Nick Pakulla - Mortgage Lender Loan Officer in MD, DC, VA

Happy New Year!  Hope you had a great Holiday and were able to enjoy time with your family. 

As the 2012 spring market is getting started off with pre-approvals and buyer inquiries, there were several changes (and re-changes) near the end of 2011 that may have led to some confusion and will likely impact your buyers.  Below is a current recap of loan limits, minimum down payments, and maximum seller contributions for all loan options available.

Mortgage rates continue to stay at all time lows!  Let’s make 2012 the best year yet!

Location           Loan Limit       Min. Down Payment     Max. Closing Concessions

Below 417,000 Conventional:

Baltimore          $417,000           5%                               3%

DC                   $417,000           5%                               3%

Investment        $417,000           20%                              2%

Above 417,000 High-Balance Conventional:

Baltimore          $494,500           10%                              6%

DC                   $625,500           10%                             6%

Investment        -                       35%                              2%

10% Down Jumbo ** Using First Place Bank Specific Second Mortgage Product:

Baltimore          $900,000           10%                              6%

DC                   $1,100,000        10%                              6%

FHA Loans:

Baltimore          $560,000           3.5%                            6%

DC                   $729,750           3.5%                             6%

VA:

Howard             $478,400           0%                               ~4%

Baltimore          $494,500           0%                               ~4%

DC                   $625,500           0%                               ~4%

*VA is now very specific per county, please consult the VA County loan limit site: http://www.benefits.va.gov/homeloans/loan_limits.asp

** borrowers can purchase above the VA loan limits by putting down 25% of the difference of the maximum loan limit and the sales price.