It’s official! OFHEO has announced the return of the 2008 limits:
Loan limits for mortgages originated in 2009 are set under the provisions of the American Recovery and Reinvestment Act of 2009. Under that legislation, loan limits for 2009-originated loans are set at the higher of the 2008 limits and those that were originally announced for 2009 under the terms of the Housing and Economic Recovery Act of 2008.
I’m anticipating that lenders will immediately endorse these limits. Here are the revised 2009 loan limits:
King, Snohomish and Pierce Counties
- $567,500 – One Unit
- $726,500 – Two Unit
- $878,150 – Three Unit
- $1,091,350 – Four Unit
Other counties, including Kitsap, Jefferson, San Juan, Clark and Skamania counties are also at higher limits than other Washington State counties which are not part of the “high cost areas”. For all Fannie and Freddie loan limits, click here.
Still unknown is how this will be priced. FHA should be following with their revised loan limits as well.
Update 2/25/2009: FHA loan limits for Washington Counties thru 2009 are here.
quick note, I added a couple counties that I missed when I first posted this….
Been checking FHA’s site and they’re now showing the same for King, Pierce and Snohomish county:
1 unit – $567,500
2 unit – $726,500
3 unit – $878,150
4 unit – $1,091,350
I’m not seeing lenders adapting this yet…should be soon?
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