Washington State Home loans

Tacoma Seattle Washington

Last week, HUD announced the FHA loan limits for 2014 with most counties in Washington having loan limits reduced from 2013 levels. In the Seattle/King County area, FHA loan amounts for a single unit dwelling will be reduced by $61, 500 from $567, 500 to $506, 000 in 2014. Kitsap County was hit the hardest with a reduction of $167, 950 for single unit dwellings. The higher loan limits that we have appreciated over the past few years were intended to be “temporary” and HUD has been attempting to shrink FHA’s footprint, so we shouldn’t be too surprised over the lower loan limits.

This will go into effect with case numbers issued January 1, 2014 and later. Case numbers are issued once their is a bona fide transaction (typically this requires a complete application for a refinance and purchase and sales agreement with a complete loan application). A case number can be ordered at the end of December with closing in 2014 with the higher 2013 loan limits. If you are buying or refinancing (not using an FHA streamline refi) with an FHA mortgage over the 2014 limits, you will want to confirm with your mortgage originator that your case number has been ordered asap!

Which Washington counties will see the biggest reductions to FHA loan limits in 2014? Here’s a list in order of largest reduction for 1-unit dwellings:

  • Kitsap County: $167, 950 reduction. 2013 = $475, 000 | 2014 =$307, 050
  • Jefferson County: $115, 500 reduction. 2013 = $437, 500 | 2014 = $322, 000
  • San Juan County: $110, 750 reduction. 2013 = $593, 750 | 2014 = $483, 000
  • Whatcom County: $70, 250 reduction. 2013 = $375, 000 | 2014 = $304, 750
  • Thurston County: $68, 000 reduction. 2013 = $362, 350 | 2014 = $293, 250
  • King, Pierce and Snohomish Counties: $61, 650 reduction. 2013 = $567, 500 | 2014 = $506, 000
  • Island County: $59, 250 reduction. 2013 = $381, 250 | 2014 = $322, 000
  • Skagit County: $58, 650 reduction. 2013 = $373, 350 | 2014 = $315, 100
  • Kittitas County: $57, 700 reduction. 2013 = $328, 750 | 2014= $271, 050
  • Clark and Skamanie Counties: $56, 500 reduction. 2013 = $418, 750 | 2014 = $362, 250
  • Mason County: $38, 950 reduction. 2013 = $310, 000 | 2014 = $271, 050

Conforming loan limits remain at $417, 000 (unless you’re in a “high balance” area which provides higher conforming loan amounts). Borrowers with better credit may want to consider a conforming loan instead of FHA depending on what their scenario looks like. Conforming loans do require a 5% down payment UNLESS you are using a program like what is offered by the Washington State Housing Finance Commission such as the Home Advantage Mortgage.


Waverly, a study in neighborhood conservation. Washington
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Treasury: 650,000 In Trial Home Loan Workouts

2009-11-11 19:22:46 by Pelham-Bay

Tue Nov 10, 2009 2:56pm EST
WASHINGTON (Reuters) - About 20 percent of struggling U.S. homeowners eligible for loan workouts have entered into a trial modification, but it is unclear how many of them will be able to keep the lower payments permanently, the Treasury Department said on Tuesday.
It said there were 650,994 active trial modifications through October under President Barack Obama's plan to help the housing market. That was up from 487,081, or 16 percent, participating through September.
The Treasury did not release figures for trial modifications that have been made permanent

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ICICI Bank inaugurates a new branch at Indirapuram, Ghaziabad  — Parda Phash
The branch will offer the entire gamut of ICICI Bank products including a comprehensive range of deposits, loans, NRI Services and locker facilities to cater to different customer profiles and needs. Speaking on the occasion Mr.

allphotosmaps 1939 photo Monopoly Committee told U.S. errs in sponsoring large scale rental housing projects. Washington, D.C., July 6. Morton Bodfish, Executive Vice President of the United States Building and Loan League, said today that the government was making an Vintage Black & White Photograph
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  • Photograph Description: 1939 photo Monopoly Committee told U.S. errs in sponsoring large scale rental housing projects. Washington, D.C., July 6. Morton Bodfish...
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University of Michigan Library Oversight hearings into the effectiveness of Federal bank regulation (Federal Home Loan Bank Board's supervision of Washington Federal Savings & Loan ... second session, January 16 and March 11, 1976
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