2019 will bring higher conforming loan limits for homes located in King, Snohomish and Pierce Counties. Loan amounts over a conforming loan amount for which the property is located in is considered “non-conforming” or a “jumbo” mortgage.
For 2019, the conforming loan limits for King, Pierce and Snohomish Counties are:
- One Unit: $726,525
- Two Unit: $930,300
- Three Unit: $1,234,475
- Four Unit: $1,397,400
Technically, the loan limits for King, Snohomish and Pierce Counties are called “high balance conforming” as the loan limits are higher than the “true” conforming loan limits (which the rest of the state has for conforming loan limits).
For homes located in Washington state in any other county, the conforming loan limits are:
- One Unit: $484,350
- Two Unit: $620,200
- Three Unit: $749,650
- Four Unit: $931,600
When structuring your mortgage scenario, it may be more beneficial to have a “true conforming” loan amount vs. a high balance mortgage depending on your scenario and how rates are currently priced. It’s not unusual to see jumbo rates more favorable than “high balance” or “true” conforming. It’s important to work with a licensed local loan officer who will check out the various options that may be available to you.
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.
Hot off the press for single family dwellings, revised FHA Loan Limits:
King County, Snohomish and Pierce Counties
Single Family: $567,500
Two Family: $726,500
Three Family: $878,150
Four Family: $1,091,350
FHA mortgages allow for minimum down payment (roughly 3%) and does require FHA mortgage insurance.
The Wall Street Journal reports that “the [FHA] upper mortgage limits also will apply to loans purchased or guaranteed by government-sponsored mortgage companies Fannie Mae and Freddie Mac, FHA officials said”
More information to follow soon. 🙂 I just had to share this breaking news.