Just a reminder that the Fannie Mae loan limits are set to expire on Sept 30th and all loans must be settled on or before that date (the 30th is a Friday). Be cautious of the dates, we are hearing that some other lenders have already stopped taking new applications for loans above $625,500 in the DC Metro area and above $494,500 in the Baltimore Metro area (likely because their processing and underwriting departments are delayed). We keep everything in-office so if you are stuck on a file, we can help get it closed in as little as 2 weeks. We will be taking new applications up to about 2 weeks prior to the deadline to help with the fall out that will be coming from the big banks. As a Community Bank, the goal is to always help the local communities where we lend.
We already have a great solution in place for those of you that are affected by the loan limit changes. We are one of the only local banks that still do in-house second mortgages (we lend our own money) which will be used more as the Fannie Mae loan limits drop. Splitting the loans will become the product of choice for buyers that want to get the better conforming rates and are purchasing above the new limits. Taking the first mortgage down to $625,500 / $494,500 and then putting a second mortgage behind it (even up to $400,000 - $500,000) will be a great strategy for buyers that want to aggressively pre-pay the second. This will be great for buyers that get paid bonuses, commissions, only have 10% down, or need to use the second as a bridge loan to go non-contingent on the sale of their current home.
Check out my post on how to obtain a jumbo mortgage with 10% down: http://activerain.com/blogsview/2109479/how-to-get-a-jumbo-mortgage-with-a-10-low-down-payment-in-maryland-dc-or-virginia
| State Name | County Name | New Limit After Oct 1 | Temporary Limit Until Sept 30 |
| DISTRICT OF COL | DISTRICT OF COL, DC | $ 625,500 | $ 729,750 |
| MARYLAND | ALLEGANY, MD | $ 417,000 | $ 417,000 |
| MARYLAND | ANNE ARUNDEL, MD | $ 494,500 | $ 560,000 |
| MARYLAND | BALTIMORE, MD | $ 494,500 | $ 560,000 |
| MARYLAND | CALVERT, MD | $ 625,500 | $ 729,750 |
| MARYLAND | CAROLINE, MD | $ 417,000 | $ 417,000 |
| MARYLAND | CARROLL, MD | $ 494,500 | $ 560,000 |
| MARYLAND | CECIL, MD | $ 417,000 | $ 420,000 |
| MARYLAND | CHARLES, MD | $ 625,500 | $ 729,750 |
| MARYLAND | DORCHESTER, MD | $ 417,000 | $ 417,000 |
| MARYLAND | FREDERICK, MD | $ 625,500 | $ 729,750 |
| MARYLAND | GARRETT, MD | $ 417,000 | $ 437,500 |
| MARYLAND | HARFORD, MD | $ 494,500 | $ 560,000 |
| MARYLAND | HOWARD, MD | $ 494,500 | $ 560,000 |
| MARYLAND | KENT, MD | $ 417,000 | $ 417,000 |
| MARYLAND | MONTGOMERY, MD | $ 625,500 | $ 729,750 |
| MARYLAND | PRINCE GEORGE'S, MD | $ 625,500 | $ 729,750 |
| MARYLAND | QUEEN ANNE'S, MD | $ 494,500 | $ 560,000 |
| MARYLAND | ST. MARY'S, MD | $ 417,000 | $ 417,000 |
