Virginia mortgage rates and industry news

Hey, Virginia and Maryland!  Great News!!!!!!

We received word from our investors that HUD just approved an increase in the conforming loan limit! 

The new conforming loan limit has been temporarily raised to $729,750! 

This increase will benefit most counties surrounding the D.C. Metropolitan area! 

Borrowers will now benefit from substantially lower interest rates on higher loan amounts, and be able to purchase homes with less money down! 

Existing home owners stuck with jumbo interest rates or ARMs will now be able to refinance into lower fixed rates and ARMs!

When will this take effect?  Many investors will be ready to accept these new loans as early as 3/17/08! 

This temporary increase will not last forever, so let's benefit from it while we can! 

 

 

Posted by Paul Thistle on March 7th, 2008 10:10 AMPost a Comment (0)
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