BREAKING NEWS: 2022 FHA Loan Limits

HUD has announced loan limits for FHA mortgages for 2022. Just like conforming loan limits that I announced just a few hours ago, loan limits are higher for 2022 except for San Juan County, which has the same loan limits as 2021. King, Pierce and Snohomish Counties have a loan limit of $891,250 for 1-unit properties.

FHA has more various loan limits by county than conforming. Here is a complete list for counties in Washington state.

Clark County

  • 1 Unit:  $598,000
  • 2 Unit:  $765,550
  • 3 Unit:  $925,350
  • 4 Unit: $1,150,000

Island County

  • 1 Unit: $511,750
  • 2 Unit: $655,150
  • 3 Unit: $791,900
  • 4 Unit: $984,150

King County

  • 1 Unit:    $891,250
  • 2 Unit: $1,140,950
  • 3 Unit: $1,379,150
  • 4 Unit: $1,713,950

Kitsap County

  • 1 Unit: $497,950
  • 2 Unit: $637,450
  • 3 Unit: $770,550
  • 4 Unit: $957,600

Pierce County

  • 1 Unit:    $891,250
  • 2 Unit: $1,140,950
  • 3 Unit: $1,379,150
  • 4 Unit: $1,713,950

San Juan County

  • 1 Unit: $497,950
  • 2 Unit: $637,450
  • 3 Unit: $770,550
  • 4 Unit: $957,600

Skagit County

  • 1 Unit: $473,800
  • 2 Unit: $606,550
  • 3 Unit: $733,150
  • 4 Unit: $911,150

Skamania County

  • 1 Unit:  $598,000
  • 2 Unit:  $765,550
  • 3 Unit:  $925,350
  • 4 Unit: $1,150,000

Snohomish County

  • 1 Unit:    $891,250
  • 2 Unit: $1,140,950
  • 3 Unit: $1,379,150
  • 4 Unit: $1,713,950

Thurston County

  • 1 Unit: $477,250
  • 2 Unit: $610,950
  • 3 Unit: $738,500
  • 4 Unit: $917,800

Whatcom County

  • 1 Unit: $514,050
  • 2 Unit: $658,050
  • 3 Unit: $795,450
  • 4 Unit: $988,550

All other counties in Washington state not listed above, including: Adams, Asotin, Benton, Chelan, Clallam, Columbia, Cowlitz, Douglas, Ferry, Franklin, Garfield, Grant, Grays Harbor, Jefferson, Kittitas, Klickitat, Lewis, Lincoln, Mason, Okanogan, Pacific, Pend Oreille, Spokane, Stevens, Wahkiakum, Walla Walla, Whitman, and Yakima

  • 1 Unit: $420,680
  • 2 Unit: $538,650
  • 3 Unit: $651,050
  • 4 Unit: $809,150

I have been helping Washington state home owners with FHA mortgages at Mortgage Master Service Corporation since 2000. If I can help you with your mortgage needs for a home located anywhere in Washington state, please contact me!

Breaking News: 2022 Conforming Loan Limits

The FHFA has announced the conforming loan limits for 2022. The conforming loan limit for a one-unit property will be $647,200. This is an increase of $98,950 from the 2021 loan limits. Homes located in counties designated as “High Balance”, such as King County, Pierce County and Snohomish County, will have higher loan limits.

Here is a complete list of the 2022 Conforming Loan Limits for homes located in Washington state.

King County, Snohomish County and Pierce County:

  • One Unit:    $891,250
  • Two Unit:    $1,140,950
  • Three Unit: $1,379,950
  • Four Unit:   $1,713,950

Adams, Asotin, Benton, Chelan, Clallam, Clark, Columbia, Cowlitz, Douglas, Ferry, Franklin, Garfield, Grant, Grays Harbor, Island, Jefferson, Kitsap, Kittatas, Klickitat, Lewis, Mason, Okanogan, Pacific, Pend Oreille, San Juan, Skagit, Skamania, Spokane, Stevens, Thurston, Wahkiakum, Walla Walla, Whatcom, Whitman and Yakima Counties:

  • One Unit:    $647,200
  • Two Unit:    $828,700
  • Three Unit: $1,001,650
  • Four Unit:   $1,224,850

I have been helping people refinance and buy homes in Washington state since 2000 at Mortgage Master Service Corporation. If I can help you with your mortgage needs, please contact me.

