2024 FHA Loan Limits in Washington
Homebuyers in Washington state may want to consider taking advantage of a Federal Housing Administration (FHA) loan. This type of government-backed mortgage offers flexible qualifying criteria, including the ability to put as low as 3.5% down. There are some restrictions with FHA loans, however, including a borrowing limit in the county where you want to purchase your home. In Washington, the FHA loan limits for single-family loans range from $498,257 to $977,500 in more high-cost areas.
Washington FHA loan limits by county
| County name | One unit | Two units | Three units | Four units | Median sales price |
|---|---|---|---|---|---|
| ADAMS | $498,257 | $637,950 | $771,125 | $958,350 | $249,000 |
| ASOTIN | $498,257 | $637,950 | $771,125 | $958,350 | $316,000 |
| BENTON | $498,257 | $637,950 | $771,125 | $958,350 | $380,000 |
| CHELAN | $506,000 | $647,750 | $783,000 | $973,100 | $385,000 |
| CLALLAM | $498,257 | $637,950 | $771,125 | $958,350 | $400,000 |
| CLARK | $679,650 | $870,050 | $1,051,700 | $1,307,050 | $591,000 |
| COLUMBIA | $498,257 | $637,950 | $771,125 | $958,350 | $201,000 |
| COWLITZ | $498,257 | $637,950 | $771,125 | $958,350 | $355,000 |
| DOUGLAS | $506,000 | $647,750 | $783,000 | $973,100 | $385,000 |
| FERRY | $498,257 | $637,950 | $771,125 | $958,350 | $140,000 |
| FRANKLIN | $498,257 | $637,950 | $771,125 | $958,350 | $380,000 |
| GARFIELD | $498,257 | $637,950 | $771,125 | $958,350 | $247,000 |
| GRANT | $498,257 | $637,950 | $771,125 | $958,350 | $276,000 |
| GRAYS HARBOR | $498,257 | $637,950 | $771,125 | $958,350 | $265,000 |
| ISLAND | $575,000 | $736,100 | $889,800 | $1,105,800 | $435,000 |
| JEFFERSON | $517,500 | $662,500 | $800,800 | $995,200 | $450,000 |
| KING | $977,500 | $1,251,400 | $1,512,650 | $1,879,850 | $850,000 |
| KITSAP | $563,500 | $721,400 | $872,000 | $1,083,650 | $428,000 |
| KITTITAS | $498,257 | $637,950 | $771,125 | $958,350 | $390,000 |
| KLICKITAT | $498,257 | $637,950 | $771,125 | $958,350 | $225,000 |
| LEWIS | $498,257 | $637,950 | $771,125 | $958,350 | $325,000 |
| LINCOLN | $498,257 | $637,950 | $771,125 | $958,350 | $279,000 |
| MASON | $498,257 | $637,950 | $771,125 | $958,350 | $314,000 |
| OKANOGAN | $498,257 | $637,950 | $771,125 | $958,350 | $200,000 |
| PACIFIC | $498,257 | $637,950 | $771,125 | $958,350 | $250,000 |
| PEND OREILLE | $498,257 | $637,950 | $771,125 | $958,350 | $235,000 |
| PIERCE | $977,500 | $1,251,400 | $1,512,650 | $1,879,850 | $850,000 |
| SAN JUAN | $498,257 | $637,950 | $771,125 | $958,350 | $156,000 |
| SKAGIT | $545,100 | $697,800 | $843,500 | $1,048,300 | $417,000 |
| SKAMANIA | $679,650 | $870,050 | $1,051,700 | $1,307,050 | $591,000 |
| SNOHOMISH | $977,500 | $1,251,400 | $1,512,650 | $1,879,850 | $850,000 |
| SPOKANE | $498,257 | $637,950 | $771,125 | $958,350 | $355,000 |
| STEVENS | $498,257 | $637,950 | $771,125 | $958,350 | $355,000 |
| THURSTON | $546,250 | $699,300 | $845,300 | $1,050,500 | $435,000 |
| WAHKIAKUM | $498,257 | $637,950 | $771,125 | $958,350 | $305,000 |
| WALLA WALLA | $498,257 | $637,950 | $771,125 | $958,350 | $355,000 |
| WHATCOM | $603,750 | $772,900 | $934,250 | $1,161,050 | $420,000 |
| WHITMAN | $529,000 | $677,200 | $818,600 | $1,017,300 | $460,000 |
| YAKIMA | $498,257 | $637,950 | $771,125 | $958,350 | $305,000 |
How are FHA loan limits determined?
Each year, the FHA uses a percentage of the national conforming loan limit, set by the Federal Housing Finance Agency (FHFA) to calculate their local loan limits. The formula used to complete these calculations uses localized median home prices from the prior year.
The lowest national FHA loan limit, or “floor,” sits at 65% of the conforming loan limit – currently $498,257 in the state. The “ceiling,” or the highest limit, applies to higher-cost areas and goes up to 150% of the conforming loan limit. The national ceiling is currently $1,149,825, but in Washington, the high-cost limit extends to $977,500.
How to qualify for an FHA loan in Washington
FHA loans can help those with lower credit scores or those who don’t have the means or desire to make a large down payment. Borrowers in Washington will need to meet certain criteria to qualify for a loan, including:
→ Down payment. You need at least a 580 credit score in order to make a 3.5% down payment. You may qualify for a FHA loan if you have a minimum 500 credit score, but you’ll need to put at least 10% down.
→ Credit score. FHA loans require a 500 credit score or higher, though you have the choice of a lower down payment if your score is at least 580.
→ Home appraisal. Regulations require a home appraisal for FHA loans to assess the condition and current value of the home.
→ Debt-to-income (DTI) ratio. Though there may be some exceptions (like if you have ample cash reserves), most lenders require a DTI ratio no higher than 43%. You can calculate this ratio by dividing your monthly debt obligations by your gross monthly income.
→ Mortgage insurance. FHA loans require two types of FHA mortgage insurance: the upfront mortgage insurance premium (UFMIP) and the annual mortgage insurance premium (MIP). The UFMIP is 1.75% of the loan amount and due at closing and the MIP costs between 0.15% and 0.75% of the loan amount.
→ Residency. The home you purchase with an FHA loan needs to be your primary residence for at least 12 months. It can’t be an investment property or a vacation property.
Buying a multifamily property with an FHA loan
The FHA loan program allows homebuyers to purchase a multifamily home – a property with two to four units – with a down payment as low as 3.5%. You will need to meet criteria similar to FHA loans for single-family homes, including:
→ A minimum 580 credit score (for 3.5% down)
→ One unit needs to be your primary residence
→ Pass a home appraisal
→ Meet DTI requirements
→ Mortgage insurance
| Number of units | Low-cost FHA loan limit |
|---|---|
| Two | $637,950 |
| Three | $771,125 |
| Four | $958,350 |
FHA lenders in Washington
Lender | LendingTree rating | Min. FHA credit score | |
|---|---|---|---|
 Flagstar Bank | 580 | ||
 Guaranteed Rate | Not disclosed | ||
 PennyMac | 580 | ||
 Rocket Mortgage | 580 | ||
 BMO Harris | 580 |
