Helping Washington State homeowners learn more about their mortgage options.
HUD has just announced FHA loan limits for 2018. Due to the increased value of homes, the FHA base loan amount was increased to $294,515 for single family dwellings. FHA loan limits also match the conforming high balance limits in applicable counties. Not all counties saw an increase in FHA loan limits.
Loan limits for 2018 are in effect with FHA case numbers issued in 2018.
Here is a complete list of FHA loan limits for all counties in Washington. [Read more…]
UPDATE January 20, 2016: HUD has suspended the reduction to FHA mortgage insurance effective immediately.
HUD has announced today that mortgage insurance will be reduced on most FHA mortgages. FHA mortgages have two types of “mortgage insurance” the borrowers pay regardless of loan to value. There is the upfront mortgage insurance (currently 1.75% of the loan amount) that is typically added to the base loan amount and financed over the life of the loan and there is the annual mortgage insurance that is actually paid as part of the monthly mortgage payment. This reduction of 25 basis points is on the annual mortgage insurance premium.
HUD has just announced FHA loan limits for 2017. Loan amounts were increased for all Washington counties EXCEPT for Chelan, Callam, Douglas, Jefferson, San Juan and Skagit which have the same FHA loan limits as 2016.
Loan limits for 2017 are in effect with FHA case numbers issued in 2017.
HUD has updated their website with the 2017 loan limits for FHA mortgages. King, Pierce and Snohomish counties will match the 2017 conforming high balance loan limits. FHA loan limits are effective with CASE NUMBERS issued in 2017. [Read more…]
HUD has just announced FHA loan limits for 2016. Loan amounts were increased for King County, Pierce County, Snohomish County, Clark County and Skamania County.
All other counties have the same loan limits as they did in 2015.
2016 FHA loan limits for King, Pierce and Snohomish Counties are the same as 2016 Conforming High Balance loan limits.
Here is a complete list of FHA loan limits for all counties in Washington:
HUD is easing the requirements for condo approvals for a limited time. This is a great opportunity for home owner associations to submit their condo for HUD approval so that units in the condominium may be eligible for FHA financing.
$372 is the average monthly savings that my clients who have closed on their refi’s so far in March. With higher appraised values, thanks to the hot real estate market driving up home prices, many clients are also eliminating mortgage insurance with their refi.
HUD recently reduced annual mortgage insurance premiums for FHA 30 year fixed rate mortgages by 50 basis points. The annual mortgage insurance premium is part of the monthly mortgage payment and 50 basis is a dramatic reduction. If you have a $400,000 loan amount, this is a monthly savings of $166.67 (400,000 x 0.50% divided by 12 months).
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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