2011 FHA and VA Loan Limits for Seattle

FHA loan limits for homes located in King, Pierce and Snohomish Counties will remain the same until September 30, 2011.

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

I have the FHA loan limits for other counties in Washington posted here.   FHA still allows 3.5% down payment, which can be gifted (or loaned) by family; 5% down will provide slightly improved mortgage insurance rates.   FHA insured loans may be assumable which may be a huge benefit for future home sellers when they are able to offer today’s rate in a higher rate environment.

VA Loan Limt effective January 1, 2011 through September 30, 2011 for King, Snohomish and Pierce Counties is $500,000.   This is a slight increase from $481,250 in 2010.  Here is a list of VA loan limits for all counties in Washington.

Qualified veterans can do 100% financing up to $500,000.   If a sales price is above $500,000, the veterans down payment is 25% of the difference between the loan amount and sales price.   

For example, if a veteran purchases home in Bellevue with a sales price of $600,000; their down payment is $25,000.   600,000 – 500,000 = 100,000.  100,000 x 25% = $25,000.   

Any seller should include buyers who are using FHA or VA for financing or they are seriously limiting their potential for selling their home.

This entry was posted in Industry Talk, Mortgage/Lending, Seattle Real Estate Guide by Rhonda Porter. Bookmark the permalink.

About Rhonda Porter

Rhonda Porter is an NMLS Licensed Mortgage Originator MLO121324 for homes located in Washington state. Her blog, The Mortgage Porter, is nationally recognized for sharing relevant information to consumers about mortgages. She has been originating mortgages since 2000 at Mortgage Master Service Corporation #40445 Consumer NMLS Website: http://www.nmlsconsumeraccess.org/TuringTestPage.aspx?ReturnUrl=/EntityDetails.aspx/COMPANY/40445 NMLS ID 40445. Equal Housing Opportunity. You can follow Rhonda on @mortgageporter, Facebook and/or Google+

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