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.
Purcellville, Lovettsville homes in the $400,000 to $500,000 range ready to move in.
Example of home for sale in Lovettsville in the $700,000 price range.
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 |
Loudoun County Virginia map. Homes in all ages and lot sizes are available.
THE NEW FHA MORTGAGE LOAN ARE IMPORTANT. The average price for Detached Single Family Homes SOLD in February, 2008 in Loudoun County, Virginia real estate is about $450,000. With the old FHA mortgage loan limit, buyers were denied the benefits of the FHA loan and the financing flexibility offered. The new FHA loan limits open the door to low cost financing for home buyer with limited down payments.
HOMES FOR SALE IN LOUDOUN COUNTY IN THE AVERAGE PRICE RANGE OF $450,000-$500,000. 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.
| City | ListPrice | Type | Lot Acres | BR | BathsAll | Fpl | # Gar | |
| Aldie | $499,955 | Detached | 0.15 | 5 | 4 | 1 | 2 | |
| Aldie | $499,900 | Detached | 0.17 | 4 | 3 | 1 | 2 | |
| Ashburn | $489,900 | Detached | 0.15 | 4 | 3 | 1 | 2 | |
| Ashburn | $489,000 | Detached | 0.18 | 4 | 3 | 1 | 2 | |
| Ashburn | $485,000 | Detached | 0.1 | 4 | 4 | 1 | 2 | |
| Ashburn | $479,900 | Detached | 0.1 | 4 | 4 | 1 | 2 | |
| Ashburn | $469,900 | Detached | 0.14 | 4 | 3 | 1 | 2 | |
| Ashburn | $450,000 | Detached | 0.15 | 4 | 3 | 1 | 2 | |
| Chantilly | $499,900 | Detached | 0.16 | 4 | 3 | 1 | 2 | |
| Chantilly | $450,000 | Detached | 0.13 | 4 | 4 | 0 | 2 | |
| Leesburg | $500,000 | Detached | 0.19 | 4 | 3 | 1 | 2 | |
| Leesburg | $499,900 | Detached | 0.32 | 4 | 3 | 1 | 2 | |
| Leesburg | $499,900 | Detached | 0.19 | 5 | 4 | 1 | 2 | |
| Leesburg | $499,000 | Detached | 0.23 | 4 | 4 | 1 | 2 | |
| Leesburg | $495,000 | Detached | 0.25 | 4 | 3 | 1 | 2 | |
| Leesburg | $489,900 | Detached | 0.27 | 4 | 3 | 1 | 2 | |
| Leesburg | $489,900 | Detached | 0.39 | 5 | 4 | 1 | 2 | |
| Leesburg | $489,000 | Detached | 0.2 | 5 | 4 | 1 | 2 | |
| Leesburg | $487,500 | Detached | 0.18 | 4 | 4 | 1 | 2 | |
| Leesburg | $484,900 | Detached | 0.23 | 4 | 4 | 1 | 2 | |
| Leesburg | $479,900 | Detached | 0.12 | 5 | 4 | 1 | 2 | |
| Leesburg | $475,000 | Detached | 0.18 | 4 | 4 | 1 | 2 | |
| Leesburg | $475,000 | Detached | 0.23 | 4 | 3 | 1 | 2 | |
| Leesburg | $474,900 | Detached | 0.17 | 4 | 4 | 1 | 2 | |
| Leesburg | $470,000 | Detached | 0.25 | 4 | 4 | 1 | 2 | |
| Leesburg | $459,500 | Detached | 0.22 | 5 | 4 | 1 | 2 | |
| Lovettsville | $500,000 | Detached | 0.21 | 5 | 4 | 2 | 2 | |
| Lovettsville | $499,900 | Detached | 1.65 | 4 | 4 | 1 | 2 | |
| Purcellville | $480,000 | Detached | 0.29 | 4 | 3 | 1 | 2 | |
| Purcellville | $479,435 | Detached | 0.23 | 4 | 3 | 1 | 2 | |
| Purcellville | $475,000 | Detached | 0.15 | 4 | 3 | 1 | 2 | |
| Purcellville | $470,900 | Detached | 0.52 | 4 | 4 | 1 | 2 | |
| Purcellville | $450,000 | Detached | 4.72 | 5 | 4 | 0 | 2 | |
| Stone Ridge | $498,900 | Detached | 0.24 | 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.
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Hi Lenn - the new FHA loan limits for many areas have opened up loans for many buyers on a lot of homes that the previous limits precluded. Our new loan limits in my area are approximately $523,000, up from $363,000. That's a sizable jump for us, and is a huge help for those seeking financing.
I hope more and more buyers learn about these new limits. This is a great option for many potential buyers! I wrote a post on this for my area a little bit ago, hoping to help get the word out.
Ann
Ann. Get the word out indeed. Problem is, we don't know how long it will last. I can't see the Congress giving this gift for too long. I think they were just throwing the home buyers a bone and now they're going to want to do something for the MI companies. We'll see