The 2012 Conforming and FHA loan limits for King, Pierce and Snohomish Counties have been announced… ready for a little twist? Conforming loan limits will remain the same as they currently are and FHA loan limits will be restored to the higher “temporary” loan limits that were available prior to October 1, 2011.
For a single unit residential property in King, Snohomish and Pierce County, the 2012 loan limits are:
- $506,000 Conforming
- $567,500 FHA – NOTE: FHA loan limits are effective as of November 18, 2011.
Yep… for the first time (I’m guessing ever) FHA loan limits are higher than conforming! I’m reading in the blogo-sphere that the higher FHA loan limits are available – HOWEVER, I am not seeing this from HUD (on their loan limit site or a Mortgagee Letter) or from any of the lenders I work with. Until I see something from HUD or a wholesale lender saying they’re accepting the higher FHA loan limits, then my assumption is that $506,000 is the loan limit through the end of this year. If I learn otherwise, I’ll let you know!
UPDATE December 5, 2011: HUD published a mortgage letter Friday and updated their website this morning (or in the wee hours last night) with the higher loan limits.