Temporary VA Home Loan Limit Increase

This is the best news for military home buyers near Fort Meade that we've had for a long time.  And a much  need shot in the arm for a sluggish real estate market with loads of inventory.

Previous to today if you were a home buyer eligible for a VA loan your no down payment loan option capped out at $417,000.  If you purchased a home over $417,000 you had to make a down payment on the portion of the loan that was over $417,000. 

As of today VA has upped the limit for no downpyament  loans to match current FHA limits as shown below.
Anne Arundel County       $560,000
Prince Georges' County  $729,750
Howard County                 $560,000
Baltimore                           $560,000

You can view the new no down payment loan limits for all states and counties at this link:  https://entp.hud.gov/idapp/html/hicostlook.cfm

This is fabulous news at a time when all other down payment assistance programs have been taken away.  And even better news for home buyers and home sellers in Maryland communities near Fort Meade.

The catch is that this increase (at this time) is only good through 12/31/08 so there is a limited window of opportunity.  This increase does not include refinancing of loans.

The Fort Meade real estate market just got a lot more interesting for both buyers and sellers!

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