Seattle Conforming Loan Limits Increased For 2009 - 2010
Local Market News — By TheMortgageReel Team on February 24, 2009 at 9:12 pm
Washington State County
Loan Limits Continue for 2010!!
contact us with questions and scenarios
Federal Housing Finance Agency
2009 Conforming loan limits
increased by American
Economic Reinvestment Act
Signed and updated as of Tuesday
February 24, 2009
For more detailed information
www.ofheo.gov/Regulations.aspx?Nav=128
| County | One Unit Limit | Two Unit Limit | Three Unit Limit | Four Unit Limit | |
| Clark | WA | $418,750 | $536,050 | $648,000 | $805,300 |
| Jefferson | WA | $437,500 | $560,050 | $677,000 | $841,350 |
| King | WA | $567,500 | $726,500 | $878,150 | $1,091,350 |
| Kitsap | WA | $475,000 | $608,100 | $735,050 | $913,450 |
| Pierce | WA | $567,500 | $726,500 | $878,150 | $1,091,350 |
| San Juan | WA | $593,750 | $760,100 | $918,800 | $1,141,850 |
| Skamania | WA | $418,750 | $536,050 | $648,000 | $805,300 |
| Snohomish | WA | $567,500 | $726,500 | $878,150 | $1,091,350 |
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9 Comments
sounds like this will be good news for the buyers wanting to get into a home in a higher price range , Is this what I’m reading Keith?
There has been a temporary freeze on the super conforming loan limits of $567,500 in King county for example. Right now the limit remains at the $506,000. May 1, 2009 the limits may go back to $567,500 so please check back. If you are in that price point for a refinance or purchase, please be patient.
Thanks
The Mortgage Reel
The super conforming/agency jumbo loan limits were held back to $506k in King county for example. They will go back to $567,500 at the beginning of May for some lenders and possibly earlier for others. If you have a specific lender call and ask to verify.
Yes the conforming loan limits have been increased back to the chart above.
King, Pierce, and Snohomish counties are all at $567,500
If I have a junbo loan of %500,000 from, say, bank of america, does this limit increase mean I can refinance this loan as a regular 30 year fix? Thanks.
Hi Liu, you are correct, you are able to refinance. However this all depends on the area that you live in. Because what they call the high balance loan limits are based on state to state increases it will all come down to where your home it located. We are located in Washington State and King, Pierce, and Snohomish counties all qualify for the high balance loan limit. Please specify what State/County you live in and we would be happy to provide further details for you.
The other variable to consider is how much equity remains in your home.
Thank You!
Thanks, and it is good news. I live in Issaquah. I was told once by some mortgage broker that this new limit only applied to loans originated from fannie mae. I take this is incorrect, and the limit in fact applies to all loans?
Hi Liu,
Since you are within King County, you would be eligible to refinance since the County limit has been increased to $567,500. Yes the loan limit applies to all loans.
When you have time, please give us a call and we can provide specific details for your scenario.
425.818.2078
Thanks
County loan limits will remain for 2010 as of now!!