Edward DeMarco, Acting Director of the FHFA, pretty much confirmed that we can anticipate lower conforming loan limits next year. This is from his prepared remarks for “Getting Our House in Order”:
Conforming Loan Limits may go DOWN in 2014
September 12, 2013 by Leave a Comment
There’s been a lot of recent chatter about the possibility of conforming loan limits being reduced in 2014 that home buyers in the greater Seattle area and home owners should be aware of.
Reuters reports that Denise Dunckel, a spokes person for the FHFA recently stated “a gradual reduction in loan limits is an appropriate and effective approach to reducing taxpayer’s mortgage risk exposure”.
2013 Conforming Loan Limits for Washington State Mortgages
November 29, 2012 by 1 Comment
The Federal Housing Financing Agency (FHFA) who oversees Fannie Mae and Freddie Mac, confirmed that conforming limits for 2013 will be unchanged from 2012. This means that a single family 1-unit residence in the greater Seattle area has a conforming loan limit of $506,000. Loan amounts above conforming limits are considered “jumbo” or non-conforming.
Four counties in Washington continue to have “high balance” loan limits above the “general” loan limits:
King County, Snohomish County and Pierce County:
1 Unit: $506,000
2 Unit: $647,750
3 Unit: $783,000
4 Unit: $973,100
San Juan County:
1 Unit: $483,000
2 Unit: $618,300
3 Unit: $747,400
4 Unit: $928,850
The remaining Washington counties have “general” loan limits:
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, Skagit, Skamania, Spokane, Stevens, Thurston, Wahkiakum, Walla Walla, Whatcom, Whitman and Yakima Counties:
1 Unit: $417,000
2 Unit: $533,850
3 Unit: $645,300
4 Unit: $801,950
2012 Conforming Loan Limits for Washington State Homes
November 27, 2011 by Leave a Comment
Congress decided to keep the 2012 Conforming Limits at the existing 2008 levels instead of reverting to the higher “temporary” limits that we’ve experienced the past couple of years**. In their infinite wisdom, Congress did restore the higher loan limits to FHA insured loans. This means that in order to not have a jumbo loan in the greater Seattle area, your loan amount will need to be $506,000 and lower for conventional or $567,500 or lower for FHA insured mortgages. I’ll be officially posting FHA insured loan limits soon.
Four counties in Washington continue to have “high balance” loan limits above the “general” loan limits:
King County, Snohomish County and Pierce County:
- 1 Unit: $506,000
- 2 Unit: $647,750
- 3 Unit: $783,000
- 4 Unit: $973,100
San Juan County:
- 1 Unit: $483,000
- 2 Unit: $618,300
- 3 Unit: $747,400
- 4 Unit: $928,850
The remaining Washington counties have “general” loan limits:
Adams, Asotin, Bention, Chelan, Clallam, Clark, Columbia, Cowlitz, Douglas, Ferry, Franklin, Garfield, Grant, Grays Harbor, Island, Jefferson, Kitsap, Kittatas, Klickitat, Lewis, Mason, Okanogan, Pacific, Pend Oreille, Skagit, Skamania, Spokane, Stevens, Thurston, Wahkiakum, Walla Walla, Whatcom, Whitman and Yakima Counties:
- 1 Unit: $417,000
- 2 Unit: $533,850
- 3 Unit: $645,300
- 4 Unit: $801,950
Loan amounts above the figures listed above are considered “jumbo” or “non-conforming”.
**NOTE: Congress DID increase loan limits in one county in Connecticut for 2012.
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