VA LOAN ELIGIBLE HOME BUYERS
URGENT ANNOUNCEMENT - August 21, 2008 - New VA loan limit $729,650.

VA LOAN LIMIT RAISED TO UP TO $729,000 IN some MARYLAND and VIRGINIA areas..

VA Raising Home Loan Ceilings in Many Areas

NO DOWN PAYMENT
ALL CLOSING PAID BY SELLER

NO DOWN PAYMENT LOAN WITH ALL CLOSING PAID BY SELLER LOANS FOR VA HOME BUYERS

Effective immediately, as of August 21, 2008, eligible home buyer may use their VA benefits to finance home purchases up to $729,000 with

The increased limits in the general home loan program for all veterans' home purchases or construction will be based on local housing costs, tied to the similar locality adjustments of the Federal Home Loan Mortgage Corp., Freddie Mac.

VA home loans are available for veterans to purchase or construct single-family homes, and to purchase condominiums or cooperative apartments. There are about 2.3 million existing VA home loans, more than 90 percent made with no down payment.

The limit for Fannie Mae Loans in the Maryland and Northern Virginia real estate market is $729,000 in

VIRGINIA Counties with $729,000 Limit
Arlington County
Alexandria
Clarke County
Falls Church
Fairfax County
Fauquier County
Prince William County
Loudoun County
Spotsylvania County
Stafford County
Manassas
Manassas Park
Fredericksburg

MARYLAND COUNTIES WITH $729,000 LOAN LIMIT
Prince George's County
Montgomery County
Howard County
Frederick County
Charles County
Calvert County

Baltimore / Towson - Loan Limit $560,000
Eastern Shore / Talbot County - Loan Limit $443,750

For more information, contact Lenn Harley, Broker, Homefinders.com, 800-711-7988

Active duty military personnel and most retired or former military personnel are eligible to benefit from a Veterans Administration Guaranteed Home Loan (VA loan).

The VA loan is a loan that permits the eligible home buyer to buy with no down payment and permits the seller to pay all of the home buyer's closing costs.

This loan is very popular in areas where the real estate market is considered a "buyer's market". If there are numerous homes on the market, sellers will be willing to make significant contributions to the VA buyer's closing costs, often all of the closing costs. However, in a seller's market, when there are few properties offered for sale and competition for the homes available, sellers are not willing to contribution their money to pay much if anything toward the VA buyer's closing costs.

Further, VA appraisal guidelines are much more rigid than the conventional loan appraisal guidelines.For the above and other reasons, the Maryland and Northern Virginia real estate markets are not what we would call "VA loan friendly". So, Homefinders.com can refer our home buyers to lenders who have very good 100% "no down payment" loans.