Regardless of the progress made in the housing economy (or lack thereof), FHA loan limits will return back to 2008 standards on October 1, 2011. For a complete list of loan limits for all Washington State Counties, please feel free to e-mail me at firstname.lastname@example.org.
This ruling is a Game-Changer. See first hand what top real estate agents are already reporting all over the country… (Thank you Chris, Utah Real Estate Pro for the info!)
So What Does This Mean?
Prior to October 1, 2011, one could purchase a home using Washington FHA Financing priced up to $588,000. This purchase price is based on FHA’s 3.5% down payment requirement ($588,000 – 3.5% = $567,420). Today (post Oct. 1, 2011), home buyers in King, Snohomish, and Pierce County will be limited to a max purchase price of $524,350 in order to meet the revised FHA loan limit of $506,000 (based on a min 3.5% down payment).
There are ways around the revised FHA loan limits, but both options are costly. The first, simply requires the home buyer to apply more money to the down payment to stay under the max loan limits. Second, look into JUMBO mortgage pricing which will require a higher qualifying credit score along with a higher down payment.
As always, I can typically answer any of your questions through a short phone call or e-mail. Please do not hesitate to contact me directly at (425) 350-7136 or via e-mail at email@example.com
Below you will find the revised Washington State FHA Loan Limits for the some of the counties that we serve in Washington State. If your county does not appear below, please contact me for updated numbers.
- $506,000 – King, Snohomish and Pierce Counties
- $483,000 – San Juan County
- $384,100 – Clallam County
- $342,700 – Chelan and Douglas Counties
- $316,250 – Island County
- $307,050 – Kitsap County
- $304,750 – Whatcom County
- $295,250 – Skagit County
- $293,250 – Thurston County
It is important to note, there are other financing options such as the Washington State VA Home Loan and Washington State USDA Home Loan Program that you may want to consider. Both require specific qualifying guidelines, but may not limit your ability to purchase a home. Also noteworthy, under the revised FHA loan limits, you are able to apply for a Washington State FHA Streamline Refinance even if the loan amounts exceed the newly reduced limits (please contact me directly for more detail).
If you are thinking about purchasing a home and want to learn more about your financing options, including the FHA Home Loan, feel free to contact me directly at (425) 350-7136. Also, don’t let your credit history stop you from purchasing a home. Many times, a few pointers combined with our fast and effective credit repair team can get you on the right track to becoming a home owner!
I love helping my readers! Please feel free to connect with me to talk mortgages, or request a no-obligation rate quote or fee estimate as you research attaining a new mortgage.