Tag Archives: Everett

2009 Conforming and Conforming Jumbo Loan Limits for Seattle Metro

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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.

Improving Online Home Valuations?

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This past week, Top Producer quietly rolled out a home valuation tool, called HomeInsight, for a few markets in California and Washington*. I was not part of developing the tool, but I like it enough to pass along the link to Rain City Guide readers before the local media picks it up.

What differentiates this product from others is that it not only includes sold data, but also real-time listing data. The result is a page of information for each home that includes:

  • an interactive map that gives details on ten similar nearby homes (5 that are for sale and 5 that have sold) and
  • dynamic charts that give the average/high/low listing price, the average/high/low selling time and the average difference between asking and selling price for the neighborhood of interest.

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However, as with all things that sound too good to be true, there is a catch. In order to pull live listing information, the servers pulling this data have to go through an agent’s connection with their local MLS. (Don’t ask me to explain why, and definitely don’t ask Robbie, but anyone reading RCG for a while knows that the MLS’ have rules!) The result is it takes 5 to 15 minutes for the request to go to the local Realtor’s Top Producer account and then for the Realtor to initiate a report that pulls the data off the MLS servers (yes, a server call to the local MLS is necessary each and every time a request for a snapshot is made). Consequently, the only way to get your snapshop is from a link sent via email about 10 minutes after you complete the form.

So, how do you get a market snapshot for your home? Simply go to HomeInsight and fill in the required fields. (Remember it is only available in a few places right now!*)

If you don’t want to fill in the form, live in another part of the country, or feel guilty about sending people like Jim Reppond a “false” lead, then you can also check out this dummy snapshot filled with made up data.

And as much as I hate disclaimers, it is important to note that these are my opinions and my currently employer is not responsible for what I write on Rain City Guide.

* This tool is currently only available in parts of California (Hemet, Huntington Beach, Laguna Niguel, Long Beach, Los Angeles, Mission Viejo and Norwalk) and Washington (Bellevue/Eastside, Bremerton, Everett, Federal Way, Greater Seattle, Puyallup and Tacoma)