How great is the Stimulus Package really?

After researching the Median Home Prices and doing a little math I was unpleasantly surprised. As usual, the media has done it’s job of blowing things way out of proportion and has blasted us with the hopes of a FHA Loan Limit increase to $730,000. I knew it was too good to be true but technically, if you are in the major metropolis of California or live in Hawaii you are pretty much good to go.

So how do we in the Puget Sound Region fare? Take a good look:

H.R. 5140 – Increased Loan Limits
State	CBSA/MSAD Code	CBSA/MSAD Name	Estimated Median Value	Adjusted Conforming Limits: 125% of max median price and <= 175% *current conforming limit
WA	42644	Seattle-Bellevue-Everett, WA	$394,700	$493,375
WA	45104	Tacoma, WA	$394,700	$493,375
WA		San Juan County	$381,884	$477,355
WA	14740	Bremerton-Silverdale, WA	$380,000	$475,000
WA		Jefferson County	$350,000	$437,500

Is this a bad thing? I think not. No matter what we will be able to help clients of ours with the slightly increased limits. Stop by and take advantage of our FREE Mortgage Analysis and see if we can save you some money!

NOTE: THESE ARE NOT THE OFFICIAL GUIDELINES FROM HUD. THE OFFICIAL CHART OF LOAN LIMITS WILL NOT BE DELIVERED BY HUD UNTILL 30 DAYS AFTER THE PASSAGE OF THE LEGISLATION.