Do you plan to use an FHA loan to buy a home in Pierce County, Washington in 2017? If so, you could have an extra $51,750 to work with. That’s how much the loan limits are going up next year, due to home price increases. In 2017, the FHA loan limit for a single-family home purchased within the county will rise to $592,250.
On December 1, 2016, the Department of Housing and Urban Development (HUD) announced that it would be raising loan limits for FHA-insured mortgages in most counties across the country. These changes were made in response to significant home-price increases that occurred in 2016, across much of the country.
This change will apply to FHA loans with case numbers assigned on or after January 1, 2017, and will remain in effect through the end of the year.
Pierce County FHA Loan Limits in 2017
The single-family FHA loan limit for Pierce County, Washington will rise from $540,500 in 2016, to $592,250 in 2017. That’s a year-over-year increase of $51,750. The caps for multifamily properties will also go up next year, as shown below.
Here are the 2017 limits for Pierce County, in all four property types:
- One-family property: $592,250
- Two-family property: $758,200
- Three-family property: $916,450
- Four-family property: $1,138,950