Newly Revised Virginia Residential Property Disclosure Statement

The Virginia Real Estate Commission has recently revised (07/11) the Residential Property Disclosure Statement. You can get the new form by clicking here.

High-Cost Loan Limits

With Congress tied up at the moment, it doesn't seem like anyone is paying attention to the fact the temporary high-cost loan limits are set to expire on September 30, 2011. When that happens, conventional and FHA loan limits will move to permanent loan limits established under the Housing and Economic Recovery Act of 2008 (HERA). The maximum high-cost county loan limit of $729,750 for 1 unit properties will be reduced to the current max loan limit of $625,500.

Now is the time to begin the dialog around the issue. We need permanent high-cost loan limits in place now or the delicate recovery will face another bump in the road. I'm already carsick and would prefer a smoother ride this winter.