If you’re looking to buy a home in Seattle with an FHA loan this year, you now have access to higher lending limits for 2023. Here’s what to know.
Seattle’s FHA Limit
For most of King County where Seattle is located, the new maximum FHA loan amount for 2023 is $970,800 with a 10% down payment.
The 2022 limit in Seattle was $926,100, so buyers can now borrow nearly $45,000 more with FHA financing.
Rest of Washington State
In other non-high-cost counties in Washington, the standard FHA loan limit increased to $726,525 for 2023, up from $647,200.
This encompasses areas like Tacoma, Spokane, Vancouver, Kent, and Bellevue. Residents of these cities also benefit from higher potential FHA loans.
More affordable counties in eastern Washington will have a floor FHA loan limit of $471,250 in 2023, compared to the 2022 floor of $420,680.
So homebuyers across the state can access larger FHA-backed loans this year.
If you want to buy in Seattle or elsewhere in Washington, discuss new FHA loan maximums with lenders to find the right mortgage for your needs.