The new Fannie Mae and Freddie Mac loan limits for the coming year have been announced. As was the case for last year, the conforming loan limit has remain unchanged at $417,000.
In addition, the "high-cost" loan limits have been announced and for the Seattle-Tacoma-Bellevue Metropolitan Area (which includes King, Snohomish, and Pierce counties) has been set to $506,000. As was the case since the announcement and implementation for the high-cost loan limit of $567,500 based on the Stimulus package, there are likely adjustments and additional guidelines for the new amount of $506,000; however, once things were up to speed the adjustments really weren't bad at all!
Here's the official press release.
To my Realtor Partners: Please touch base with your clients. This is breaking news and there is precious time to still close under the higher $567,500 limit.
To my clients and prospective clients: NOW is the time to call, complete an application, and consider your options. Oh who am I kidding -- NOW IS THE TIME TO BUY!
As always, thanks for reading!
Friday, November 7, 2008
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