2009 loan limits announced
Recently, the 2009 conforming, jumbo conforming and FHA loan limits were announced.
Effective January 1, 2009 (1-Unit properties in King, Snohomish and Pierce Counties):
- Conforming loan limit: $417,000, unchanged for the 4th consecutive year
- Jumbo conforming loan limit: $506,000, currently $567,500 as part of the economic stimulus package which expires December 31, 2008
- FHA loan limit: $506,000, currently $567,500 as part of the economic stimulus package which expires December 31, 2008
The net result is that this will have, essentially, little impact except for buyers within the $506,000 to $567,500 price range. You’ll have till the end of the year to take advantage of the jumbo conforming loan rates and FHA loan programs.
In respects to FHA, effective January 1, 2009, the down payment amount will increase from 3% to 3.5%. So, there is a little incentive to save on upfront cash by buying before December 31st.
The $7,500 first time home buyer credit (aka interest-free loan) is still available through July 1, 2009.
