Lots to Be Thankful For!

Last week was a very eventful week for Congress and we’ve got lots of things to be thankful for. The obvious is health, family, happiness, etc. However, there is much more had happened in  the real estate world last week that we should all be thankful for. Here is a list of all the great things that took place last week:

CONGRESS RAISES FHA LOAN LIMIT
As you know, in late September the FHA, Fannie Mae; and Freddie Mac loan limits were reduced in 42 states pricing potential home buyers out of the American Dream of home ownership and holding back the housing recovery. Congress restored the loan limits for the Federal Housing Administration (FHA) for two years. The reinstated FHA loan limit formula and cap change will help make mortgages more affordable and accessible for hard-working, middle-class families in 669 counties in 42 states and territories, where Continue reading

FHA Loan Limit Decrease

FHA loan limits are decreasing on October 1, 2011. After years of steadily rising, the loans limits set by government agent will be decreased on October 1, 2011. Here is how the limit affects each county in Virginia:

County Current FHA Loan Limit Limit as of 10/1/2011 Difference
Alexandria City
Arlington County
Botetourt County
Clarke County
Craig County
Culpeper County
Essex County
Fairfax city
Fairfax County
Falls Church city
Fauquier County
Franklin County
Frederick County
Fredericksburg city
Highland County
King George County
Lancaster County
Lexington city
Loudoun County
Madison County
Manassas city
Manassas Park city
Middlesex County
Northumberland County
Orange County
Prince William County
Richmond County
Roanoke city
Roanoke County
Salem city
Spotsylvania County
Stafford County
Warren County
Winchester city
$729,750
$729,750
$280,000
$729,750
$280,000
$382,500
$375,000
$729,750
$729,750
$729,750
$729,750
$280,000
$475,000
$729,750
$287,500
$386,250
$545,000
$296,250
$729,750
$277,500
$729,750
$729,750
$330,000
$392,500
$331,250
$729,750
$300,000
$280,000
$280,000
$280,000
$729,750
$729,750
$729,750
$475,000
$625,500
$625,500
$271,050
$625,500
$271,050
$287,500
$274,850
$625,500
$625,500
$625,500
$625,500
$271,050
$271,050
$625,500
$271,050
$350,750
$442,750
$271,050
$625,500
$271,050
$625,500
$625,500
$271,050
$318,550
$271,050
$625,500
$271,050
$271,050
$271,050
$271,050
$625,500
$625,500
$625,500
$271,050
($104,250)
($104,250)
($8,950)
($104,250)
($8,950)
($95,000)
($100,150)
($104,250)
($104,250)
($104,250)
($104,250)
($8,950)
($203,950)
($104,250)
($16,450)
($35,500)
($102,250)
($25,200)
($104,250)
($6,450)
($104,250)
($104,250)
($58,950)
($73,950)
($60,200)
($104,250)
($28,950)
($8,950)
($8,950)
($8,950)
($104,250)
($104,250)
($104,250)
($203,950)

If the above limits are put into place, many of us will run the risk of being priced out of the American Dream of home ownership. Even worse, this could hold back housing recovery. So I ask you to ACT NOW! CLICK HERE to write a message to your elected officials to extend the loan limit. It is important to the housing recovery!

REMEMBER, FHA LOAN LIMITS WILL DECREASE OCT. 1!