Senate Approves Extending Higher Loan Limits
This is critical to the Northern Virginia Real Estate market. I have really been concerned about how the decrease in the loan limits would affect our market place. On Oct. 1, these elevated limits dropped to $625,500 from $729,750 in the most expensive neighborhoods (ie all of Northern Virginia). In each area, the cap dropped to 115% from 125% of the area's median home price. The good nes is that late Thursday, the U.S. Senate approved an amendment to a spending bill that would extend higher loan limits on government-backed home loans through 2013. The temporarily raised loan limits expired Sept. 30.
Read a Housing Wire article for more details. And read some early analysis in a blog post on thehill.com.
The complete spending bill still has to pass both the Senate and the House of Representatives for the extension to be enacted. You're urged to contact your senator and representative about the importance of passing the bill.
Buying or Selling a Home in Northern Virginia? Contact Kim Darwaza of RE/MAX Allegiance for all of your Real Estate needs at 703-856-2254 or kim@kimdarwaza.com. To search the MLS please visit http://www.kimdarwaza.com.