| MARYLAND | SOMERSET, MD | $ 417,000 | $ 417,000 |
| MARYLAND | TALBOT, MD | $ 417,000 | $ 443,750 |
| MARYLAND | WASHINGTON, MD | $ 417,000 | $ 417,000 |
| MARYLAND | WICOMICO, MD | $ 417,000 | $ 417,000 |
| MARYLAND | WORCESTER, MD | $ 417,000 | $ 437,500 |
| MARYLAND | BALTIMORE CITY, MD | $ 494,500 | $ 560,000 |
| VIRGINIA | ARLINGTON, VA | $ 625,500 | $ 729,750 |
| VIRGINIA | CLARKE, VA | $ 625,500 | $ 729,750 |
| VIRGINIA | CRAIG, VA | $ 417,000 | $ 417,000 |
| VIRGINIA | CULPEPER, VA | $ 417,000 | $ 417,000 |
| VIRGINIA | CUMBERLAND, VA | $ 535,900 | $ 535,900 |
| VIRGINIA | DICKENSON, VA | $ 417,000 | $ 417,000 |
| VIRGINIA | DINWIDDIE, VA | $ 535,900 | $ 535,900 |
| VIRGINIA | ESSEX, VA | $ 417,000 | $ 417,000 |
| VIRGINIA | FAIRFAX, VA | $ 625,500 | $ 729,750 |
| VIRGINIA | FAUQUIER, VA | $ 625,500 | $ 729,750 |
| VIRGINIA | LOUDOUN, VA | $ 625,500 | $ 729,750 |
| VIRGINIA | LOUISA, VA | $ 535,900 | $ 535,900 |
| VIRGINIA | LUNENBURG, VA | $ 417,000 | $ 417,000 |
| VIRGINIA | MADISON, VA | $ 417,000 | $ 417,000 |
| VIRGINIA | NELSON, VA | $ 437,000 | $ 437,000 |
| VIRGINIA | NEW KENT, VA | $ 535,900 | $ 535,900 |
| VIRGINIA | POWHATAN, VA | $ 535,900 | $ 535,900 |
| VIRGINIA | PRINCE EDWARD, VA | $ 417,000 | $ 417,000 |
| VIRGINIA | PRINCE GEORGE, VA | $ 535,900 | $ 535,900 |
| VIRGINIA | PRINCE WILLIAM, VA | $ 625,500 | $ 729,750 |
| VIRGINIA | SPOTSYLVANIA, VA | $ 625,500 | $ 729,750 |
| VIRGINIA | STAFFORD, VA | $ 625,500 | $ 729,750 |
| VIRGINIA | SURRY, VA | $ 458,850 | $ 458,850 |
| VIRGINIA | SUSSEX, VA | $ 535,900 | $ 535,900 |
| VIRGINIA | TAZEWELL, VA | $ 417,000 | $ 417,000 |
| VIRGINIA | WARREN, VA | $ 625,500 | $ 729,750 |
| VIRGINIA | YORK, VA | $ 458,850 | $ 458,850 |
| VIRGINIA | ALEXANDRIA, VA | $ 625,500 | $ 729,750 |
| VIRGINIA | BEDFORD IND, VA | $ 417,000 | $ 417,000 |
| VIRGINIA | BRISTOL, VA | $ 417,000 | $ 417,000 |
| VIRGINIA | BUENA VISTA, VA | $ 417,000 | $ 417,000 |
| VIRGINIA | CHARLOTTESVILLE, VA | $ 437,000 | $ 437,000 |
| VIRGINIA | CHESAPEAKE, VA | $ 458,850 | $ 458,850 |
| VIRGINIA | COLONIAL HEIGHT, VA | $ 535,900 | $ 535,900 |
| VIRGINIA | FAIRFAX IND, VA | $ 625,500 | $ 729,750 |
| VIRGINIA | FALLS CHURCH, VA | $ 625,500 | $ 729,750 |
| VIRGINIA | FRANKLIN IND, VA | $ 417,000 | $ 417,000 |
| VIRGINIA | FREDERICKSBURG, VA | $ 625,500 | $ 729,750 |
| VIRGINIA | GALAX, VA | $ 417,000 | $ 417,000 |
| VIRGINIA | HAMPTON, VA | $ 458,850 | $ 458,850 |
| VIRGINIA | HARRISONBURG, VA | $ 417,000 | $ 417,000 |
| VIRGINIA | HOPEWELL, VA | $ 535,900 | $ 535,900 |
| VIRGINIA | MANASSAS, VA | $ 625,500 | $ 729,750 |
| VIRGINIA | MANASSAS PARK, VA | $ 625,500 | $ 729,750 |
Nick Pakulla / Loan Officer / NMLS# 728211 / First Place Bank Mortgage Lender / 15400 Calhoun Drive, Rockville MD 20855 / 301.585.7283 / http://www.nickhomeloan.com
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