NEW FHA LOAN LIMITS FOR 2008.

FHA LOAN LIMITS 2008 - VIRGINIA
Northern Virginia:
Alexandria $729,750
Arlington County $729,750
Clarke County $729,750
Fairfax County $729,750
King George County $386,250
Loudoun County $729,750
Prince William County $729,750
Spotsylvania County $729,750
Stafford County $729,750

Example: Homes in the $600,000 price range in Fairfax County, Reston, Centreville, Herndon

THE NEW FHA MORTGAGE LOAN ARE IMPORTANT. The average price for Detached Single Family Homes SOLD in February, 2008 in Fairfax County, Virginia real estate is about $605,000. With the old FHA mortgage loan limit, buyers were denied the benefits of the FHA loan and the financing flexibility offered.

HOMES FOR SALE IN FAIRFAX COUNTY IN THE AVERAGE PRICE RANGE OF $600,000 TO $625,000. The homes featured below are all Detached Single Family Homes with 4 Bedrooms or more, 2 Full Baths or more and a 2 Car or more Garage.

Map Fairfax County VA

City	ListPrice	Type	Lot Acres	BR	BathsAll	Fpl	# Gar
Alexandria	$624,900	Detached	0.375	5	6	1	2
Alexandria	$615,000	Detached	0.123	5	4	1	2
Alexandria	$619,900	Detached	0.271	4	3	1	2
Burke	$625,000	Detached	0.203	4	3	1	2
Burke	$624,900	Detached	0.275	5	4	1	2
Burke	$625,000	Detached	0.246	4	4	1	2
Centreville	$614,900	Detached	0.237	4	4	1	2
Centreville	$619,900	Detached	0.301	4	4	1	2
Centreville	$625,000	Detached	0.308	4	4	1	2
Centreville	$604,900	Detached	0.28	5	4	1	2
Centreville	$601,990	Detached	0.221	4	3	1	2
Centreville	$609,900	Detached	0.169	5	4	1	2
Chantilly	$624,500	Detached	0.296	4	3	1	2
Chantilly	$624,990	Detached	0	4	3	1	2
Clifton	$609,990	Detached	0.233	4	3	1	2
Fairfax	$610,000	Detached	0.091	4	3	2	2
Fairfax	$615,000	Detached	0.3	4	3	0	2
Fairfax	$619,000	Detached	0.26	4	3	1	2
Fairfax	$615,000	Detached	0.093	5	5	1	2
Fairfax Station	$619,000	Detached	0.422	4	3	1	2
Fort Belvoir	$620,000	Detached	0.079	4	5	1	2
Fort Belvoir	$625,000	Detached	0.088	5	4	1	2
Herndon	$625,000	Detached	0.279	4	3	1	2
Herndon	$624,835	Detached	0.26	5	4	1	2
Herndon	$625,000	Detached	0.512	4	4	1	2
Herndon	$615,000	Detached	0.196	4	4	1	2
Herndon	$619,900	Detached	0.202	4	4	1	2
Herndon	$618,950	Detached	0.204	4	4	1	2
Herndon	$618,000	Detached	0.243	4	3	1	2
Herndon	$600,000	Detached	0.21	4	4	1	2
Lorton	$600,000	Detached	0.5	5	4	1	2
Lorton	$617,500	Detached	0.083	4	3	1	2
Lorton	$609,950	Detached	0.086	5	3	1	2
Lorton	$619,000	Detached	0.086	4	4	1	2
Lorton	$619,990	Detached	0.2	4	4	1	2
Lorton	$615,000	Detached	0.083	4	4	1	2
Oak Hill	$605,000	Detached	0.409	4	3	1	2
Springfield	$625,000	Detached	0.219	4	3	1	2
Springfield	$625,000	Detached	0.199	4	4	1	2
Springfield	$625,000	Detached	0.312	4	3	1	2
Springfield	$617,500	Detached	0.22	4	3	1	2

For specific loan information, contact
Bruce Thanh
JPMorgan Chase Bank, N.A.
3190 Fairview Park Drive Suite 100
Falls Church, VA 22042
Phone: (703) 641-6231

Ask about the Homefinders FREE Home Warranty and Home Inspection REBATE.

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

Posted by Lenn Harley, Real Estate Broker, Maryland & Virginia on 03/31/2008 05:32 PM

Comments (4)

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Post is included in group: SubPrime Loans and the real estate market.

4 Comments on FAIRFAX COUNTY HOME LOANS, FHA HIGHER LIMIT FOR VIRGINIA HOME BUYERS - FHA Loan Limit $729,750 and 3% Down!

MAR

2008

I've got a buyer in Leesburg who I just suggested this afternoon to take a look at FHA financing. Their situation is perfect for the low down payment and seller side closing cost assistance. The rates were favorable too. We were looking at rates around 6.3% or so.

Lenn, FHA is a great way to go. Today at my bank, it is the last day for 80-10-10 or 80-15-5. Now a borrower has to come in with 15% for conventional financing. With respect to the Nehemiah Program, verbiage needs to be in the contract with respect to the percentage the seller is providing and who is going to pay the $499 fee. Great Post. AJ

Yes, folks, there is hope! FHA financing is a fantastic option for those who don't have the a substantial downpayment.

Craig. Good for you. I don't find the rates onerous at all for the benefits.

Alan. Thanks. If the day ever comes when $499 is going to be a barrier to a sale, just disconnect me from life support. We have an FHA addendum for lender fees, etc.

Karen. We need to get back in the habit of discussing FHA. Conventional is just for the endowed few these days.

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