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There are currenly 3 categories of loan limits. Conventional for up to $417,000 and conventional jumbo resulted from the stimulus package in high-cost areas such as in the Seattle, Tacoma, Bellevue (King, Pierce, and Snohomish) at $567,500. That will drop to $506,000 for single family, $647,750 for 2 units, $783,000 for 3 units and $973,100 for 4 units in January 1st 2009. The limits will be permanent in 2009.

The last category is jumbo for anything greater than the conventional jumbo above. This category is currently unmarketable since FNMA and FHLMC are no longer serving this market. Hopefully, it will come back. 

Once the loan is closed, it will not switch categories.