Home Loan Programs for Washington
Understanding Agency, Conventional, Government, and Non-Agency Options
We have prepared comprehensive definitions and illustrative charts to empower you with a deeper understanding of the intricate world of mortgage loans. Navigating the complexities of various loan options can be a daunting task, and our goal is to simplify this process for you.
In the following sections, you’ll find detailed explanations of key concepts, accompanied by visually informative charts that break down crucial information. Whether you’re delving into the nuances of Agency Loans, exploring Conventional and Government-backed options, or considering the flexibility of Non-Agency Loans such as Portfolio Loans, these resources are designed to be your go-to reference. Let us guide you through the intricacies of Conforming Conventional Loans, Jumbo Loans, and Government Loans, providing clarity on terms, limits, and categories.
Your journey to informed decision-making begins here, as we equip you with the knowledge needed to make confident choices in selecting the right mortgage program and terms.
Conforming Conventional, Government, and Portfolio Loans
What are Agency Loans?
Both Conventional and Government loans are considered Agency Loans because they are backed by one of the following government agencies:
Federal National Mortgage (Fannie Mae)
Federal Home Loan Mortgage Corp. (Freddie Mac)
Government National Mortgage Association (Ginnie Mae)
How does this impact my home loan options?
A Conforming Conventional Loan is one that is saleable to Fannie Mae or Freddie Mac with a loan amount up to the conforming limit. Once the loan amount exceeds the conforming limit, it becomes a Jumbo loan. Conforming Conventional loans are available in terms of 15-year and 30-year fixed and 5-year, 7-year, and 10-year Adjustable Rate Mortgages (ARMs).
Government Loans are saleable to Ginnie Mae and include the following loan categories: VA loans, FHA loans, and USDA loans. There is a variety of loan terms available for Government loans – inquire when you speak with your loan officer for more detailed information.
Non-Agency Loans, those loans that are not backed by Freddie, Fannie, or Ginnie, are called Portfolio Loans. These loans are available for financing when a loan scenario does not fit within the Agency guidelines. Your loan officer will be able to extend these loan programs in terms of 15-year and 30-year fixed and 1-year to 10-year Adjustable Rate Mortgages (ARMs).
Your loan officer will be able to guide you in selecting the loan program and term that is best for you.
Washington Loan Program Guides
The following guides will help you to determine the basic terms available for the various home loan programs available in Washington, and offer details for:
- Minimum Down Payment Percentage % of the loan amount
- Maximum Purchase Price calculated based on maximum loan amount and minimum down payment requirements
- And the corresponding Loan Program
Maximum Loan Amounts for Washington
2025 Conforming Conventional Loan Limits for Washington
| County | 1 Unit Property | 2 Unit Property | 3 Unit Property | 4 Unit Property |
|---|---|---|---|---|
| King | $1,037,300 | $1,327,950 | $1,605,200 | $1,994,850 |
| Pierce | $1,037,300 | $1,327,950 | $1,605,200 | $1,994,850 |
| Snohomish | $1,037,300 | $1,327,950 | $1,605,200 | $1,994,850 |
| Spokane | $806,500 | $1,032,650 | $1,248,150 | $1,551,250 |
| Clark | $806,500 | $1,032,650 | $1,248,150 | $1,551,250 |
| Thurston | $806,500 | $1,032,650 | $1,248,150 | $1,551,250 |
| Kitsap | $806,500 | $1,032,650 | $1,248,150 | $1,551,250 |
If your county is not included above, see the complete list of Agency maximum conforming loan limits by county.
2025 FHA Loan Limits for Washington
| County | 1 Unit Property | 2 Unit Property | 3 Unit Property | 4 Unit Property |
|---|---|---|---|---|
| King | $1,037,300 | $1,327,950 | $1,605,200 | $1,994,850 |
| Pierce | $1,037,300 | $1,327,950 | $1,605,200 | $1,994,850 |
| Snohomish | $1,037,300 | $1,327,950 | $1,605,200 | $1,994,850 |
| Spokane | $524,225 | $671,200 | $811,275 | $1,008,300 |
| Clark | $695,750 | $890,700 | $1,076,650 | $1,338,000 |
| Thurston | $557,750 | $714,000 | $863,100 | $1,072,600 |
| Kitsap | $575,000 | $736,100 | $889,800 | $1,105,800 |
If your county is not included above, see the complete list of FHA maximum conforming loan limits by county.
2025 USDA Loan Limits for Washington
| County | Loan Limit |
|---|---|
| All Counties unless otherwise noted below |
$419,300 |
| Chelan, Douglas | $437,000 |
| Thurston | $446,200 |
| Skagit | $450,800 |
| Kitsap | $460,000 |
| Whitman | $463,600 |
| Island | $483,000 |
| Whatcom | $506,000 |
| Clark, Skamania | $556,600 |
| King, Pierce, Snohomish | $829,800 |
2025 VA Loan Limits for Washington
In 2024, the Department of Veterans Affairs (VA) has eliminated loan limits for veteran home buyers who possess their full entitlement. This significant change allows qualified veterans to make a home purchase without constraints on the purchase price, provided they can make a 0% down payment, and is not restricted by county loan limits.
Key Features from Pacific Home Loans:
- No Purchase Price Limit for Full Entitlement: Qualified veterans with their full entitlement available can secure a VA loan with a 0% down payment, regardless of the county loan limits. Pacific Home Loans extends this benefit up to $2,500,000, and in some cases, even higher.
- Partial or No Entitlement: Veterans with partial or no remaining entitlement still have the opportunity to apply for a VA home loan. However, a down payment may be required. The down payment amount is determined through a calculation considering the remaining entitlement, county conforming loan limit, and the purchase price.
Assistance from Your Loan Officer:
Our experienced loan officers at Pacific Home Loans are ready to assist veterans in calculating the precise down payment required for their specific home purchase scenario. We understand the complexities involved and are dedicated to providing personalized guidance to ensure a seamless and informed process.
At Pacific Home Loans, we take pride in supporting our veterans in achieving their homeownership goals. Contact us today, and let our team assist you in navigating the VA loan process with clarity and expertise.
Primary Residence Washington Loan Programs
The figures in the chart below identify the minimum down payment percentage and a maximum purchase price are based on the 2025 Loan Limits as applicable for Conforming Washington 1 Unit properties, FHA Loans, Portfolio loans, etc.
| Minimum Down Payment % | Maximum Purchase Price | Loan Program |
|---|---|---|
| 0% | $1,037,300 | VA Loan with full Entitlement |
| 3% | $1,037,300 | Fannie Mae HomeReady® – King, Snohomish & Pierce Counties |
| 3% | $1,037,300 | Freddie Mac Home Possible® – King, Snohomish & Pierce Counties |
| 3.5% | $1,037,300 | FHA Loan – King, Snohomish & Pierce Counties |
| 3.5% | $806,500 | FHA Loan – All Other Counties |
| 5% | $1,037,300 | Conventional Conforming – King, Snohomish & Pierce Counties |
