![conv loan limits conv loan limits](https://www.marchenahometeam.com/wp-content/uploads/2020/04/2020-Loan-Limits-2.jpg)
So there are several federal housing agencies involved in determining loan limits.Ĭheck out our mortgage loan limit tool for conventional, FHA, and VA loans. In recent years, FHFA has used the median home values estimated by the Federal Housing Administration (FHA), which is part of HUD. (See the table above for county-by-county details.) The three exceptions to this baseline amount are King, Pierce, Snohomish counties. The 2022 conforming limit for most counties in Washington State is $647,200. Conforming limits are usually set at 115% of the median home price for each area, though they can exceed this level in some high-cost areas. In other words, if prices go up considerably in a certain county, FHFA may increase the corresponding loan limits to keep pace with rising home values. The Housing and Economic Recovery Act of 2008 (HERA) requires the FHFA to monitor and track average home prices in the U.S., and to annually adjust the baseline jumbo loan limit as needed to reflect changes in national home values. Washington State conforming loan limits are determined by the Federal Housing Finance Agency (FHFA).
![conv loan limits conv loan limits](https://www.homebridgewholesale.com/wp-content/uploads/2017/11/2018-Loan-Limits-Chart.jpg)
If you’re buying a single-family home or condo in Washington State, refer to the “1-unit” conforming loan limit column. The “2-unit” column applies to duplex-style properties with two separate residents, and so on. Note: a “1-unit” property is a single-family home with one resident. The table below shows conforming loan limits for all Washington counties, and for all four property types.
![conv loan limits conv loan limits](https://gmfsmortgage.com/wp-content/uploads/2018/11/Conventional-Loan-Limits-Have-Increased-1.png)
2022 Conforming Loan Limits for Washington State In the more expensive Seattle-area counties of King, Pierce, and Snohomish, the single-family loan limit has been increased to $891,2. Home loans that exceed the maximum amounts shown below are considered “jumbo” mortgages.Īt a glance: The current single-family conforming loan limit for most counties in Washington State is $647,200 (an increase over the 2021 cap of $548,250 ). This page includes the 2022 conforming loan limits for all Washington State counties, with some additional commentary about how and why these caps are set.