2009 Loan Limits Confirmed by OFHEO

Rhonda Porter on 02 23, 2009

It’s official!  OFHEO has announced the return of the 2008 limits:

Loan limits for mortgages originated in 2009 are set under the provisions of the American Recovery and Reinvestment Act of 2009.  Under that legislation, loan limits for 2009-originated loans are set at the higher of the 2008 limits and those that were originally announced for 2009 under the terms of the Housing and Economic Recovery Act of 2008. 

I’m anticipating that lenders will immediately endorse these limits.  Here are the revised 2009 loan limits:

King, Snohomish and Pierce Counties

  • $567,500 – One Unit
  • $726,500 – Two Unit
  • $878,150 – Three Unit
  • $1,091,350 – Four Unit

Other counties, including Kitsap, Jefferson, San Juan, Clark and Skamania counties are also at higher limits than other Washington State counties which are not part of the “high cost areas”.   For all Fannie and Freddie loan limits, click here.

Still unknown is how this will be priced.   FHA should be following with their revised loan limits as well. 

Update 2/25/2009: FHA loan limits for Washington Counties thru 2009 are here.

About the Author: Rhonda Porter

Rhonda Porter began her mortgage career on April 1, 2000 at Mortgage Master Service Corporation, a family-owned correspondent lender that has been lending in the Pacific Northwest for over 30 years. Prior to mortgage, she was in title industry for 14 years where she managed an escrow branch and gained an invaluable insight to the real estate industry. Rhonda Porter is a Licensed Loan Originator 510-LO-32047 (MLO-121324). Rhonda is also the Chairperson for the Social Media Committee for WAMP (Washington Association of Mortgage Professionals). Inman News named Rhonda one of the Top 50 Online Influencers of 2009. She was recognized in Seattle Weekly's Best of 2009 issue as the Best Twitting Mortgage Broker http://www.twitter.com/mortgageporter) and Sellsius 2007 Top 12 Women Real Estate Bloggers and 2007-2008 Maginficent 7 Consumer Articles. Rhonda originates mortgages for homes located in Washington State. You can reach Rhonda at rhonda@mortgageporter.com or by calling (206) 718-9488. NOTE: Rhonda Porter and Mortgage Master Service Corporation are not affiliated with any real estate brokerages.

3 Responses to “2009 Loan Limits Confirmed by OFHEO”

  1. Rhonda Porter
    February 23, 2009 at 1:45 pm

    quick note, I added a couple counties that I missed when I first posted this….

    Reply
    #335853
  2. Rhonda Porter
    February 25, 2009 at 4:07 pm

    Been checking FHA’s site and they’re now showing the same for King, Pierce and Snohomish county:

    1 unit – $567,500
    2 unit – $726,500
    3 unit – $878,150
    4 unit – $1,091,350

    I’m not seeing lenders adapting this yet…should be soon?

    Reply
    #336031
  3. Friday’s Rates | Rain City Guide
    February 27, 2009 at 1:25 pm

    [...] can see how much it cost in points to have this media darling.    Although loan limits for conforming and FHA have been adjusted in certain “high cost” areas, like the Seattle/Bellevue area, [...]

    Reply
    #336418

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