Mortgage Rates Moved Higher Last Week

Freddie Mac released the Prime Mortgage Market Survey (PMMS) showing average mortgage interest rates for LAST WEEK. Yes…last week’s mortgage rates are old news but this does illustrate where rates have BEEN and what direction they may be moving.
Inflation is the biggest culprit for driving mortgage rates higher. Mortgage interest rates are based on bonds (mortgage backed securities) and bonds do not react well at all to inflation. As we continue to see higher wages (ie wage inflation) and other prices rise, mortgage rates will likely follow. We also have the Fed pulling back their level of support of keeping mortgage rates artificially low.

In the big picture, mortgage rates are still historically very low…just not as low as over the summer.

Bottom line, if you’ve been considering refinancing, you might want to start your application now. If your home is located anywhere in Washington state, I’m happy to help you! Click here for a no-hassle mortgage rate quote.

2022 Conforming Loan Limits?

Typically in late November, conforming loan limits are announced for the following year. Loan amounts under the conforming loan limit tend to have lower interest rates than loan amounts that are “high balance conforming” (available in certain counties, such as King, Pierce and Snohomish) or jumbo mortgages. [Read more…]

How Does Dave Ramsey’s Advice on Mortgages Pencil Out?

Last month I wrote about advice I’ve been seeing popping up in my Facebook feed from Dave Ramsey on mortgages. There are several points that I just don’t find realistic for the average person who wants to buy a home, such as only using a 15 year amortized mortgage with 20% down payment and limiting your mortgage payment to 25% of your take home pay. I promised that I would share a follow up post where I review different scenarios comparing his advise to real life scenarios. [Read more…]

Should You Follow Dave Ramsey’s Advice on Mortgages?

Dave Ramsey is someone a lot of people follow for financial advise. Lately he’s been showing up A LOT in my Facebook stream pushing his thoughts on mortgages, home ownership and credit. Some of his ideas, I don’t totally disagree with. In fact, I shared a post that came from his group encouraging people to continue to pay rent and make their mortgage payments during the pandemic if at all possible (ie nothing is for free). However, I don’t support what he instructs his followers who are considering buying a home and I also have an issue with anyone who pushes their “team of vetted real estate agents”…I would be really surprised if there is not some sort of financial relationship associated with this referral arrangement.

Let’s take a look at what he encourages his followers to do with regards to buying a home or getting a mortgage. [Read more…]

Mortgage Rates Lumbering Low

Freddie Mac’s PMMS shows mortgage rates remaining at low levels.

From Freddie Mac’s Chief Economist, Sam Khater:
“While the economy continues to grow, it has lost momentum over the last two months due to the current wave of new COVID cases that has led to weaker employment, lower spending and declining consumer confidence. Consequently, mortgage rates dropped early this summer and have stayed steady despite increases in inflation caused by supply and demand imbalances…”

The rates posted above are an average from last week and, as you know if you’re a long time reader of The Mortgage Porter, mortgage rates change constantly as they are based on bonds. The PMMS report shows you where mortgage rates have been and is a good indicator for past trends. It does not necessarily show you where mortgage rates are now.

If you have been considering refinancing or buying a new home located anywhere in Washington state, I am happy to help you! Click here for a no-hassle mortgage rate quote for your personal scenario.

What to do if your bank closes your line of credit

CNBC reports that Wells Fargo is closing personal lines of credit and no longer offering the product to consumers. In a letter sent to their clients, they state that the closure may impact their credit scores. In my opinion, this really stinks! [Read more…]