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Home prices in the Seattle metro area have risen quite a bit over the last year or so. As a result, federal housing officials increased conforming mortgage loan limits for the Seattle area for 2023. This article will provide more details about what this year’s conforming loan limits are.
For all cities within King, Pierce, and Snohomish counties, the high balance conforming loan limit increased to $977,500 for 2023. That’s for a single-family home purchase. There are higher limits for multi-family properties like duplexes and triplexes.
| County | 1 Unit | 2 Unit | 3 Unit | 4 Unit |
| 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 |
A “conforming” loan is one that meets or conforms to the size requirements used by Fannie Mae and Freddie Mac.
Those are the two government-sponsored enterprises (GSEs) that purchase loans from Seattle mortgage lenders.
Borrowers seeking a jumbo loan often have to meet stricter criteria, due to the higher amount of money being borrowed.
In 2023, the threshold that separates conforming and jumbo loans in Seattle will be increased due to rising home values. The high balance conforming loan limit for a single-family home in the Seattle metro area will go up to $977,500. That’s an increase of more than $86,000 from the 2022 cap of $891,250.
These limits are usually consistent across metro areas. So, in the case of Seattle, this means that King, Pierce and Snohomish counties all have the same loan limits.
In the majority of the US, the 2023 conforming loan limit for single-family homes will be $726,200. That’s $79,000 higher than the 2022 limit of $647,200.
To be clear: Qualified borrowers with sufficient income can usually borrow more than the high balance conforming loan limit for their county. That would be a “jumbo” mortgage scenario.
Check out our mortgage loan limit tool for conventional, FHA, and VA loans, as well as the 2023 conforming loan limits for Washington State.
The increase in Seattle’s loan limits for 2023 is a direct result of significant home-price appreciation that occurred over the last year. These limits are reviewed annually in relation to home values. When the median house price for a particular area rises substantially within a year, federal housing officials typically increase the loan limits to keep pace. That’s what occurred over the past few years.
But it’s not just Seattle that will see higher mortgage loan limits in 2023. In fact, most counties across the country have been adjusted upward, in response to rising home values.
“The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values (CLLs) for mortgages to be acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2023. In most of the United States, the 2023 CLL value for one-unit properties will be $726,200, an increase of $79,000 from $647,200 in 2022.”
As of December 2022, the median home value in Seattle is now about $927,525, according to Zillow. That marks an 7.1% increase from the same month last year. That’s why the metro area is seeing higher loan limits in 2023.
Related: Washington vs. Oregon home prices
Thanks to the Blue Water Navy Vietnam Veterans Act of 2019, VA loan limits were eliminated in 2020. That means eligible veteran applicants can buy homes at higher prices without having to worry about going over a loan limit and foregoing their zero down payment option.
Now, veterans can still take advantage of no money down without the concern of going over a loan limit.
However, those who have more than one current VA loan or who defaulted on a previous loan will still have loan limits applied to them.
Will you need mortgage financing to buy a home in Seattle? We can help. 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.