New Conforming Loan Limits in Effect - $729,750 in Northern Virginia
New loan limits for "conforming plus" loans are in effect as of today. The loan limit varies by county, but in DC and contiguous counties the limit is now $729,750.
· On primary residences, banks can lend up to 90% LTV with 700+ credit score for a purchase or rate and term refinance.
· On Second homes and investment properties, or for cash-out refinances of a primary residence, LTVs are limited to 60-65%.
This is great for both buyers and sellers. I am hoping that the increase in activity in the $200-400k price range will now start happening in the houses priced over $415k. It has been brutally slow in that market even though the sales went up 11% last month.
For information on the Northern Virginia Real Estate market please contact Kim Darwaza of RE/MAX Allegiance @ kim@kimdarwaza.com. To search the MLS for free please visit http://www.kimdarwaza.com.