URGENT

The Federal Housing Finance Agency has just released the 2009 guidelines for Conforming Loan Limitations.  Anyone who has been considering purchasing a home for which they will need a loan exceeding the new guidelines should definitely consider making a move prior to the end of 2008.

The new loan limits for Northern Virginia (Component Counties:  Arlington, Clarke, Fairfax, Fauquier, Loudoun, Prince William, Spotsylvania, Stafford, Warren and Component Cities:  Alexandria, Fairfax, Falls Church, Fredericksburg, Manassas, Mannassas Park) has been set at $625,500.  The current limit for Conforming Loans in these areas is $729,750.

Using current interest rates, a jumbo conforming loan of $725,00 will cost somewhere in the neighborhood of and additional $500 per month (or $6,000 per year) if you wait until January 1, 2009.

For additional information, contact me or call: (703) 999-5812.

You can also access the FHFA new release at: http://www.ofheo.gov/newsroom.aspx?ID=481&q1=1&q2=None