There are compelling reasons to choose short-term mortgages and long-term loans. Nevertheless, the best way to decide is to consult with a WA State home finance and real estate professional.
FHA loan limits in Pierce County are increased for 2021 as a result of rising prices in the county. We’ll discuss how much the limits increased for 2021, and what that means for you.
Do you plan to use an FHA loan to buy a home in Pierce County, Washington in 2021? The FHA loan limit for a single-family home purchased within the county is $776,250.
In early December 2020, the Department of Housing and Urban Development (HUD) announced that it would be raising loan limits for FHA-insured mortgages in all counties across the country. These changes were made in response to significant home-price increases that occurred in 2020, across much of the country.
This change will apply to FHA loans with case numbers assigned on or after January 1, 2021, and will remain in effect through the end of the year.
Pierce County FHA Loan Limits in 2021
The single-family FHA loan limit for Pierce County, Washington is $776,250 in 2021. The caps for multifamily properties will also go up next year, as shown below.
Here are the 2021 limits for Pierce County, in all four property types:
- One-family property: $776,250
- Two-family property: $993,750
- Three-family property: $1,201,200
- Four-family property: $1,492,800