I would suggest you speak with a seasoned loan officer because of the constant changes in the marketplace.
The new limit has some stipulations attached with it.
minimum down is 10%
This new limit is sorta a temporary hybrid.
(There is still the 3% down conforming product limited to the $417,000.
Most are going towards FHA products.)
Loan limit is $567.500 in King, Snohomish and Pierce Counties.
This offer has slated to end 12/31/08
If you need a referral to the lender I have been using for over 15 years feel free to contact me.
Simply put they have changed the HUD guidelines. Because King and Snohomish county are not the "standard", then the wait will take a little time. Again at this date, there is no specific date for our counties. It is estimated sometime in April however it could be May or June before they are truly in effect.
I know this makes it as clear as mud but hopefully it explains the process enough to give a little more understanding to the process. Take comfort in knowing they will take effect soon.