About The Real Estate Group

The Real Estate Group (TREG) "Partners in Excellence"

The mission of The Real Estate Group, LLC is to be Hampton Roads finest provider of real estate services. Our goal is to create a company that provides absolutely the best service for our customers by fostering an environment of teamwork and a common vision. The Real Estate Group, LLC consists of an accomplished team of skilled professionals who take pride in their work and their company. We work hard to go beyond the expectations of our customers, agents, and employees.

2015 Loan Limits

What is a mortgage loan limit?

Loan limits are appropriately named. They are the maximum allowable loan size for a mortgage.

Loan limits vary by product and region, and specified within a loan program’s given mortgage guidelines.  For example, the Federal Housing Administration enforces specific loan limits for FHA loans, and the Department of Veterans Affairs maintains specific loan limits for VA loans.  Loans which exceed an FHA loan’s local loan limit cannot be insured and loans exceeding a VA loans local limit cannot be guaranteed.  For conforming loans — loans backed by Fannie Mae or Freddie Mac — loan limits have been unchanged since 2006 when the government moved to raise the national limit to $417,000.  Reinforcing this point in 2009, conforming loan limits were then raised in certain “high-cost” areas nationwide; areas in which the median home sale price handily exceeded the national average.  So, now there is a comprehensive list by county for each conforming loan limit.  Conforming loans which exceed a local loan limit are commonly known as “jumbo loans”.

The national 2015 conforming mortgage loan limits remain unchanged from 2014, but there are 46 U.S. counties in which local mortgage loan limits have been increased.  All of our local Hampton Roads markets will remain the same at $458,850.  The closest counties that experienced an increase are in Maryland.  VA loan limits typically follow the conforming loan limits and FHA has yet to release their 2015 loan limits, but should follow suit.

To read the entire article and get a full list of each county limit, click this link.

About The Real Estate Group

The Real Estate Group (TREG) "Partners in Excellence"

The mission of The Real Estate Group, LLC is to be Hampton Roads finest provider of real estate services. Our goal is to create a company that provides absolutely the best service for our customers by fostering an environment of teamwork and a common vision. The Real Estate Group, LLC consists of an accomplished team of skilled professionals who take pride in their work and their company. We work hard to go beyond the expectations of our customers, agents, and employees.