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FHA Loan Limits Have Increased!

Thursday, March 05, 2009

by Stephanie Dawson

Have you heard the news? FHA loan limits have increased! These rates are retroactive from January 1, 2009. What that means is, if you have negotiated an offer to purchase real estate and your purchase is in escrow, you may be able to switch to an FHA loan. If the property you are purchasing was greater than the former FHA loan limit, you'd have to get a Conventional loan instead... but now with the increase, your loan may qualify! This loan limit is also good for new home loans. Please let me know if you have any questions. This information was brought to you by Gayle Dixon with Elliott Bay Mortgage.

FHA LOAN LIMITS INCREASED

Retroactive to 1/1/09

	King, Pierce & Snohomish Counties	Kitsap County	Thurston County
1 Unit	$567,500	$475,000	$361,250
2 Units	$726,500	$608,100	$462,450
3 Units	$878,150	$735,050	$559,000
4 Units	$1,091,350	$913,450	$694,700

Many lenders require a minimum FICO score of 620. Gayle Dixon is a broker and can broker loans out to other lenders. She still has some banks that will loan money to borrowers with a 580 credit score.

To learn more about the benefits of an FHA loan, click here.

king county pierce county HUD FHA loan increase loan limits Gayle Dixon Elliott Bay Mortgage

FHA LOAN LIMITS INCREASE!

Thursday, March 06, 2008

by Stephanie Dawson

This is great news for buyers and home owners that need to refinance!

Courtesy of Gayle Dixon with Elliott Bay Mortgage:

FHA LOAN LIMIT INCREASE

Effective 3/5/2008

COUNTY Single Family Two Units Three Units Four Units

KING $567,500 $726,500 $878,150 $1,091,350

PIERCE $567,500 $726,500 $878,150 $1,091,350

KITSAP $475,000 $608,100 $735,050 $913,450

THURSTON $361,250 $462,450 $559,000 $694,700

This is a temporary increase until December 31, 2008 to help people buy and refinance.

Today I received an email from John L. Scott Real Estate's CEO, J. Lennox Scott. I wanted to share part of his uplifting message, in blue:

March momentum is in full swing and there is much to look forward to. This month we have daylight savings and the onset of spring. More daylight hours and sunshine always seem to improve people's outlook which is why March is typically one of our most active months.

The biggest news is that HUD (US Department of Housing and Urban Development) has released the new conventional and FHA loan limits as a part of the economic stimulus plan that was approved earlier this year. Happily, higher priced markets, such as those in the central Puget Sound region, will benefit from higher than expected conventional loan limits. And the FHA loan limit increases will assist borrowers in all areas who were formerly targeted for sub-prime loans. These new limits will increase the availability of affordable mortgage products to a greater number of homebuyers and homeowners which, in turn, will help stimulate the national housing economy. The new limits are expected to work their way into the market within 30 days.

The combination of new loan limits and the current interest rate environment is expected to result in strong refinancing activity.

On March 18, the Federal Reserve meets again and is predicted to make a significant cut to the fed fund discount rate which will support a healthy economy. Most areas within the Pacific Northwest continue to benefit from a strong local economy and market conditions that are far better than many other parts of the country. We've certainly seen some slowing, but the numbers show that activity is picking up and all the market conditions are in place for a strong momentum boost in the coming months.