Loan 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.
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:
All other counties in Washington state will have 2015 conforming loan limits.
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
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.
2014 VA loan guarantee limits for Washington State have been released. VA loans do not have “limits” like conforming or FHA loans. They do have limits as to the amount VA loans will guarantee. The loan amounts below reflect what VA will lend up to 100% loan to value. Loan amounts above the limits below have reduced down payments for Veterans who qualify for this benefit.
Last week, HUD announced the FHA loan limits for 2014 with most counties in Washington having loan limits reduced from 2013 levels. In the Seattle/King County area, FHA loan amounts for a single unit dwelling will be reduced by $61,500 from $567,500 to $506,000 in 2014. Kitsap County was hit the hardest with a reduction of $167,950 for single unit dwellings. The higher loan limits that we have appreciated over the past few years were intended to be “temporary” and HUD has been attempting to shrink FHA’s footprint, so we shouldn’t be too surprised over the lower loan limits.
FHA loan limits for 2014 have been reduced from 2013. For a home located in greater Seattle, the new FHA loan limit is reduced from $567,500 to $506,000 in 2014. The reductions are across the board for Washington state counties and some loan limits are below 2014 conforming loan limits.
FHA streamline refinances without appraisals and with loan amounts over the the 2014 loan limits will not be subject to the new loan limits.