Helping Washington State homeowners learn more about their mortgage options.
HUD had just announced the FHA loan limits for 2019. Homes in the greater Seattle area, including King, Pierce and Snohomish counties, will have a higher loan limit, often referred to as an FHA jumbo. Not all counties received higher loan limits for 2019. Clark, Island, King, Kitsap, Pierce, Skagit, Skamania, Snohomish, Thurston and Whatcom counties have increased loan limits for 2019.
Here is a complete list of FHA loan limits for all counties in Washington. [Read more…]
HUD had just announced the FHA loan limits for 2019. Homes in the greater Seattle area, including King, Pierce and Snohomish counties, will have a higher loan limit, often referred to as an FHA jumbo. The FHA loan limits match those of conforming high balance loan amounts in these counties.
The 2019 FHA Loan Limits for homes located in King County, Snohomish County and Pierce County are:
Stay tuned for a follow up post which will include all counties in Washington state.
The loan limits for VA mortgage loans have been announced. 2019 VA loan limits will follow conforming mortgage limits for single family homes.
Here are the 2019 VA Loan Limits:
King County, Pierce County and Snohomish County: $726,525
All other counties: $484,350
VA loan amounts can exceed the loan amounts referenced above. The “limit” is the maximum a veteran can borrower without having a down payment. Veterans may receive a reduced down payment when the loan amount exceed the loan “limit”.
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 in Washington state, please contact me.
Freddie Mac’s PMMS report shows that mortgage interest rates have dropped this week largely due to the market volatility with the on again off again trade war with China.
Rhonda Porter is a Licensed Mortgage Originator MLO121324 living in the greater Seattle area. Rhonda began her career in 1986 in the title and escrow industry and began her mortgage career in 2000. She enjoys helping people understand the mortgage process and started writing The Mortgage Porter in late 2006. Read More…
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