MLSvideo.com
Newsletter

Due to the stimulus plan Congress and President Bush recently approved, the limits on conforming and Federal Housing loans was increased. The specific increase is based on the median home price for your county. The limit for King, Pierce and Snohomish has been determined to be $567,500. This is an increase for conforming and Federal Housing Authority loans from $417,000 and $362,000, respectively.

Conforming loans are those backed by government sponsored mortgage companies, Fannie Mae and Freddie Mac. Loans in excess are referred to as "Jumbo" loans, which will face higher interest rates. Thus, by increasing this cap the need to utilize "Jumbo" loans should be less for a greater percentage of buyers.

This can especially be beneficial if you are looking to purchase a new home prior to selling your existing residence, and obtaining your current homes equity. For more information on the new conforming loan limits visit the Office of Federal Housing Enterprise Oversight web site at http://www.ofheo.gov/

Please contact me if you have any questions concerning the new limits or any assistance with your home buying or selling needs.

Sincerely,

MLSvideo.com
Associate Broker