For those of you who qualify for a VA Loan (Veterans Program), there’s great news if you’re planning on purchasing a home in 2012:
- The new loan limit with 100% financing has increased to $838,750 (from $625,500) through the end of 2012
To find out if you qualify for a VA Loan, visit the Veterans Affairs website here.
This is the only option at this price point for 100% financing, meaning you need $0 down to buy a house.
If you’re looking at an FHA loan, the current loan limit is $729,750.
If you’re looking at a Conventional loan, the current loan limit is $625,500.
The new loan limit is effective immediately. The loan limit is in effect for all of the DC Metro area, including the greater Northern Virginia Area.