Virginia mortgage rates and industry news

What's could be better than getting $300-$1200 back from Uncle Sam?  How about a temporary raise in the coforming loan limit?  Right now, the lowest interest rates are currently reserved for those who need to borrow up to $417,000.  Anyone needing a mortgage above that amount receives "Jumbo" pricing which is currently at least a full percentage point higher than conforming loans.  Ouch! 

The "average" home price in the DC metro area is $440,000.  The economic stimulous package may include a "temporary" increase to the conforming loan limit by 125%.  $440,000 x 125% = $550,000!  For many Virginians looking to borrow up to $550,000, this equates to savings of $300/mo or more on their mortgage!  That IS big news!  Keep in mind the exact numbers have not been released yet, but stay tuned for up to the minute information on this exciting proposal!