When we talk about the FHA’s loan limits being reduced on October 1 from $729,750 to $625,500, those are the maximum numbers nationwide that FHA, Fannie, or Freddie will back.

Local limits will be much different.

For example:

  • In Richmond the loan limit will drop from $300,000 to $271,050.
  • In Roanoke it will drop from $280,000 to $271,050.
  • In Essex County it will drop from $375,000 to $274,850.

Get the picture? These loan limits don’t just affect high-priced homes. They affect the middle of the market. If the higher limits aren’t extended, any house in Essex that costs between $274,850 and $375,000 will suddenly becomes much harder to buy or sell.

Full chart after the break….

County Current FHA Loan Limit Limit as of 10/1/2011 Difference
Alexandria city $729,750 $625,500 ($104,250)
Arlington County $729,750 $625,500 ($104,250)
Botetourt County $280,000 $271,050 ($8,950)
Clarke County $729,750 $625,500 ($104,250)
Craig County $280,000 $271,050 ($8,950)
Culpeper County $382,500 $287,500 ($95,000)
Essex County $375,000 $274,850 ($100,150)
Fairfax city $729,750 $625,500 ($104,250)
Fairfax County $729,750 $625,500 ($104,250)
Falls Church city $729,750 $625,500 ($104,250)
Fauquier County $729,750 $625,500 ($104,250)
Franklin County $280,000 $271,050 ($8,950)
Frederick County $475,000 $271,050 ($203,950)
Fredericksburg city $729,750 $625,500 ($104,250)
Highland County $287,500 $271,050 ($16,450)
King George County $386,250 $350,750 ($35,500)
Lancaster County $545,000 $442,750 ($102,250)
Lexington city $296,250 $271,050 ($25,200)
Loudoun County $729,750 $625,500 ($104,250)
Madison County $277,500 $271,050 ($6,450)
Manassas city $729,750 $625,500 ($104,250)
Manassas Park city $729,750 $625,500 ($104,250)
Middlesex County $330,000 $271,050 ($58,950)
Northumberland County $392,500 $318,550 ($73,950)
Orange County $331,250 $271,050 ($60,200)
Prince William County $729,750 $625,500 ($104,250)
Richmond County $300,000 $271,050 ($28,950)
Roanoke city $280,000 $271,050 ($8,950)
Roanoke County $280,000 $271,050 ($8,950)
Salem city $280,000 $271,050 ($8,950)
Spotsylvania County $729,750 $625,500 ($104,250)
Stafford County $729,750 $625,500 ($104,250)
Warren County $729,750 $625,500 ($104,250)
Winchester city $475,000 $271,050 ($203,950)