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Island County FHA loan limits have dropped to $316,250 in 2009 for a 1-unit. This coincides with statewide decreases across the board, with the exception of Chelan and Douglas Counties. What does mean to buyers looking to purchase in Island County?  There are plenty of awesome deals under that $316,250 mark so don’t despair.

Rates are great!  Only need 3.5% down and don’t need a super high credit score.  And don’t forget that we can go to 95% of your homes value for a cash out refinance.

Below is a chart for FHA limits in Island County and the other counties in Washington  

King, Pierce and Snohomish Counties

1 Unit – $506,000

2 Unit – $647,750

3 Unit – $783,000

4 Unit – $973,100

San Juan County

1 Unit – $483,000

2 Unit – $618,300

3 Unit – $747,400

4 Unit – $928,850

Clark and Skamania Counties

1 Unit – $362,250

2 Unit – $463,750

3 Unit – $560,550

4 Unit – $696,650

Chelan and Douglas Counties

1 Unit – $342,700

2 Unit – $438,700

3 Unit – $530,300

4 Unit – $659,050

Jefferson County

1 Unit – $322,000

2 Unit – $412,200

3 Unit – $498,250

4 Unit – $619,250

Island County

1 Unit – $316,250

2 Unit – $404,850

3 Unit – $489,350

4 Unit – $619,250

Kitsap County

1 Unit – $307,050

2 Unit – $393,050

3 Unit – $475,150

4 Unit – $590,500

Whatcom County

1 Unit – $304,750

2 Unit – $390,100

3 Unit – $471,550

4 Unit – $586,050

Clallam County

1 Unit – $296,700

2 Unit – $379,800

3 Unit – $459,100

4 Unit – $570,550

Skagit County

1 Unit – $295,550

2 Unit – $378,350

3 Unit – $457,350

4 Unit – $568,350

Thurston County

1 Unit – $293,250

2 Unit – $375,400

3 Unit – $453,750

4 Unit – $563,950

Adams, Asotin, Benton, Columbia, Cowlitz, Ferry, Franklin, Garfield, Grant, Grays Harbor, Kittitas, Klickitat, Lewis, Lincoln, Mason, Okanogan, Pacific, Pend Oreille, Spokane, Stevens, Wahkiakum, Whitman and Yakima Counties:

1 Unit – $271,050

2 Unit – $347,000

3 Unit – $419,425

4 Unit – $529,250

Call me today at 360-341-2653 to find out what you qualify for. Or go to  www.blueskyhomeloans.net  and fill out an application. FHA mortgage rates are excellent and combined with the reasonable, common sense underwriting they are great for purchasing or refinancing.