2016 FHA Loan Limits for homes in Washington State

iStock-000018668640XSmallHUD has just announced FHA loan limits for 2016. Loan amounts were increased for King County, Pierce County, Snohomish County, Clark County and Skamania County.

All other counties have the same loan limits as they did in 2015.

2016 FHA loan limits for King, Pierce and Snohomish Counties are the same as 2016 Conforming High Balance loan limits.

Here is a complete list of FHA loan limits for all counties in Washington:

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HUD temporarily eases approval process for Condos

iStock_000061440694_MediumHUD is easing the requirements for condo approvals for a limited time. This is a great opportunity for home owner associations to submit their condo for HUD approval so that units in the condominium may be eligible for FHA financing.

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What would you do with an extra $372?

Money in pocket$372 is the average monthly savings that my clients who have closed on their refi’s so far in March. With higher appraised values, thanks to the hot real estate market driving up home prices, many clients are also eliminating mortgage insurance with their refi.

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Lower FHA Mortgage Insurance + Low Mortgage Rates = FHA Streamline Refi’s

Money in pocketHUD recently reduced annual mortgage insurance premiums for FHA 30 year fixed rate mortgages by 50 basis points. The annual mortgage insurance premium is part of the monthly mortgage payment and 50 basis is a dramatic reduction. If you have a $400,000 loan amount, this is a monthly savings of $166.67 (400,000 x 0.50% divided by 12 months).

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It’s Official: FHA Mortgage Insurance to be reduced

Today HUD issued Mortgagee Letter 2015-01 officially reducing FHA mortgage insurance effective on case numbers issued on or after January 26, 2015. HUD is also allowing existing case numbers (with the current higher mortgage insurance) to be cancelled as long as they were ordered within 30 days from today.

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President Obama to announce drop in FHA Mortgage Insurance Premiums

2013-08-06_0653Tomorrow President Obama is expected to announce a reduction in the mortgage insurance premiums for new FHA mortgage loans.

From Bloomberg News:

As part of an effort to expand homeownership among entry-level buyers, President Barack Obama will announce a cut in Federal Housing Administration mortgage-insurance premiums during a speech in Phoenix tomorrow, according to three people with direct knowledge of his plans.

The annual fees the agency charges to guarantee mortgages will be cut by 0.5 percentage points, said two of the people, who asked not to be identified because the White House hasn’t yet made the announcement.

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FHA’s HAWK Program Delayed

Osprey_muralFHA’s HAWK (Homeowners Armed with Knowledge) program, which was designed to help home buyers receive reduced mortgage insurance premiums, has been delayed for at least one year as the program was excluded from the 2015 budget.

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2015 FHA Loan Limits for Washington State

FHA loan limits for 2015 are the same as 2014 with exception to King County, Snohomish County and Pierce County, which were all increased.

The 2014 FHA loan limits for Washington state are determined by county. Here is a list in alphabetical order by county:

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