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HUD #07-WA-1
Pam Negri
(206) 220-5356
www.hud.gov/washington
For Release
Wednesday
January 17, 2007

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HUD RAISES FHA MORTGAGE INSURANCE LIMITS IN SIX WASHINGTON COUNTIES
Homebuyers in Chelan, Douglas, Kitsap, Skagit, Thurston & Whatcom Counties to Benefit

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

New Limit
January 1, 2007

Approx. Purchase Price Based on New Limit

2007 $
Increase Over Previous Limit

 $ Increase over Jan. 2006 Limit

Chelan

$213,750

$220,360

$13,590

$13,590

Douglas

$213,750

$220,360

$13,590

$13,590

Kitsap

$361,000

$372,165

$97,250

$99,750

Skagit

$283,983

$292,766

$33,183

$40,783

Thurston

$261,824

$269,921

$19,574

$46,174

Whatcom

$285,000

$293,814

$28,600

$39,400

Higher loan limits apply for two to four-unit dwellings. FHA insured loans can also be used to refinance existing mortgages.

For a complete list by county, go to https://entp.hud.gov/idapp/html/hicost1.cfm.  For information about FHA insured mortgages, go to www.fha.gov or call 1-800-CALL FHA.

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 
  • FHA loans are assumable, have no income limits, and are not restricted to first-time homebuyers.

Recent changes in FHA loan processing make it easier for REALTORS®, lenders and consumers to process and qualify for FHA loans.

HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS.  The Department also promotes economic and community development, and enforces the nation's fair housing laws.  More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.

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