Sunday, 25 October 2020

2019 FHA Loan Limits in Virginia

2019 FHA Loan Limits in Virginia
07 Apr
7:39

Virginia’s average housing prices are relatively low compared with other parts of the country, but the arrival of Amazon — which is expected to bring about 25,000 employees to a Virginia suburb of Washington, D.C. — will surely affect the market. With a mix of rural, suburban and a smattering of more urban housing, there’s a wide range of property prices offered.But if this is your first time buying a home, or if you need a little help with your housing purchase, you may want to consider a Federal Housing Administration (FHA) loan. In Virginia, the FHA offers loans with limits that vary by county (the higher-priced areas have higher loan limits). For example, in Appomattox County, a one-unit home has an FHA loan limit of $314,827, while in Arlington County, that same home has a limit of $726,525.

Virginia FHA Loan Limits by County

County Name One-Family Two-Family Three-Family Four-Family Median Sale Price
ACCOMACK $314,827 $403,125 $487,250 $605,525 $75,000
ALBEMARLE $437,000 $559,450 $676,200 $840,400 $362,000
ALEXANDRIA CITY $726,525 $930,300 $1,124,475 $1,397,400 $768,000
ALLEGHANY $314,827 $403,125 $487,250 $605,525 $118,000
AMELIA $535,900 $686,050 $829,250 $1,030,600 $300,000
AMHERST $314,827 $403,125 $487,250 $605,525 $210,000
APPOMATTOX $314,827 $403,125 $487,250 $605,525 $210,000
ARLINGTON $726,525 $930,300 $1,124,475 $1,397,400 $768,000
AUGUSTA $314,827 $403,125 $487,250 $605,525 $205,000
BATH $314,827 $403,125 $487,250 $605,525 $94,000
BEDFORD $314,827 $403,125 $487,250 $605,525 $210,000
BEDFORD CITY $314,827 $403,125 $487,250 $605,525 $210,000
BLAND $314,827 $403,125 $487,250 $605,525 $80,000
BOTETOURT $314,827 $403,125 $487,250 $605,525 $198,000
BRISTOL CITY $314,827 $403,125 $487,250 $605,525 $140,000
BRUNSWICK $314,827 $403,125 $487,250 $605,525 $132,000
BUCHANAN $314,827 $403,125 $487,250 $605,525 $50,000
BUCKINGHAM $437,000 $559,450 $676,200 $840,400 $362,000
BUENA VISTA CIT $314,827 $403,125 $487,250 $605,525 $80,000
CAMPBELL $314,827 $403,125 $487,250 $605,525 $210,000
CAROLINE $535,900 $686,050 $829,250 $1,030,600 $300,000
CARROLL $314,827 $403,125 $487,250 $605,525 $80,000
CHARLES CITY $535,900 $686,050 $829,250 $1,030,600 $300,000
CHARLOTTE $314,827 $403,125 $487,250 $605,525 $57,000
CHARLOTTESVILLE $437,000 $559,450 $676,200 $840,400 $362,000
CHESAPEAKE CITY $458,850 $587,400 $710,050 $882,400 $308,000
CHESTERFIELD $535,900 $686,050 $829,250 $1,030,600 $300,000
CLARKE $726,525 $930,300 $1,124,475 $1,397,400 $768,000
COLONIAL HEIGHT $535,900 $686,050 $829,250 $1,030,600 $300,000
COVINGTON CITY $314,827 $403,125 $487,250 $605,525 $75,000
CRAIG $314,827 $403,125 $487,250 $605,525 $198,000
CULPEPER $726,525 $930,300 $1,124,475 $1,397,400 $768,000
CUMBERLAND $314,827 $403,125 $487,250 $605,525 $99,000
DANVILLE CITY $314,827 $403,125 $487,250 $605,525 $96,000
DICKENSON $314,827 $403,125 $487,250 $605,525 $98,000
DINWIDDIE $535,900 $686,050 $829,250 $1,030,600 $300,000
EMPORIA CITY $314,827 $403,125 $487,250 $605,525 $130,000
ESSEX $314,827 $403,125 $487,250 $605,525 $141,000
FAIRFAX $726,525 $930,300 $1,124,475 $1,397,400 $768,000
FAIRFAX CITY $726,525 $930,300 $1,124,475 $1,397,400 $768,000
FALLS CHURCH CI $726,525 $930,300 $1,124,475 $1,397,400 $768,000
FAUQUIER $726,525 $930,300 $1,124,475 $1,397,400 $768,000
FLOYD $314,827 $403,125 $487,250 $605,525 $200,000
FLUVANNA $437,000 $559,450 $676,200 $840,400 $362,000
FRANKLIN $314,827 $403,125 $487,250 $605,525 $198,000
FRANKLIN CITY $314,827 $403,125 $487,250 $605,525 $182,000
FREDERICK $314,827 $403,125 $487,250 $605,525 $264,000
FREDERICKSBURG $726,525 $930,300 $1,124,475 $1,397,400 $768,000
GALAX CITY $314,827 $403,125 $487,250 $605,525 $108,000
GILES $314,827 $403,125 $487,250 $605,525 $200,000
GLOUCESTER $458,850 $587,400 $710,050 $882,400 $308,000
GOOCHLAND $535,900 $686,050 $829,250 $1,030,600 $300,000
GRAYSON $314,827 $403,125 $487,250 $605,525 $91,000
GREENE $437,000 $559,450 $676,200 $840,400 $362,000
GREENSVILLE $314,827 $403,125 $487,250 $605,525 $102,000
HALIFAX $314,827 $403,125 $487,250 $605,525 $116,000
HAMPTON CITY $458,850 $587,400 $710,050 $882,400 $308,000
HANOVER $535,900 $686,050 $829,250 $1,030,600 $300,000
