Maximum VA Loan county limits updated for 2016

Maximum VA Loan county limits updated for 2016

The Department of Veterans Affairs Loan Guaranty Program recently published county “limits” to be used for VA Loans effective January 1, 2016.

Please note, these limits do not reflect a maximum amount that an eligible veteran is permitted to borrow, but rather, reflects the VA’s maximum guaranty amount for a particular county. The maximum VA guaranty amount for loans over $144,000 is 25% of the 2016 VA limit.

For example, an eligible veteran may borrow up to $625,500 to purchase a property in Washington, DC (2016 VA limit), with the VA guaranteeing 25% of the loan amount, or approximately $156,375.00. These amounts have remained unchanged in most of the DC Metro Region compared to the 2015 VA limits.

The limits listed below are for some counties in Maryland and Virginia, as well as for the District of Columbia. For a complete list of the county limits for 2016, please click the chart of conforming loan limits. If your county is not listed on the county limits chart on the VA website, the 2016 limit is $417,000.

State
County
2016 VA Limit
DC
District of Columbia
$625,500
MD
Anne Arundel
$517,500
MD
Frederick
$625,500
MD
Howard
$517,500
MD
Montgomery
$625,500
MD
Prince George's
$625,500
MD
Alexandria
$625,500
VA
Arlington
$625,500
VA
Fairfax
$625,500
VA
Falls Church
$625,500
VA
Fauquier
$625,500
VA
Loudoun
$625,500
VA
Manassas
$625,500
VA
Prince William
$625,500

Headlines: Cultural hub coming to U Street? Cost of FHA loan to drop

Here's a look at what's happening in real estate in and around the District of Columbia.

Proposal would bring museum, condos and performing arts center to U Street area

Under the proposal, the former Grimke School would be transformed into a cultural hub. In addition to creating a permanent space for the African-American Civil War museum, the building would be home to several performance groups, including Step Afrika!, CityDance, Dance USA and Imagination Stage. -Washington Post

Washington housing in 2014: Almost back

The median price of a house or condo that sold in the Washington region in 2014 was $405,750, up just 1.4 percent from 2013, but just 2.2 percent shy of the 2007 peak price of $415,000, according to listing service MRIS' RealEstate Business Intelligence Report. -Washington Business Journal

A year later, little resolution on contested Florida Avenue site

On Feb. 3, 2014, two developers struck a deal that seemed poised to resolve a longstanding conflict and bring U Street NW-area neighbors what they desired: a mixed-use development with a Harris Teeter supermarket on what's currently a vacant lot. Nearly a year later, all of that is still up in the air. -Washington City Paper

Groundbreaking this week on third phase of Waterfront Station project

Groundbreaking is expected to begin this week for the 365-unit residential project in Waterfront. This project is the third phase in the Waterfront Station project that is completely revitalizing the neighborhood with more than 80,000-square-feet in retail, more than 500,000-square-feet in office space, and hundreds of residential units along 4th Street. -Curbed DC

CFPB site provides education for new homebuyers

The site is part of the agency’s Know Before You Owe campaign and includes interactive tools aimed at creating more informed and empowered homebuyers. -Urban Turf

FHA to lower cost of mortgage insurance

For the typical FHA applicant, the reduction in premiums means a savings of about $80 on their monthly payment, according to CoreLogic's chief economist, Sam Khater. -CNBC

Maximum VA loan county limits updated for 2015

The Department of Veterans Affairs Loan Guaranty Program recently published county "limits" to be used for VA Loans effective January 1, 2015.

Please note, these limits do not reflect a maximum amount that an eligible veteran is permitted to borrow, but rather, reflects the VA’s maximum guaranty amount for a particular county.

The maximum VA guaranty amount for loans over $144,000 is twenty-five (25%) percent of the 2015 VA limit. For example, an eligible veteran may borrow up to $625,500 to purchase a property in Washington, DC (2015 VA limit), with the VA guaranteeing twenty-five percent (25%) of the loan amount, or approximately $156,375.00. These amounts have decreased dramatically in most area of the DC Metro Area compared to the 2014 VA limits.

The limits listed below are for some counties in Maryland and Virginia, as well as for the District of Columbia. To get a complete list of the county limits for 2015, please click here. [Please note, if your county is not listed on the county limits chart on the VA website, the 2014 limit is $417,000.]

State County 2015 VA Limit
DC District of Columbia $625,500
MD Anne Arundel $517,500
MD Frederick $625,500
MD Howard $517,500
MD Montgomery $625,500
MD Prince George's $625,500
VA Alexandria $625,500
VA Arlington $625,500
VA Fairfax $625,500
VA Falls Church $625,500
VA Fauquier $625,500
VA Loudoun $625,500
VA Manassas $625,500
VA Prince William $625,500

Top posts of 2014

As another year comes to a close at Federal Title, we take a moment to look back at some of the most popular articles posted to our blog in 2014. 

