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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.
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.
In accordance with the National Housing Act, the Federal Housing Administration calculates its mortgage limits based on median house prices. Maximum loan sizes are generally set at the metropolitan statistical area (MSA) level.
That’s why the same loan limits are used for the entire Seattle metro area, including King, Pierce, and Snohomish counties, as per the table below:
The increase from late 2019 to late 2020 is a response to rising home values. According to Zillow, home prices nationwide rose by 13.2% during the past year. They shot up by 18.6% in Pierce County, Washington. FHA loan limits for 2021 have been increased to account for these changes.
As of June 2021, the median home price for Pierce County was around $473,638. That’s well below the single-family FHA loan limit for the area. This means home buyers who use this mortgage program should have plenty of properties to choose from without exceeding the maximum loan size.
Elsewhere on our website, you’ll find a list of FHA limits for all counties in Washington State.
Check out our mortgage loan limit tool for conventional, FHA, and VA loans.
Do you plan to buy a home in Pierce County, Washington sometime soon? Do you have questions about the FHA loan limits for 2021 or other aspects of the program? We’re here to help.
Sammamish Mortgage is a local mortgage company serving the broader Pacific Northwest region, including Washington state, Idaho, Colorado, and Oregon. We have been offering a wide variety of mortgage programs and products with flexible qualification criteria since 1992. Please contact us if you have any questions or are ready to apply for a home loan
Are you thinking of buying a home in Washington state using a VA loan? Read on to find out more and to check out our loan limits tool.
VA loans are highly beneficial to veterans who qualify, mainly because of the option to put no money down. Read on to find out more and to check out our loan limits tool.