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Could someone please explain this to me? King County 417k, 506k

Profile picture for krajniken
Could someone please explain the difference between what is conforming and what is not in King county? I know 417k is the normal conforming loan, but is 506k in King county conforming also? The 506k loan would be conforming with just a higher interest rate correct? The 506k is not considered jumbo but anything over 506 is correct?

Thanks!
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February 14 - US
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Profile picture for Military Loan Expert
Which King County?  

California, Washington?  There are a few of those.
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February 14
Profile picture for krajniken
King county Washington state :) 
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February 14
Profile picture for Georgia Loans
You got it right for WA.
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February 14
Profile picture for krajniken
Thanks Clay!
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February 14
Profile picture for daveskow

in king , pierce , snohomish counties we now have 3 catagories as of 1/1/09):

" regular" conforming loans ( $417K and under )

"high balance " conforming loans ( for loans of $417,001 to $506K)..these rates can be slightly  higher than the regular  conforming rates

Jumbo loans ( loan amts $506K and higher )

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February 14
Profile picture for Georgia Loans
Good luck with your purchase, If you want to buy in the 600K range or higher with 10% down let me know.
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February 14
Profile picture for Robin Gentry
506K limit is FHA "s Temporary High balance Loan program.  If your loan balance exceeds this than you would need a jumbo loan option.  I am in Mill Creek WA if you have any questions I would be happy to meet or talk with you.  Good Luck! 
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February 14
 
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