2026 Conforming Loan Limits for Homes in Washington State
Turned down for a Mortgage Because of Credit Scores? New Guidelines May Help You!
Fannie Mae (conventional lending) recently changed their underwriting guidelines to no longer factor in credit scores for underwriting approval!
Before this guideline change, borrowers needed to have a mid-score of at least 620 to qualify for a conventional mortgage. Scores below 620 could mean that someone may have to opt for an FHA mortgage, which has both upfront and monthly mortgage insurance regardless of the amount of down payment or equity with the property. [Read more…]
The 50 Year Mortgage Idea
Over the weekend, the administration bounced the idea of having a 50-year mortgage. This was followed up by the FHFA director, Bill Pulte, stating that they are working on a plan. The reactions to this announcement are across the board with some embracing it as the miracle that will help create more affordability to others viewing it as a subprime product. Mortgage originators have been quick to post rates comparing 50 year mortgage to what may be available with a 30-year. Even if this product becomes available, in my opinion, it’s highly unlikely a 50-year amortized mortgage will have the same rate as a 30-year fixed. Just look at how mortgage rates are priced when you compare a 30-year to a 15-year amortized mortgage. Click here for current mortgage rates for your personal scenario. [Read more…]
2025 Conforming Loan Limits for Washington State
FHFA has announced the conforming loan limits for 2025.
- 1 Unit: $806,500
- 2 Unit: $1,032,650
- 3 Unit: $1,248,150
- 4 Unit: $1,551,250
High Balance Conforming Limits for King, Pierce and Snohomish Counties
- 1 Unit: $1,037,300
- 2 Unit: $1,327,950
- 3 Unit: $1,605,200
- 4 Unit: $1,994,850
Fannie Mae’s March Forecast Stomps out 5% Mortgage Rates
Fannie Mae released their monthly forecast for mortgage rates. The previous month, they received a lot of attention because of how rosy it was with rates forecasted to hit 5.9% by the end of this year with nearing the mid-5% range in 2025. The March forecast, which was released yesterday, is not as optimistic. [Read more…]
2024 Conforming Loan Limits for Homes in Washington State
Conforming loan limits will be going up in 2024 across the country. Conforming high balance loan amounts for Washington state will remain unchanged from 2023.
Here are the 2024 conforming loan limits:
- 1 Unit: $766,550
- 2 Unit: $981,500
- 3 Unit: $1,186,350
- 4 Unit: $1,474,400
The following counties have “high balance” loan limits
King County, Pierce County and Snohomish County: [Read more…]
BREAKING NEWS: FHFA Rescinds the DTI Price Hit (LLPA)
The Federal Housing Finance Agency (FHFA) announced earlier today that it is rescinding the debt-to-income (DTI) loan level price hit adjustment (LLPA) that was announced in January of this year. Previously, people with a debt-to-income ratio higher than 40% with a loan-to-value greater than 60% would have an additional price hit to their interest rate. This price hit makes it even more challenging for someone who is pushing the DTI limit to remain under the 40% number to avoid having either a higher rate or paying more for the same rate because of the LLPA. The additional price hit for DTI ranged from 0.25%-0.375% depending on the loan to value/how much equity is in the transaction. On a $400,000 loan, this would be an additional cost of $1,000 to $1,500 if paid as “points” instead of having it priced into the interest rate. [Read more…]
2023 Conforming Loan Limits for Washington
Conforming loan limits for 2023 are going up for homes located in Washington state.
- 1 Unit: $726,200
- 2 Unit: $929,850
- 3 Unit: $1,123,900
- 4 Unit: $1,396,800
The following counties have “high balance” loan limits: [Read more…]
