I just received notice from HUD announcing higher FHA loan limits are to be retroactive for case numbers issued November 18, 2011 and later via Mortgagee Letter 2011-39. This means that in the greater Seattle area, FHA loan limits will be restored to $567,500 instead of $506,000. With that said, when I pop over to HUD's loan limit site, it's still reflecting $506,000 for King County (as of the time of publishing this post).
I did tweet to HUD earlier today asking them when the loan limits will be updated.
Perhaps everything will be updated in the morning and I shouldn't be blogging at 10:39 in the evening… when I receive an email like this from HUD at 9:55pm, I consider it "breaking news".
I'll have more information soon.
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btw HUD’s FHA loan limit site is still not updated to reflect the higher limits and when I ran an FHA high balance loan yesterday at $567,500, the automated underwriting response stated: loan amount for King County is $506,000. Lenders and HUD’s systems need to be updated… hopefully asap!
As of this morning, HUD has updated their website with the new loan limits. See here: https://entp.hud.gov/idapp/html/hicostlook.cfm
Thanks, Monique. I actually checked last night before going to bed to see if I could publish the revised loan amounts – they’re published for Washington state now.
You’re welcome. As I have been carefully watching the development on this (building a home and closing in Jan 2012 and REALLY need the higher limit), I stumbled across your website, which has been really helpful with updates even though I’m in Ohio 🙂