The Department of Veterans Affairs (VA) offers a loan program for military service members and their families. This program offers 100% financing to eligible borrowers, among other benefits. The box below shows the 2018 VA loan limits for all Washington State counties.
At a glance: The 2018 cap for most counties is $453,100. In the pricier Seattle metro-area counties of King, Pierce and Snohomish, the VA loan limit will rise to $667,000 in 2018 due to the higher home prices in the area. San Juan County is currently capped at $483,000.
VA Loan Limits for Washington State, 2018
VA loan limits vary by county because they are based on median home values. In Washington State, the 2018 limit for most counties will be $453,100 — an increase over the previous year. There are four exceptions to this standard, as shown below.
How These Limits Affect Borrowers
Technically, the Department of Veterans Affairs does not put a dollar-amount cap on the amount you can borrow to purchase a home. It even says that on their website. They do, however, limit the amount of liability the VA will assume, and this can affect the amount you’re able to borrow without making a down payment.
In other words: If you want to use a VA loan to buy a home in Washington State, and you want to take advantage of the zero-down-payment benefit, you’ll probably have to stay within the VA loan limits for your county (shown above).
Caps Were Raised in Most Counties, from 2017 to 2018
For the past couple of years, the VA has used the same loan caps as the conforming limits set by the Federal Housing Finance Agency (FHFA). The FHFA determines conforming caps based on median home prices in each county. In Washington State, home prices have risen steadily over the last year — particularly in the Seattle metro area. As a result, the VA loan limits for Washington State were increased from 2017 to 2018, in most counties.
In King, Pierce and Snohomish counties, for example, the VA loan limit was raised from $592,250 (in 2017) to the new limit of $667,000 for 2018. The maximum amount for most other Washington counties went up as well, with the exception of San Juan County. The VA loan limit for San Juan County will remain at $483,000 in 2018.
Keep these changes in mind as you research this subject online, as you might encounter outdated information with inaccurate dollar amounts. The gray box at the top of this page contains the new VA loan limits for Washington State in 2018.