Ask Kyle: Jumbo Loan Limits for 2009
November 27, 2008 at 5:35 am Leave a comment
Kyle B. Bailey
Mortgage Planner
What are the new Jumbo loan limits for 2009?
Direct: 425.673.8227
Cell: 425.293.5371
Fax: 480.287.8704
kbailey@golfsavingsbank.com
The Federal Housing Finance Agency has recently announced the 2009 conforming and jumbo conforming loan limits for 2009. The conforming loan limit will remain at $417,000. The jumbo conforming limit was reduced to 115% of median home values from 125% for 2008. The new conforming jumbo limits for King, Snohomish and Pierce Counties will be $506,000 for a single family residence. Jumbo FHA loan limits will also be set at $506,000 for 2009.
These new loan limits are for saleable loans; meaning loans that Fannie Mae and Freddie Mac have agreed to buy. Golf Savings Bank is one of the few financial institutions that have the ability to fund loans at higher loan amounts without the traditionally higher “Jumbo” interest rates. These are often portfolio loans that won’t be sold on the secondary market.
Give me a call to discuss your individual situation to see what interest rates and loan programs are currently available.
Entry filed under: Ask Kyle - Our Mortgage Expert, • Real Estate, Housing Market News. Tags: Add new tag, Ask Kyle - Our Mortgage Expert, Seattle home finance, Seattle mortgage, Vashon home finance, Vashon mortgage.
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