King County Conforming Loan Limits Increase for 2022

Published:
October 17, 2017
Last updated:
November 30, 2021
In This Article

Home prices have increased steadily in King County, prompting federal housing officials to decide to raise conforming loan limits in the county for 2022. This article will address what these numbers are and how that will impact you as a homebuyer.

We are seeing higher conventional loan limits in King County for 2022, as a result of steady home-price growth over that year. Here’s an updated look at jumbo and conforming loan limits with the county for 2022.

What Is a ‘Jumbo’ Mortgage, Exactly?

By definition, a jumbo loan is one that exceeds the maximum size limits for purchase by Freddie Mac and Fannie Mae.

Each year, these two government-sponsored enterprises (and their regulator, the Federal Housing Finance Agency) establish a maximum amount for the loans they can buy from mortgage lenders.

The conforming loan limits for 2022 in King County increased to $891,250. The baseline for the state of Washington is $647,200.

When a mortgage loan exceeds these conforming limits, it is referred to as a jumbo loan. Generally speaking, the qualification criteria for jumbo mortgage products can be a bit more strict, when compared to their smaller / conforming counterparts.

So what’s considered a jumbo loan in King County, Washington, in 2022? As already mentioned, in 2022, the conforming loan limit will be $891,250 for a single-family property. So anything above that would be considered jumbo.

To be clear, it’s possible to borrow more than this amount. But a higher down payment might be required, due to the larger size of the loan. Please contact us if you have questions about applying for a jumbo loan in King County, Washington.

The loan limits for King County are the same as Pierce and Snohomish Counties, as noted in the table below.

County Name1-Unit Loan Limit2-Unit Loan Limit3-Unit Loan Limit4-Unit Loan Limit
King$891,250$1,140,950$1,379,150$1,713,950
Pierce$891,250$1,140,950$1,379,150$1,713,950
Snohomish$891,250$1,140,950$1,379,150$1,713,950

View Washington State Mortgage

Home Prices Rising Steadily

Home prices across the county – and within the Seattle metropolitan area, in particular – have risen steadily and sharply over the last few years, though they slowed down in the middle of 2018. But they’ve been rising ever since mid-2019. King County has seen some of the biggest year-over-year price increases of any county in the country, with prices now hovering around $812,129 compared to the state average of $555,943.

You’ll recall that the 2021 conforming loan limit for conventional (non-government-backed) mortgage loans in King County is $891,250 for a single-family home. The median, or midpoint, for home prices in the county is below that level. So buyers have some wiggle room when it comes to taking out a mortgage that falls within conforming loan sizes.

Check out our mortgage loan limit tool for conventional, FHA, and VA loans.

Will King County Jumbo Limits Increase in 2022?

As a result of these trends, the jumbo loan threshold in King County will go up in 2022. Federal housing regulators review FHA and conventional / conforming limits every year to make sure they are keeping pace with home values. When prices rise considerably during the year, the limits are often increased as well. We saw this last year, and it will happen again for 2022.

King County home prices have already increased quite a bit over the course of 2021, and they are expected to continue rising over the coming months.

Here is a full list of loan limits for the state of Washington.

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Sammamish Mortgage is a local mortgage company serving the broader Pacific Northwest region, including Washington state, Idaho, Colorado, and Oregon. We are proud to offer a wide variety of mortgage programs and products with flexible qualification criteria since 1992. Please contact us if you have any questions or are ready to apply for a home loan.

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