A few weeks ago, HUD released new loan limits for FHA and Fannie Mae/Freddie Mac (GSE)conforming loans. The impact of these loan limit increases on the housing market is expected to be significant because of the infusion of capital into the mortgage market, resulting in lower interest rates across the board. In addition, there will be a direct impact on high-cost areas that previously required borrowers to take out costlier jumbo mortgages.

New loan limits for Virginia Beach and Hampton Roads are as follows: 

Obviously, Virginia Beach and Hampton Roads do not (thank goodness!) qualify as a high-cost area.  That’s why our conventional limit did not increase much.  And it’s wonderful that FHA is up to $428,750 because (1) that will take care of MOST Virginia Beach and Hampton Roads home purchases and (2) it’s so much easier credit-wise to qualify for an FHA loan. 

Be sure to contact your lender to determine how the new loan limits affect your buying power. Don’t have a lender yet? Contact us at 866-222-0158 #550 or info@butlerteamhomes.com. We are glad to refer you to a reputable lender with competitive pricing. Be sure to visit our website, ButlerTeamHomes.com, for Virginia Beach real estate info.

Also read:
6 Ways To Beat The Stress Of Buying A Virginia Beach Home
Virginia Beach Real Estate Interest Rates Take A Nose Dive
Virginia Beach Real Estate Radio Show and Podcast