Chris Farkas Bellingham Blog: FHA Adjusts 2009 Loan Limits: By Region

UPDATE: FHA Loan Limits* will be adjusted again as of January 1, 2009. We are about to lose our temporary 2008 Stimulus Package! Some counties get a raise so this is no doubt what the National News will report.

As an example: FHA in Whatcom County where I live, the loan limit was raised in 2008 from $275,000 to $375,000 this year, which was a real help for many borrowers. Prior to the limit raise, we had a hard time funding a  modest 3 bedroom home in the country! We are in a pretty stable property value area so this news is baffling. 

The new FHA limit for a single family home in our area will be $304,750, down from $375,000 this year.  Higher priced counties are getting an increase up to $506,000 (King, Snohomish and Pierce). I expect outrage from consumers once they hear other counties are being increased.

This will create a rush for FHA loans at today's low rates. I will certainly affect the FHA Secure Plan and Rescue Plan limits for borrowers already above these limits, as many are. Please get your loan requests in early. Underwriters are already reporting a backlog. 

(and go easy on your Loan Officer...we are just the messengers) Loannetter  

*max loan amount = sale price less down payment or total refinance loan

CHART BELOW shows the 2009 FHA lmits for our STATE: (I have highlighted our local area)

Washington State Counties	CBSA Number	State	One-Unit Limit	Two-Unit Limit	Three-Unit Limit	Four-Unit Limit
King County	42660	WA	$506,000	$647,750	$783,000	$973,100
Pierce County	42660	WA	$506,000	$647,750	$783,000	$973,100
Snohomish County	42660	WA	$506,000	$647,750	$783,000	$973,100
San Juan County	99999	WA	$483,000	$618,300	$747,400	$928,850
Clark County	38900	WA	$362,250	$463,750	$560,550	$696,650
Skamania County	38900	WA	$362,250	$463,750	$560,550	$696,650
Chelan County	48300	WA	$342,700	$438,700	$530,300	$659,050
Douglas County	48300	WA	$342,700	$438,700	$530,300	$659,050
Jefferson County	99999	WA	$322,000	$412,200	$498,250	$619,250
Island County	36020	WA	$316,250	$404,850	$489,350	$608,150
Kitsap County	14740	WA	$307,050	$393,050	$475,150	$590,500
Whatcom County	13380	WA	$304,750	$390,100	$471,550	$586,050
Clallam County	38820	WA	$296,700	$379,800	$459,100	$570,550
Skagit County	34580	WA	$295,550	$378,350	$457,350	$568,350
Thurston County	36500	WA	$293,250	$375,400	$453,750	$563,950