Higher Non-Jumbo Loan Limit Leads to New Possibilities

You might have heard that last week the Office of Federal Housing Enterprise Oversight raised the conforming loan limit, which now allows buyers to purchase higher priced homes without requiring a jumbo (or non-conforming) loan. In many cases, jumbo loans rates are up to 1% higher than their non-jumbo counterparts. 

In King County the new conforming loan limit is $567,500, at least through the end of 2008. Assuming a 20% downpayment, buyers can now consider homes priced to just under $710,000, like one of these Eastside value properties, all within an easy commute to the Microsoft campus:

BELLEVUE

14766 NE 57th St
3 br/2.5 ba, 2,190 sq.ft.new-loan-limits.jpg
Price $715,000 ($326/sq.ft.)
MLS 28030257 

KIRKLAND

7547 124th Ave NE
3 br/2.75 ba, 2,750 sq.ft.
Price $699,000 ($254/sq.ft.)
MLS 28019520

REDMOND

15905 NE 101 Ct
4 br/3 ba, 4,670 sq.ft.
Price $709,900 ($152/sq.ft.)
MLS 27193979

16604 NE 107th St
4 br/1.75 ba, 2,150 sq.ft.
Price $649,900 ($302/sq.ft.)
MLS 28031507

WOODINVILLE

21740 NE 181st Pl.
4 br/2.5 ba, 3,330 sq.ft.
Price $699,000 ($210/sq.ft.)
MLS 28005077

  • http://www.mortgageporter.com Rhonda Porter CMPS

    Katrina, the new (temporary) conforming-jumbo loan limits carry some pretty tight guidelines.

    FHA has the same limits (temporary) and may be a better option for many of those needing mortgages from $417,001-$567,500.

  • http://seattle.redfin.com/blog/author/katrina.munsell Katrina Munsell

    As always, thanks for the helpful tips, Rhonda!