Tuesday, February 24, 2009

Update on Federal Economic Stimulus Plan - What It Means for Snohomish County

Fannie Mae and Freddie Mac are restricted by law to purchasing single-family mortgages with origination balances below a specific amount, known as the “conforming loan limit.” Loans above this limit are known as jumbo loans.

The national conforming loan limit for mortgages that finance single-family one-unit properties increased from $33,000 in the early 1970s to $417,000 for 2006-2008, with limits 50 percent higher for four statutorily-designated high cost areas: Alaska, Hawaii, Guam, and the U.S. Virgin Islands. In 2008, legislation was passed that temporarily increased the one-unit limit to up to $729,750 in certain high-cost areas in the continental United States. That legislation, the Economic Stimulus Act of 2008 (ESA), applied to loans originated between July 1, 2007 and December 31, 2008.

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. It appears that rates for Snohomish county will be increased. Please check back for updated information as it happens.

Here is a chart of what we currently have:

1 unit 2 units 3 units 4 units

Clark County WA $ 418,750 $ 536,050 $ 648,000 $ 805,300

Jefferson County WA $ 437,500 $ 560,050 $ 677,000 $ 841,350

King County WA $ 567,500 $ 726,500 $ 878,150 $ 1,091,350

Kitsap County WA $ 475,000 $ 608,100 $ 735,050 $ 913,450

Pierce County WA $ 567,500 $ 726,500 $ 878,150 $ 1,091,350

San Juan County WA $ 593,750 $ 760,100 $ 918,800 $ 1,141,850

Skamania County WA $ 418,750 $ 536,050 $ 648,000 $ 805,300

Snohomish County WA $ 567,500 $ 726,500 $ 878,150 $ 1,091,350

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