Update April 9, 2009: On February 23, 2009 FHFA announced that according to the American Recovery and Reinvestment Act, 2009 loan limits will be revised to the 2008 loan limits. As of this update, we’re anticipating the higher revised limits to take place at any time (1-Unit for this area will return to $567,500). FHA has all ready implemented the loan limit changes. This serves as a reminder that any information on the internet regarding mortgages can be out dated in a fairly short amount of time.
This morning, the Federal Housing Finance Agency has announced the 2009 conforming and jumbo conforming loan limits for 2009. The conforming loan limit will remain at $417,000. The jumbo conforming was reduced to 115% of median home value from 125%, with the passage of HR 3221. Based on the new lower estimated home values, the 2009 conforming jumbo limits for King, Snohomish and Pierce Counties are:
- 1-Unit: $506,000
- 2-Unit: $647,500
- 3-Unit: $783,000
- 4-Unit: $973,100
Some banks and lenders have all ready began to send notices that they will stop accepting locks for the 2008 conforming jumbo limits ($567,500 for 1-unit) effective later this month. This is done so that once the loan is sold and closed to Fannie or Freddie, the loan limit is compliant. (You may not have until the end of the year to take advantage of the $567,500 loan limit).
More to follow…including updated rates this afternoon.