Financing in Redmond>Question Details

WW, Home Buyer in Kirkland,Redmond, Be...

The county has raised conform loan limit from 417K to 567K, anyone know when this is going to be effective?

Asked by WW, Kirkland,Redmond, Bellevue Sat Mar 22, 2008

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The answer is now. But with a caveat.
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.
1 vote Thank Flag Link Tue Apr 8, 2008
As James takes place as soon as your lender gets everything together. Some have already adjused rates others haven't. If you are looking to buy now shop around a little and you shouldn't have a hard time finding a lender who has already made the changes!
Web Reference:
1 vote Thank Flag Link Sat Mar 22, 2008
From what I last saw, April 1st (how appropriate!).
1 vote Thank Flag Link Sat Mar 22, 2008
Ask your lender when they're going to get their stuff together and start accepting loans with the new limits. Every lender's timetable is different. I know Chase Home Loans are ready to go, lender buddy there told me they got their new rates sheets I assume they're ready to rock 'n roll.
1 vote Thank Flag Link Sat Mar 22, 2008
Bryan answered your question beautifully. Each county's loan limit will be determined individually.
0 votes Thank Flag Link Sat Mar 22, 2008
The lenders receive rate sheets daily (or more). The new loans have been listed on the rate sheet since the first of last week. It appears they are slightly higher than a similar fixed term loan under 417k. If you need further info call me and I can give you the name of two great lenders that I work with. Have a great time finding your new home.
0 votes Thank Flag Link Sat Mar 22, 2008
Fannie Mae and Freddie Mac have to make the adjustments individually for every county throughout the United States. Many of the counties fall into the "general" regulations. However, King and Snohomish are not on the "general" guidelines. Once they have finalized our counties, then all the lenders have to find the investors that will buy the loans. These changes take time. Despite what the common thought is unfortunately there is NO specific date out there just yet.

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.
Web Reference:
0 votes Thank Flag Link Sat Mar 22, 2008
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