Relocation home buyers are typically surprised to learn that Northern Virginia has maximum conforming mortgage loan limits that are higher than most regions of the United States. Northern Virginia real estate ranks as “expensive” considering the region has some of the wealthiest counties in the U.S. In fact, these limits do vary region by region across the country and it is essential that you contact your local mortgage lender for the max limit in your neck of the woods.
Mortgage Loan Limits for Northern Virginia set for 2014
- Base Conforming limit is $417,000
- Conventional High Balance Limit is $625,500
- FHA High Balance Loan Limit is $729,750 (96.5%)
- VA loan limit has been increased to $843,750 through the end of 2014 for the DC Metro area
NOTE: Doug Francis does not originate mortgage loans
Of course it is important to remember that you need to financially qualify for any mortgage loan that you are interested in pursuing, and you will need good credit. Understanding your FICO Score starts with knowing what your score is because your interest rate will be 100% dependent of that number. It seems amazing that someone 20 points above you may get a rate that you would kill must beg for.
Remember that FHA mortgage loans allow for 3.5% down payments for applicants with good credit, and these loans do carry monthly insurance.
Mortgage financing is just one part of buying a home, but is essential when determining what price range or potential locations for your desired home. You will need to make some hard choices and some of my real estate clients have worked for months to get their financial house in order so they were buy a home in a particular location.
If you need to work on your home buying plan for 2014 then you should start with a thorough review of your credit report which you can do online. For more information, click here.
If you want to start searching for Vienna real estate or anywhere in Northern Virginia then I can set up an excellent search page just for you.
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