2009 Conforming And FHA Loan Limits
The Federal Housing Finance Agency (FHFA) announced that the conforming loan limit will remain $417,000 in 2009 for most areas. They have designated some areas as "high-cost" where the limits are equal to 115 percent of local median house prices and cannot exceed 150 percent of the standard limit, which is $625,500 for one-unit homes in the continental U.S.
The only counties in WA that have higher limits than $417,000 are San Juan County at $483,000 and King, Pierce, and Snohomish Counties at $506,000.
In Idaho, only Blaine County and Teton County loans can exceed $417,000.
HUD also announced that the FHA loan limit for the Spokane area will remain at $271,050. For Kootenai County the limit is $286,250.
Click on the links below for more information
FHFA Press Release
2009 High-Cost Area Loan Limits
2009 Loan Limits for All Counties
Keep in mind, these figures are LOAN limits - for a sales price "limit" you would add in the down payment required.
If you are selling or buying a home that exceeds these amounts you need to get with a lender for a mortgage planning session. Jumbo interest rates are VERY expensive and the 2nd mortgage market has been dramatically curtailed. In other words, your options for financing a home in the Jumbo price range are very limited.
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