2017 VA Loan Limits for Washington State

MortgageLoan limits for VA mortgages have been announced and, like last year, will follow the conforming loan limits.

Technically, VA loans do not have limits like conforming and FHA mortgages. The “loan limit” that is referred to with a VA loan is highest loan amount a Veteran can borrower without making a down payment. It’s really a great benefit to those who have served our county. VA Jumbo loans (loan amounts over the VA limit) allow veterans to buy higher priced home with a greatly reduced down payment.

Here are the 2017 VA Loan Limits for Washington State homes:

King County, Snohomish County and Pierce County: $592,250

San Juan County: $483,000

Al other  counties: $424,100

If a qualified Veteran wanted to buy a home above the loan limit (aka “VA Jumbo”), their minimum down payment is 25% of the difference between the county loan limit and the sales price.

Home Sellers should really consider accepting VA home buyers. Just because they’re putting less down, does not mean they are less qualified. VA home buyers have EARNED this benefit by serving our country. And these days, VA mortgage loans are not any more or less challenging to process and close than any other type of home mortgage. VA loans do not have monthly mortgage insurance and they have very competitive mortgage rates.

If I can help you with a VA mortgage or any type of home loan for property located any where in Washington State, please contact me.

2017 FHA Loan Limits for Washington State

iStock-000018668640XSmallHUD has just announced FHA loan limits for 2017. Loan amounts were increased for all Washington counties EXCEPT for Chelan, Callam, Douglas, Jefferson, San Juan and Skagit which have the same FHA loan limits as 2016.

Loan limits for 2017 are in effect with FHA case numbers issued in 2017.

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BREAKING NEWS: 2017 FHA Loan Limits increased for Greater Seattle area

HUD has updated their website with the 2017 loan limits for FHA mortgages. King, Pierce and Snohomish counties will match the 2017 conforming high balance loan limits. FHA loan limits are effective with CASE NUMBERS issued in 2017. [Read more…]

2016 VA Loan Limits for homes in Washington State

MortgageLoan limits for VA mortgages have been announced and, like last year, will follow the conforming loan limits. This means that VA loan limits will be higher for King County,  Snohomish County and Pierce County effective 2016.

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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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2016 Conforming Loan Limits for Washington State Mortgages

MortgageConforming loan limits for homes in King County, Snohomish County and Pierce County received a boost with the high balance conforming loan limits of $23,000 for single family dwellings.

All other counties in Washington state will have 2015 conforming loan limits.

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2015 Conforming Loan Limits for Washington State

Earlier this month, the FHFA announced the 2015 conforming loan limits for homes located in Washington state. A conforming loan is a conventional loan (ie Fannie Mae or Freddie Mac). Loan amounts that exceed the conforming loan limit are considered jumbo loans (or non-conforming) and have different underwriting guidelines and rates.

The FHFA increased the loan limits in three counties (King, Pierce and Snohomish) effective 2015. All other counties will have the same loan limits as 2014.

2015 Conforming Loan Limits for Homes Located in Washington State

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BREAKING NEWS: 2015 Conforming Loan Limits HIGHER for King, Pierce and Snohomish Counties

I just received notice from FHFA that overall, 2015 loan limits will remain the same for most counties except for a few counties with higher loan limits. In Washington state, the counties with higher loan limits in 2015 are King County, Snohomish County and Pierce County.

2015 Conforming Loan Limits for King, Snohomish and Pierce Counties:

  • One Unit: $517,500 (increased from $506,000)
  • Two Unit: $662,500 (increased from $647,500)
  • Three Unit: $800,800 (increased from $783,000)
  • Four Unit: $995,200 (increased from $973,100)

All other counties in Washington state have the same loan limits as 2014.

Stay tuned for announcements on FHA and VA loan limits for 2015.