Washington State FHA Loan Limits Reduced effective October 1, 2011

Unless Congress passes an extension of our current FHA loan limits soon, they're set to roll back to "HERA 2011" amounts effective on October 1, 2011 through the end of this year.  We won't know what 2012 will bring until around November (Fannie Mae has warned conforming loan limits could drift even lower as loan limits have been based on median home prices).  

King, Snohomish and Pierce Counties will see the FHA loan limit reduced by $65,000 to $506,000 from $567,500.   Kitsap County will be hit with the largest drop with their loan limit being reduced $167,950 to $307,050 from $475,000.

Here's a list of counties in Washington that will be impacted with reduced FHA loan limits as of October 1, 2011 (see HERA Limit and click for larger image).



Conforming loan limits and VA loan limits are also set to be reduced as of October 1, 2011.  If you are considering refinancing your mortgage and the loan amount is above loan limits that will be in effect after September 30, 2011 (possibly sooner as lenders will create their own overlays to protect themselves from being stuck with a "jumbo" loan) you may want to take action NOW.

I'm licensed to assist you with mortgages on homes located anywhere in Washington state.  Please contact me if I can help you!

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