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Josh Schlesselman

FHA Mortgage Changes 2009

Starting January 1st, FHA is now requiring 3.5% downpayment, up from 3% previously. Here locally in the Hampton Roads area, and covering the cities of Virginia Beach, Chesapeake, Norfolk, Portsmouth and the peninsula's Hampton and Newport News, FHA lending limits have just increased to 458k, up from 419K previously.

One other new item to cover is purchasing a new property and renting out your old residence can no longer be done with just providing a lease to the mortgage company. FHA is requiring that you be able to qualify for both mortgages in order to purchase another.

To get more info on this subject or other mortgage topics, please feel free to visit www.JoshSellsVirginia.com

Va Loan Limits Increased!!!

For all of our Veterans and active duty military, Va Loan limits have been increased.

Chesapeake, Norfolk, Portsmouth, and Hampton Roads have been raised.

Virginia Beach and Hampton Roads Veteran property owners who are contemplating a refinance could benefit from this change.

See the home loan increase below:

2009 VA home loan limit for Virginia Beach, Chesapeake, Suffolk, Norfolk, Portsmouth, and Hampton Roads is now $498,750 up from $417,000.

VA Home Mortgage Loan Limits provided by VA-Home-Loans-Today.com

The Department of Veterans Affairs' Loan Guaranty program does not impose a maximum amount that an eligible veteran may borrow using a VA-guaranteed loan. However, the following county "limits" must be used to calculate VA's maximum guaranty amount for a particular county.

You can also get more info on this topic at www.JoshSellsVirginia.com

Portsmouth Real Estate

Portsmouth is the home to the Navy Shipyard as well as the Naval Hospital. A great area of historic charm and elegance, and a great area to scout out excellent deals. Located near Downtown Norfolk in Hampton Roads, it is centrally located and has plenty to offer. With interest rates cut to around the 4%, this is an excellent time to take advantage of the market and a great deal! To view more on Portsmouth, or Portsmouth Investment Property, check out my site at JoshSellsVirginia.com

Norfolk Real Estate

Norfolk is an excellent place to find fantastic deals on homes and is a major hub in Hampton Roads, Virginia. With the new rate decrease, and the market correction in price, this may be the best time to take advantage of purchasing a new home in Norfolk. New interest rates today published in the 4% range, which is one of the most significant decreases we've seen in the last 5 decades. To view Norfolk homes for sale, or view market conditions. please visit my site at JoshSellsVirginia.com.

Chesapeake Real Estate

Chesapeake is one of the most saught after areas in Hampton Roads, Virginia. With the new rate decrease, and the market correction in price, this may be the best time to take advantage of purchasing a new home in Chesapeake. New interest rates today published in the 4% range, which is one of the most significant decreases we've seen in the last 5 decades. To view Chesapeake homes for sale, please visit my site at JoshSellsVirginia.com.