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.