HARRISONBURG CI $314,827 $403,125 $487,250 $605,525 $215,000
HENRICO $535,900 $686,050 $829,250 $1,030,600 $300,000
HENRY $314,827 $403,125 $487,250 $605,525 $81,000
HIGHLAND $314,827 $403,125 $487,250 $605,525 $135,000
HOPEWELL CITY $535,900 $686,050 $829,250 $1,030,600 $300,000
ISLE OF WIGHT $458,850 $587,400 $710,050 $882,400 $308,000
JAMES CITY $458,850 $587,400 $710,050 $882,400 $308,000
KING AND QUEEN $314,827 $403,125 $487,250 $605,525 $140,000
KING GEORGE $350,750 $449,000 $542,750 $674,500 $270,000
KING WILLIAM $535,900 $686,050 $829,250 $1,030,600 $300,000
LANCASTER $442,750 $566,800 $685,100 $851,450 $175,000
LEE $314,827 $403,125 $487,250 $605,525 $50,000
LEXINGTON CITY $354,200 $453,450 $548,100 $681,150 $308,000
LOUDOUN $726,525 $930,300 $1,124,475 $1,397,400 $768,000
LOUISA $314,827 $403,125 $487,250 $605,525 $201,000
LUNENBURG $314,827 $403,125 $487,250 $605,525 $50,000
LYNCHBURG CITY $314,827 $403,125 $487,250 $605,525 $210,000
MADISON $314,827 $403,125 $487,250 $605,525 $180,000
MANASSAS CITY $726,525 $930,300 $1,124,475 $1,397,400 $768,000
MANASSAS PARK C $726,525 $930,300 $1,124,475 $1,397,400 $768,000
MARTINSVILLE CI $314,827 $403,125 $487,250 $605,525 $81,000
MATHEWS $458,850 $587,400 $710,050 $882,400 $308,000
MECKLENBURG $314,827 $403,125 $487,250 $605,525 $84,000
MIDDLESEX $314,827 $403,125 $487,250 $605,525 $189,000
MONTGOMERY $314,827 $403,125 $487,250 $605,525 $200,000
NELSON $437,000 $559,450 $676,200 $840,400 $362,000
NEW KENT $535,900 $686,050 $829,250 $1,030,600 $300,000
NEWPORT NEWS CI $458,850 $587,400 $710,050 $882,400 $308,000
NORFOLK CITY $458,850 $587,400 $710,050 $882,400 $308,000
NORTHAMPTON $314,827 $403,125 $487,250 $605,525 $121,000
NORTHUMBERLAND $318,550 $407,800 $492,950 $612,600 $185,000
NORTON CITY $314,827 $403,125 $487,250 $605,525 $98,000
NOTTOWAY $314,827 $403,125 $487,250 $605,525 $83,000
ORANGE $314,827 $403,125 $487,250 $605,525 $225,000
PAGE $314,827 $403,125 $487,250 $605,525 $137,000
PATRICK $314,827 $403,125 $487,250 $605,525 $75,000
PETERSBURG CITY $535,900 $686,050 $829,250 $1,030,600 $300,000
PITTSYLVANIA $314,827 $403,125 $487,250 $605,525 $96,000
POQUOSON CITY $458,850 $587,400 $710,050 $882,400 $308,000
PORTSMOUTH CITY $458,850 $587,400 $710,050 $882,400 $308,000
POWHATAN $535,900 $686,050 $829,250 $1,030,600 $300,000
PRINCE EDWARD $314,827 $403,125 $487,250 $605,525 $140,000
PRINCE GEORGE $535,900 $686,050 $829,250 $1,030,600 $300,000
PRINCE WILLIAM $726,525 $930,300 $1,124,475 $1,397,400 $768,000
PULASKI $314,827 $403,125 $487,250 $605,525 $200,000
RADFORD CITY $314,827 $403,125 $487,250 $605,525 $200,000
RAPPAHANNOCK $726,525 $930,300 $1,124,475 $1,397,400 $768,000
RICHMOND $314,827 $403,125 $487,250 $605,525 $117,000
RICHMOND CITY $535,900 $686,050 $829,250 $1,030,600 $300,000
ROANOKE $314,827 $403,125 $487,250 $605,525 $198,000
ROANOKE CITY $314,827 $403,125 $487,250 $605,525 $198,000
ROCKBRIDGE $314,827 $403,125 $487,250 $605,525 $204,000
ROCKINGHAM $314,827 $403,125 $487,250 $605,525 $215,000
RUSSELL $314,827 $403,125 $487,250 $605,525 $72,000
SALEM CITY $314,827 $403,125 $487,250 $605,525 $198,000
SCOTT $314,827 $403,125 $487,250 $605,525 $140,000
SHENANDOAH $314,827 $403,125 $487,250 $605,525 $170,000
SMYTH $314,827 $403,125 $487,250 $605,525 $82,000
SOUTHAMPTON $314,827 $403,125 $487,250 $605,525 $171,000
SPOTSYLVANIA $726,525 $930,300 $1,124,475 $1,397,400 $768,000
STAFFORD $726,525 $930,300 $1,124,475 $1,397,400 $768,000
STAUNTON CITY $314,827 $403,125 $487,250 $605,525 $205,000
SUFFOLK CITY $458,850 $587,400 $710,050 $882,400 $308,000
SURRY $314,827 $403,125 $487,250 $605,525 $122,000
SUSSEX $535,900 $686,050 $829,250 $1,030,600 $300,000
TAZEWELL $314,827 $403,125 $487,250 $605,525 $93,000
VIRGINIA BEACH $458,850 $587,400 $710,050 $882,400 $308,000
WARREN $726,525 $930,300 $1,124,475 $1,397,400 $768,000
WASHINGTON $314,827 $403,125 $487,250 $605,525 $140,000
WAYNESBORO CITY $314,827 $403,125 $487,250 $605,525 $205,000
WESTMORELAND $314,827 $403,125 $487,250 $605,525 $170,000
WILLIAMSBURG CI $458,850 $587,400 $710,050 $882,400 $308,000
WINCHESTER CITY $314,827 $403,125 $487,250 $605,525 $264,000
WISE $314,827 $403,125 $487,250 $605,525 $98,000
WYTHE $314,827 $403,125 $487,250 $605,525 $105,000
YORK $458,850 $587,400 $710,050 $882,400 $308,000

