Seattle Conforming Loan Limits Remains at $977,500 in 2024

Published:
November 27, 2018
Last updated:
November 29, 2023
Post cover image
In This Article

Home prices in the Seattle metro area dipped slightly over the last year or so. As a result, federal housing officials left conforming mortgage loan limits for the Seattle area as is for 2024. 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 remains at $977,500 for 2024. That’s for a single-family home purchase. There are higher limits for multi-family properties like duplexes and triplexes.

County Name1 Unit2 Units3 Units4 Units
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

Seattle Loan Limit Will Remain the Same in 2024

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.

  • When a home loan falls within the size limits used by the GSEs, it is referred to as a conforming loan.
  • If it exceeds those limits, it’s known as a jumbo loan.

Borrowers seeking a jumbo loan often have to meet stricter criteria, due to the higher amount of money being borrowed.

Usually, the threshold that separates conforming and jumbo loans in Seattle is increased each year due to rising home values. But in 2024, the 2024 loan limits will remain the same as they were in 2023. The high balance conforming loan limit for a single-family home in the Seattle metro area will go up to $977,500.

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 2024 conforming loan limit for single-family homes will be $766,550.

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 2024 conforming loan limits for Washington State.

Today’s Seattle Mortgage Rates

Higher Home Prices, Higher Mortgage Amounts

As mentioned, an increase in home prices typically leads to higher loan limits for the following year. This has typically been the case for Seattle. 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. Most counties will see higher mortgage loan limits in 2024, in response to rising home values.

This year is a bit different, as home prices in Seattle did not increase over the past 12 months, and instead dipped.

As of December 2023, the median home value in Seattle is now about $827,235, according to Zillow. That marks an 2.8% decrease from the same month last year.

Related: Washington vs. Oregon home prices

VA Loan Limits Eliminated

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.

Get an Instant Mortgage Rate Quote Today

Need a Home Loan?

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 ProgramCash 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.

Other Blogs You May Like
VA Jumbo Loans in Washington State: No More Limits
February 14, 2024
4 min read
VA Jumbo Loans in Washington State: No More Limits
Veterans who qualify for a VA loan do not have to worry about going over a certain loan amount...
FHA Loans: A Popular Option for First-Time Buyers in Washington
February 13, 2024
3 min read
FHA Loans: A Popular Option for First-Time Buyers in Washington
FHA loans are popular among first-time home buyers in Washington State because they offer a low...
Show 130 more posts
from this category

Connect with a Mortgage Advisor Today!

Whether you’re buying a home or ready to refinance, our professionals can help.

Compare Mortgage Rates in Your Area Instantly

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.

Subscribe to our newsletter