FHA mortgages are indispensable to many home buyers with credit issues and small down payments. However, time can change things making a conventional mortgage more attractive.
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.
Snohomish County FHA Loan Limits in 2021
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.
Here are the 2021 limits for Snohomish County, in all property types:
- One-family property: $776,250
- Two-family property: $993,750
- Three-family property: $1,201,200
- Four-family property: $1,492,800