Higher Loan Limits are Important to Our Market

Recently the House and Senate passed legislation to extend the current loan limits for FHA ,Freddie Mac and Fannie Mae through December 31, 2010. These higher loan limits are set at 125% of local area median home price. This means that a conforming loan (one that can be insured by these 3 agencies) can not exceed $567,500 in King,Pierce, and Snohomish counties . These limits were scheduled to expire on December 31, 2009. Higher conforming limits are very important to our market.