Virginia Home Mortgage Rates
FHA Loans for Refinancing with VA Lender Discounts

Nationwide Mortgage Loans offers competitive low mortgage rates to Virginia homeowners seeking fixed rate refinancing and cash out. Our VA lenders provide prime interest rates second mortgages, refinance, home purchase, equity loans and lines of credit with 100% financing options for investment properties and Virginia 2nd home purchases.

Virginia FHA Mortgage Limits

The Housing of Urban Development raised the Virginia mortgage maximum limits for 2008 and the FHA loan changes can be seen below by county.

County Name

State

One-Family

Two-Family

Three-Family

Four-Family

SCOTT

VA

$271,050

$347,000

$419,400

$521,250

WASHINGTON

VA

$271,050

$347,000

$419,400

$521,250

CRAIG

VA

$280,000

$358,450

$433,250

$538,450

SALEM

VA

$280,000

$358,450

$433,250

$538,450

ROANOKE

VA

$280,000

$358,450

$433,250

$538,450

CLARKE

VA

$729,750

$934,200

$1,129,250

$1,403,400

WARREN

VA

$729,750

$934,200

$1,129,250

$1,403,400

FAIRFAX

VA

$729,750

$934,200

$1,129,250

$1,403,400

LOUDOUN

VA

$729,750

$934,200

$1,129,250

$1,403,400

FAUQUIER

VA

$729,750

$934,200

$1,129,250

$1,403,400

MANASSAS

VA

$729,750

$934,200

$1,129,250

$1,403,400

STAFFORD

VA

$729,750

$934,200

$1,129,250

$1,403,400

ARLINGTON

VA

$729,750

$934,200

$1,129,250

$1,403,400

ALEXANDRIA

VA

$729,750

$934,200

$1,129,250

$1,403,400

FALLS CHURCH

VA

$729,750

$934,200

$1,129,250

$1,403,400

MANASSAS PARK

VA

$729,750

$934,200

$1,129,250

$1,403,400

FREDERICKSBURG

VA

$729,750

$934,200

$1,129,250

$1,403,400

PRINCE WILLIAM

VA

$729,750

$934,200

$1,129,250

$1,403,400

HENRY

VA

$271,050

$347,000

$419,400

$521,250

MARTINSVILLE

VA

$271,050

$347,000

$419,400

$521,250

CULPEPER

VA

$382,500

$489,650

$591,900

$735,600

AMHERST

VA

$271,050

$347,000

$419,400

$521,250

BEDFORD

VA

$271,050

$347,000

$419,400

$521,250

CAMPBELL

VA

$271,050

$347,000

$419,400

$521,250

LYNCHBURG

VA

$271,050

$347,000

$419,400

$521,250

SUSSEX

VA

$528,750

$676,900

$818,200

$1,016,850

Virginia Home Sales Steady as Mortgage Rates Stay Put

Home prices in Virginia drop as the prime interest rate levels off for the third month in a row. The state's median home sales price fell from $214,950 in June to $192,738 in July. The prime interest rate has hovered at 8.25% since a steady climb up from 7.25% in January.

Figures from the Virginia Association of Realtors show housing sales climbed steadily from January to March then dipped in April then started up again until a drop in July. 6,716 homes sold in January then reached a second quarter high at 12,577. But, July's figures fell to 10,500 as the prime interest stayed the same.

Most economists think a rising interest rate fights inflation, and in some markets the interest rate has pushed home prices down. This may have helped created a "buyer's market". Virginia homeowners reacted almost the opposite. When the interest rate hit 7.75% in April, sales dropped more than 300 points. But at the same time, the median sales price for a home in Virginia spiked at $227,225, the highest in the first half of 2006. Virginia Mortgage brokers reported a slight drop in second mortgage rates and the volume for home equity loan applications increased slightly for this period.

"We continue to remain positive about Virginia's housing market," says VAR President Kit Hale. "Because economists are suggesting that overall the South will remain economically strong, experiencing job growth, attracting job seekers, and consequently, providing support to the housing market as demand and supply come into a more sustainable balance."

Third quarter figures show the typical reaction to a rising interest rate. As the interest rate climbed even higher to 8.25%, home prices dropped then climbed and started the third quarter at $192,738, almost $30,000 higher than January median sales price. Sales dropped; however, by more than 2,000 units, but more than 3,000 points higher than the first part of the year.

 

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More Related Virginia Pages:
Virginia Mortgage | Virginia Second Mortgage | Virginia Mortgage Rates | VA Mortgage Refinance
Additional Helpful Mortgage Loan Pages:
Loan Specials | Adjustable Rate Refinance | Home Equity Refinance | Bad Credit Refinance | State Guide Second Mortgages | Home Loan for Bad Credit | FHA Mortgage | Purchase Loan
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