For the 5th consecutive year, the 1-unit conforming mortgage limit for Spokane County is $417,000.

As we are well aware, lending standards have tightened considerably the past couple of years.  However, loan limits have stayed the same!

Just released by the Federal Housing Financing Agency, the offocial 2010 conforming loan limits:

• 1-unit properties:  $417,000
• 2-unit properties:  $553,850
• 3-unit properties:  $645,300
• 4-unit properties:  $801,950

The maximum loan size does vary by market.  The limits quoted above are for Spokane County.  Counties in which typical home prices are way above the norm will also have higher conforming loan limits.   There are only 197 designated high-cost areas in the U.S. - only 6% of the country.  Here are some other areas in Washington State and their loan limits:

• Snohomish,Pierce & King County:  $567,600
• San Juan County:  $593,750
• Jefferson County:  $437,500

So what happens if you happen to be looking at a loan that exceeds the loan limits for your county?  Well, then you would move into what is called "jumbo" loans.  Pricing is typically a bit higher on this size of a loan and the minimum down payment is usually 20%.  However, there is great financing options available, you just need to know where to look!

If you would like to find your local market's loan limit, please go to fanniemae website.

Denelle