New Conforming Loan Limits for Washington State

OFHEO just announced the temporary conforming loan limits:


Washington, DC – The Office of Federal Housing Enterprise Oversight (OFHEO) today released the maximum conforming loan limits that will be in effect through year-end as a result of The Economic Stimulus Act of 2008. That legislation permits Fannie Mae and Freddie Mac to raise their conforming loan limits in certain high-cost areas. The new jumbo limits are a function of median home prices as estimated by the U.S. Department of Housing and Urban Development (HUD).

The maximum for temporary jumbo conforming loan limits, which apply to loans originated in the period between July 1, 2007 and December 31, 2008, are as high as $729,750 for one-unit homes in the continental United States. Two, three and four-unit homes have higher limits as well. Alaska, Hawaii, Guam and the Virgin Islands also have higher maximum limits.

King, Snohomish and Pierce Counties
SFD: $567,500
2 Unit: $536,050 $726,500
3 Unit: $648,000 $878,150
4 Unit: $805,300 $1,091,350

Not all counties appear to have received an increase to loan limits as they did with FHA today. Other counties with temporary increased conforming loan amounts included Kitsap, Clark, Skamania, Jefferson and San Juan. This information is all very new and I will follow up with more information as I receive it.