HUD No. 07-WA-14
(206) 220-5101 or (877) 741-3281
October 22, 2007
HUD/FHA ANNOUNCES NEW MORTGAGE LIMITS FOR ISLAND COUNTY, WA
The U.S. Department of Housing and Urban Development will raise the Island County, WA mortgage limits to $289,750 for a one-unit, single family home as of October 22, 2007. This is in direct response to housing price appreciation for the county.
New or existing home buyers may now use an FHA insured loan up to $289,750 for purchase and refinance transactions. This is a $10,950 increase over the previous mortgage limit.
Median home prices in Island County have increased dramatically within the last few years. In many cases, HUD has found that purchasers are well qualified from the standpoint of income and credit, but they lack sufficient funds for the size of down payment required on a conventional loan. Since the FHA program requires less of a down payment, it affords more consumers the opportunity to purchase their dream home. The increased loan limits effectively open the market to more of those consumers.
HUD Regional Director John Meyers said, “Homeownership plays a vital role in creating strong communities by giving families a stake in their neighborhoods and helping them to build wealth. Increasing mortgage limits and providing more relaxed requirements for FHA loans removes two major obstacles for many first-time homebuyers.”
HUD is the nation’s housing agency committed to increasing homeownership, particularly among minorities, creating affordable housing opportunities for low-income Americans, supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development as well as 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.