Mortgage Interest Rate Update and 2009 Loan Limits for Pierce County

Real Estate Agent

Our mortgage reporter, Rhonda Porter, providing mortgage rate update:

Mortgage loan limits for 2009 have been announced.   Conforming loan limits will remain at $417,000 for single family dwellings.   Conforming jumbo (now called "conforming high-balance") and FHA have a loan limit of $506,000 for single family dwelling for Pierce, King and Snohomish Counties.  Loan amounts $506,001 and higher are considered jumbo. Even though we have over a month left in this year, lenders are all ready pulling back to lower 2009 limits.  If you have a loan amount of $417,001-$567,500 which is closing by the end of this year, contact your Mortgage Professional as soon as possible to make sure that the lender will honor the lock.  Many lenders are changing guidelines to this price range with little notice to loan originators or mortgage companies, regardless of locks.   Here is an announcement from one of the lenders I work with:

  • November 13, 2008:  Last day to lock Agency/Conforming Jumbo ($417,001-$567,500 loan amounts)
  • November 14, 2008:  New High Balance Conforming available ($417,001-$506,000 loan amounts)
  • December 13, 2008:  DU® 7.1 supports new High Balance Conforming
  • December 15, 2008:  Last day to purchase Agency Jumbo loans with no additional add-on

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