Bethesda, Chevy Chase Real Estate News

Congress Reinstates Higher FHA Loan Limits in DC & Higher End Markets

Washington DC and Greater Bethesda, Maryland areas Included in FHA Reinstatement...

As you may have already caught on the news, The National Association of Realtors®  announced that  Congress has reinstated the loan limit formula up to $729,750 in highest cost markets.  For those not familiar with the Washington DC Metro area, this is the limit that had been in place for the last few years, but reverted back to $625,500 on October 1, 2011. 

Washington DC

The new FHA loan limits, which will be in place through 2013, at 125% of local area median home prices, up to a maximum of $729,750 in the highest cost markets (that's us!) 

Fannie Mae + Freddie Mac = FHA? Nope

Please note, lawmakers chose not to extend the limits for Fannie Mae and Freedie Mac backed loans - who are already receiving a "substantial" (yes, in big quotes!) ammount of taxpayers' assistance for bad loans.  

I've yet to research and digest the implications of an FHA reinstatement so I'm reticent to make any predictions on possible effects in Washington DC's  home sales.  But, If I were to guess, I wouldn't see this legislation making much of a dent across any price strata in the Washington DC and surrounding close-in suburbs.  

Thoughts? 

...

Recently Reduced! DC Luxury Home in Coveted Georgetown Area

A DC luxury real estate reduction: Looking for an updated luxury home with a stones throw from Georgetown (The Berkley neighborhood)...what about a spectacular new price? Our listing at 4607 Kenmore Drive, a 3 bedroom 2.5 bath colonial may be worth exploring. Now listed at $1,120,000, it'll be exceedingly clear why this is such a special opportunity.

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More DC  Luxury Real Estate Information?

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