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FHA loan limits in Snohomish County have increased for 2021 as a result of an increase in home prices in the county.
FHA home loans are a great option for many homebuyer hopefuls who may not have the down payment amount or the credit score needed to secure a conventional loan to buy a home in Snohomish County. But before you apply for an FHA loan, you will need to know what the loan limits are for 2021 in this area.
In Snohomish County, Washington, the FHA loan limit for a single-family home purchased within the county is $776,250.
The Department of Housing and Urban Development (HUD) recently announced that it would be increasing FHA loan limits in all counties across the US. These increases in loan limits were made in response to home-price increases in 2020 across most of the nation.
These changes will apply to FHA loans assigned on or after January 1, 2021, and will remain as is through the end of the year.
The single-family FHA loan limit for Snohomish County, Washington is $776,250in 2021. Loan limits for 2-, 3-, and 4-unit properties will also increase next year, as shown in the table further down.
The Federal Housing Administration (FHA) calculates its loan limits based on median house prices, in accordance with the National Housing Act.
The increase in loan limits from 2020 to 2021 is a response to an increase in property values. According to Zillow, the prices of homes across the country increased by 13.2% during the past 12 months to $287,148. The prices in Snohomish County also increased, but at an even higher rate of 20.8% over the past 12 months, and FHA loan limits for 2021 have been increased as a result.
As of June 2021, the average home price for Snohomish County is approximately $611,155. This is far less than the single-family FHA loan limit for the area. That means buyers who use this particular loan program will have a lot of homes to choose from without having to worry about going over the maximum FHA loan size.
Here is a list of FHA limits for all counties in Washington State.
Check out our mortgage loan limit tool for conventional, FHA, and VA loans.
If you are planning to purchase a home in Snohomish County, Washington in 2021, or you have questions about the FHA loan limits for 2021, we are 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
There are a few key differences between VA, FHA, and USDA loans, in addition to each loan type’s eligibility requirements.
Military borrowers have three major loan programs to choose from when they want to secure a home loan: FHA, VA, and conventional loans. Read on to find out more and to check out our loan limits tool.