Supplemental tax bill catches some Maryland homebuyers off guard
By Catherine Schmitt

A supplemental tax bill is a bill that is issued when a property is reassessed during the current tax year. Often the supplemental bill will be for a specific period, i.e., a quarter, half or three-quarter tax period. This bill is an additional bill that is sent directly to the home owner and is paid directly by the owner.

Maximum VA loan county limits for 2014 released 
By Jackie Kurz

The Department of Veterans Affairs Loan Guaranty Program recently published county "limits" to be used for VA Loans effective January 1, 2014.

How can real estate agents protect against Internet security threats? 
By Nikki Smith

A solid Web marketing strategy can be a boon to business of any size, but it can also make a business more vulnerable to cyber attacks if proper precautions are not taken.

Headlines: Bizarre story of missing real estate agent ends in tragedy 
By Nikki Smith

The body of missing Arkansas realtor Beverly Carter has been located north of the Little Rock area in a shallow grave, the Pulaski County Sheriff's Office said early Tuesday

5 safety tips for real estate agents 
By Nikki Smith

While rare, attacks on real estate agents do happen from time to time and (sadly) women in particular are vulnerable. In light of this recent event, I thought it'd be good to explore the topic and offer some safety tips for real estate agents.

Avoid the DC recapture tax 'surprise' 
By Todd Ewing

DC Office of Tax and Revenue has recently been imposing a recapture tax against properties that were receiving senior citizen tax relief but ineligible due to the property owner’s death – i.e., a change in eligibility.

A wake-up call from CFPB regarding Marketing Service Agreements 
By Todd Ewing

Federal Title has actively taken a strong stance against both MSA’s and Affiliated Business Arrangements (ABAs), recognizing that such arrangements only enrich the referral sources at the expense of the consumer and further drive up the costs of title charges.

New Maryland bill to limit cost of condo resale package 
By Todd Ewing

There's currently a proposal to limit the fee to $50. Hearings on the legislation continue and we will keep you apprised of the final bill.

DC Council passes the Senior Citizen Real Property Tax Relief Act of 2013 
By Joe Gentile

Ten members of the Council of the District of Columbia voted for and passed the "Senior Citizen Real Property Tax Relief Act of 2013" earlier this week. The bill will now be submitted to DC Mayor Gray for his signature.

Real estate predictions for 2014 
By Nikki Smith

"You've got a migration of folks from all over the country trying to crack the DC [housing] market," said Todd Ewing, whose company handled more than 1,400 purchase closings in 2013. "That trend will continue."

Language stemming from outdated DC law should be removed from lender's loan packages

Several mortgage lenders continue to require borrowers to sign a statement at closing as to whether a borrower has a non-borrowing spouse or domestic partner living with the borrower.  

The recitation provided by the lender reads, "Washington, DC law provides that a mortgage, deed of trust, or assignment for the benefit of creditors is not binding or valid unless it is signed by the spouse or domestic partner of the debtor who is living with his or her spouse or domestic partner. Consequently, a non-borrowing domestic partner or spouse may have an ownership interest in the property of the borrowing domestic partner or spouse.  As a result, the Lender will require that both spouses or registered domestic partners sign the security instrument in order to ensure it is fully enforceable."

The recitation comes from an outdated DC law, and your legal counsel should have it eliminated from the loan package since it creates much confusion among the borrowers at closing.

DC law used to provide:

§ 15-502. Mortgage or other instrument affecting exempt property 

   (a) A mortgage, deed of trust, assignment for the benefit of creditors, or bill of sale upon exempted articles is not binding or valid unless it is signed by the spouse or domestic partner of a debtor who is living with his or her spouse or domestic partner.

This purports to say that these instruments are not valid without a spouse or domestic partner’s signature, but this was an error, and legislation in 2006 corrected it.

In 2006 § 15-502(a) was changed to add the following language at the end:  

"This section shall not apply to instruments related to property exempted in § 15-501(a)(14)."

Under § 15-501 (a)(14), which was also amended in 2006, instruments related to property exempted means deeds of trust, mortgages, mechanics liens, and tax liens related to a debtor’s residence.

The effect of the amendments is to make clear that a spouse or domestic partner’s signature is not required on security instruments. 

In addition, more generally, in 2001, DC abolished dower rights. (DC Law 13-292, Omnibus Trust and Estates Amendment Act of 2000.)

  • Ways to save at closing

    Title charges are the largest chunk of closing costs and can vary by hundreds of dollars.

    Learn more

  • What are closing costs?

    The real estate closing process involves loan steps, legal steps and title steps.

    Learn more

  • What's title insurance?

    Insure your legal ownership just like you'd insure the building, but for lots cheaper.

    Learn more

Connect with us


Our blog contains general information only, not intended to be relied upon as, nor a substitute for, specific professional advice. Rate tables and figures that appear on our blog are deemed reliable but not guaranteed. For current rates & policies, refer to our Quick Quote and Consumer Guide. We accept no responsibility for loss occasioned to any purpose acting on or refraining from action as a result of any material on our blog.