FHA mortgages are indispensable to many home buyers with credit issues and small down payments. However, time can change things making a conventional mortgage more attractive.
Summary: For 2020, FHA loan limits in king County are increased in response to rising prices in the county. In this article, we’ll discuss how much the limits increased for 2020, and what this means for your homebuying process.
If you are planning to apply for an FHA loan to buy a home in King County, Washington in 2020, then you will want to know the maximum amount that you can borrow without your loan being considered a “jumbo loans.” Each year, the FHA loan limits tend to change in response to an increase in home prices. For King County, the FHA loan limit for a single-family home is $741,750 for 2020.
In early December 2019, the Department of Housing and Urban Development (HUD) announced that it would increase loan limits for FHA-insured home loans in all counties across the nation. These modifications were made as a result of home-price increases that took place in 2019. These loan limits will remain in effect for the duration of 2020.
King County FHA Loan Limits in 2020
The FHA loan limit for King County, Washington for a single-family home is $741,750 for 2020. The limits for multi-family residences will also increase for 2020, as shown further down.
Here are the 2020 limits for King County, in all four property types:
- One-family property: $741,750
- Two-family property: $949,600
- Three-family property: $1,147,800
- Four-family property: $1,426,450