FHA Mortgage Insurance Limits In Six Washington Counties
SEATTLE -- More homebuyers in Chelan, Douglas, Kitsap, Skagit, Thurston and WhatcomCounties may be eligible for FHA insured mortgages and home improvement loans under new mortgage limits effective January 1 announced by the U.S. Department of Housing and Urban Development.
FHA mortgage limits have been increased to better meet the need in the markets of several Washington counties. The January 1, 2007 rates for all other Washington counties were unchanged from 2006-year end.
County
Chelan: $213,750
Douglas: $213,750
Kitsap: $361,000
Skagit: $283,983
Thurston: $261,824
Whatcom: $285,000
Higher loan limits apply for two to four-unit dwellings. FHA insured loans can also be used to refinance existing mortgages.
The higher limits will help seniors, age 62 or older, seeking FHA insured reverse mortgages (Home Equity Conversion Mortgages) to potentially access more equity from their homes.
"This increase in FHA loan limits is in response to the continuing rapid increases in the average price of housing in these counties and will help more people purchase or refinance homes using FHA mortgage insurance," said John W. Meyers, HUD Regional Director.
Many homebuyers are attracted to FHA insured loans because of the program's benefits:
- A 3 percent down payment, which can be 100 percent gifted from an acceptable source such as a family member or downpayment assistance program
- Liberal underwriting criteria No minimum credit scores
- Market rate interest
- Consumer protections
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