Local loan officer Markita Aldridge Woods of WestStar Mortgage here in Lake Ridge Virginia breaks down all the changes in the mortgage arena as we head into fall. FHA Loan limits ( the amount you can borrow with low down payment) has fallen from $729,750 to $625,000!
This is going to impact our Luxury Home Market here in Prince William County Virginia. If you are facing a job transfer or you have an upcoming move on the horizon. Give me a call 703-851-3085. Let's talk about your options.
Government loan changes effective October 1st, will bring some tricks and some treats (in the spirit of Halloween)
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FHA Loans will have lower sales price limits in the Washington Metro Area from $729,750 to a $625,000 for a single family home purchase. This decrease is definitey a trick as many homebuyers will find it difficult to find purchase money loans for larger size loans with lower down payments.
USDA Loans are a trick and treat. USDA is lowering its upfront financed guarantee from 3.50% to 2.00% but it has now added monthly mortgage insurance, which the no mortgage insurance was a great feature of this zero money down home loan. This is still a great loan product for buyers in "rural areas", but it will cost slightly more on a monthly basis.
Veteran Home Loans are the treat of the bunch as the VA funding fee for VA Loans is set to decrease from 2.15% to 1.40% for first time users of the VA Home Loan Benefit. And from 3.30% to 2.80% for susbsequent use of the loan.This is great news for Veterans and active duty military looking to purchase a home with no money down in the Washington DC area.
Contact your Woodbridge FHA and VA Loan Lender @ 703-497-3936, I promise we make the mortgage process not so SPOOKY!
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Learn more about FHA and VA Loans in Virginia and Maryland.
Contact Markita Aldridge- Woods at (703) 497-3936 or via email for custom tailored mortgage solutions.
Company ID #2925 Licensed by the Virginia State Corporation Commission and Maryland
Find out what's for sale today in Woodbridge Virginia Click here
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Contact Peggy James or Erick Blackwelder of Erick and Company of Exit Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085(Peggy) 703-590-2252 (Office).Give us a call and we can "GET YOUR HOME SOLD FAST"to list your property for sale we service Woodbridge, Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas,Gainesville, Garrisonville and Triangle area's.Basically all of Prince William County Virginia. Manassas Park, Haymarket,Montclair, Dumfries, Quantico, Fort Belvior, Occoquan, Dale City.
Thanks for sharing this post as people need to know how the government changes will affect ther upcoming home purchases!