For example, if you are buying a Single Family Residence in Arlington County the FHA/Fannie Mae loan limit is $729,750. That means you may qualify for an FHA loan with just 3.5% down or a Conventional loan with 5% down, so long as the loan amount does not exceed $729,750. So if you were utilizing an FHA loan to purchase a $600,000 home your down payment could be as low as $21,000. Of course each loan program has it's specific requirements so always consult with an experienced lender that can outline both loan programs for you in plain English.
In the meantime, you can verify the loan limits per county in Virginia at this link:
If you would like more guidance please feel to contact me at your convenience. Thank you and good luck!
The loan you got a year ago is no longer available. I don't know if you have heard but their has been a tightening of lending guidelines that started in August of last year. So what you were able to get a year ago really doesn't matter.
Call her and find out the information that has been posted is accurate.
I am not a lender and can only give you info on what the lender I work with provides me. You may qualify but you may have to pay PMI. Closing costs will run you about 3/4% of the sale price of the house. You can ask for seller help.
For specific information on the best loan for you, the best idea is to talk to a lender.
Since you will need jumbo financing your rate will be slightly higher than conforming but should not be outrageous. Mid 6's if I was to guess. every state is a little different.