Snohomish County FHA Loan Limits Increased for 2023

Published:
December 17, 2019
Last updated:
December 2, 2022
In This Article

FHA loan limits in Snohomish County have increased for 2023 as a result of an increase in home prices in the county.

FHA home loans are a great option for many homebuyer hopefuls who may not have the down payment amount or the credit score needed to secure a conventional loan to buy a home in Snohomish County. But before you apply for an FHA loan, you will need to know what the loan limits are for 2023 in this area.

In Snohomish County, Washington, the FHA loan limit for a single-family home purchased within the county is $977,500.

The Department of Housing and Urban Development (HUD) recently announced that it would be increasing FHA loan limits in all counties across the US. These increases in loan limits were made in response to home-price increases in 2022 across most of the nation.

These changes will apply to FHA loans assigned on or after January 1, 2023, and will remain as is through the end of the year.

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Snohomish County FHA Loan Limits in 2023

The single-family FHA loan limit for Snohomish County, Washington is $977,500 in 2023. Loan limits for 2-, 3-, and 4-unit properties will also increase next year, as shown in the table further down.

Here are the 2023 limits for Snohomish County, in all property types:

  • One-family property: $977,500
  • Two-family property: $1,251,400
  • Three-family property: $1,512,650
  • Four-family property: $1,879,850

A Response to an Increase in Property Values

The Federal Housing Administration (FHA) calculates its loan limits based on median house prices, in accordance with the National Housing Act.

This is the reason why the same loan limits are applied to the entire Seattle metro area, including King, Pierce, and Snohomish counties, as you can see in the table below:

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

The increase in loan limits from 2022 to 2023 is a response to an increase in property values. According to Zillow, the prices of homes across the country increased by 13.5% during the past 12 months to $357,589. The prices in Snohomish County also increased at a rate of 8.8% over the past 12 months, and FHA loan limits for 2023 have been increased as a result.

As of December 2022, the average home price for Snohomish County is approximately $742,475. This is far less than the single-family FHA loan limit for the area. That means buyers who use this particular loan program will have a lot of homes to choose from without having to worry about going over the maximum FHA loan size.

Here is a list of FHA limits for all counties in Washington State.

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

Interested in Applying for the FHA Loan Program?

If you are planning to purchase a home in Snohomish County, Washington in 2023, or you have questions about the FHA loan limits for 2023, we are here to help.

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Need a Mortgage?

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.

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