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Home prices have increased steadily in King County, prompting federal housing officials to decide to raise conforming loan limits in the county for 2023. 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 2023, 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 2023.
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 2023 in King County increased to $977,500. The baseline for the state of Washington is $726,200.
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 2023? As already mentioned, in 2023, the conforming loan limit will be $977,500 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 Name | 1-Unit Loan Limit | 2-Unit Loan Limit | 3-Unit Loan Limit | 4-Unit Loan Limit |
| King | $977,500 | $1,251,400 | $1,512,650 | $1,879,850 |
| Pierce | $977,500 | $1,251,400 | $1,512,650 | $1,879,850 |
| Snohomish | $977,500 | $1,251,400 | $1,512,650 | $1,879,850 |
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 $886,803 compared to the state average of $610,121.
You’ll recall that the 2023 conforming loan limit for conventional (non-government-backed) mortgage loans in King County is $977,500 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.
As a result of these trends, the jumbo loan threshold in King County will go up in 2023. 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 2023.
King County home prices have already increased quite a bit over the course of 2022, and they are expected to continue rising over the coming months.
Here is a full list of loan limits for the state of Washington.
At Sammamish Mortgage, we offer a wide variety of mortgage programs and tools with flexible qualification criteria, including our Diamond Homebuyer Program, Cash Buyer Program, and Bridge Loans. We have been serving the entire state since 1992, as well as the broader Pacific Northwest region that includes Washington, Oregon, Colorado, and Idaho. Please contact us today with any financing-related questions you have.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.