How are FHA loan limits figured?

The FHA reviews the home prices in Virginia (and across the country) annually to set its loan pricing each year. The “floor” limit is specifically set at 65% of the conforming loan limit for mortgages following the Fannie Mae and Freddie Mac guidelines.

So because the national conforming loan limit increased to $484,350 in 2019, the lowest limit for FHA loans also increased, to a minimum of $314,827 this year, including in Virginia.

The maximum FHA loan limits have also increased, to $726,525 for a one-unit home or $930,300 for a two-unit home in the more expensive areas of the country, and some of these are in Virginia. That limit is 150% of the national conforming loan limit.

While you don’t have to be a first-time homebuyer to receive an FHA loan, about 83% of FHA loans went to those newbies in fiscal year 2018, according to the FHA’s Mutual Mortgage Insurance Fund report.

Do you qualify for an FHA loan in Virginia?

Qualifying for an FHA loan is much easier to do than qualifying for a conventional loan. For starters, your credit score only needs to be at least 580 if you plan on putting 3.5% down. Got a lower credit score? If it’s between 500 and 579, you can still qualify, but you’ll have to put 10% down.

You will also need to show that you have a debt-to-income (DTI) ratio of less than 43%. You need to be employed and will need to produce documents to prove that you are making enough money to pay your mortgage.

If you plan on getting an FHA loan, be aware that you’ll have to pay mortgage insurance premiums. This is 1.75% of your loan upfront, along with a yearly payment ranging from 0.45% to 1.05%, depending on your property’s loan-to-value (LTV) ratio and your loan. So if you put down less than 10%, you’ll have to pay this insurance for the entirety of the loan, whereas if you put down at least 10%, you can stop paying mortgage insurance premiums after 11 years.

Need more info? Check out our primary FHA page.

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Danielle Braff

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Source: https://www.magnifymoney.com/blog/mortgage/fha-loan-limits-in-virginia/

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