The New FHA Mortgage Limit In Loudoun County Is…
March 6, 2008 by Danilo Bogdanovic
Filed under Mortgage/Lending
The Department of Housing and Urban Development (HUD) released the new FHA mortgage limit for Loudoun County and the rest of the Washington, DC metro area. Despite what many originally anticipated ($550K to $625K), the new loan limit is $729,750.
This is the maximum amount allowed under the economic stimulus bill signed on February 13, 2008. This amount is up from $417,000.
To see the actual limits posted on HUD’s web site, click here and select ‘Virginia" and type in "Loudoun" for the county.
Note that the new limits are only for loans obtained on July 1, 2008 or later and that the loans must be funded (you must close) no later than December 31, 2008.
Chip Cummings on Thu, 1st May 2008 11:56 am
FHA loans can be a great way for first-time homebuyers to get into the marketplace. If Congress wants to really help fix the so-called “mortgage crisis”, then FHA will have to be a part of the fix. As the author of “ABC’s of FHA Lending”, I have helped thousands of loan officers and mortgage industry participants learn how to use FHA to help homeowners. I only hope that our legislators will fix FHA and modernize the FHA program to allow more homeowners to participate.