Washington State FHA Loan | Requirements | 2023 FHA Loan Limits
Looking for a financially viable option to own a house in Washington State? FHA loans provides you a great opportunity to buy your dream home in Washington State. The FHA (Federal Housing Administration) are backed by the government and thus aims at giving the best aids for every average American who dreams about buying their own home. Being popular in the US, the loan scheme comes with very lenient requirements, that can help your purchase a home even with a 3.5% down payment and a credit score as low as 500.
Washington State FHA Loan Requirements
Below mentioned are the basic requirements to qualify for an FHA loan in the Washington State. If you wish to test your eligibility for an FHA loan, our experts can help with that and get a suitable lender for you. To let an FHA lender call you back, request a free consultation.
- Credit Score– Borrowers with a credit score of 580 or more can qualify for the 3.5% down payment under the FHA norms while those between the range of 500-579, can qualify for 10% down payment.
- Job History – Under the FHA loan rule, a borrowers needs to hold a consistent 2 year tenured proof of employment to be eligible to get the loan. However, if someone has switched jobs, they can also produce substantial proofs of consistent employment and its related income.
- Financial Statements– The FHA loan lenders require a set of financial statements to be submitted which includes the individual’s pay stubs, their last tax returns and their two most recent bank statements to validate their financial status.
- Debt-to-Income– Under the FHA loan rules, none of the borrowers can qualify for the loan if they hold a debt-to-income ratio which is higher than 43%. However, on the lenient side, few people can qualify for the loan even with high debt levels under special “compensating factors” like- substantial money in their savings, bearing longer job history, or a great credit score.
- Primary Residence– The FHA loans are only created to back the purchase of primary residence which will be later occupied by the borrower and not for the purchase of any investment property, a second home, or vacation home.
- Mortgage Insurance– No matter how well capable the borrower is, all FHA loans, regardless of the lender, needs backing by any of the two types of mortgage insurances. This includes- the UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium). This works similar to PMI (Private Mortgage Insurance) for conventional loan acts. You may use this FHA loan calculator to get an estimate of your monthly payment and mortgage insurance costs.
- FHA Loan Limits– Every county sets a maximum lending limit for the FHA loans. Borrowers needs to check these maximum lending limits, set at the county level before choosing the region from the given below list of all counties in Washington State.
Do you wish to check if you qualify for an FHA loan or not? We can help you with this in the best way and get the best matched mortgage lenders for you, offering the best rated FHA loans in Washington State. To let an FHA lender contact you, request a free consultation.
2023 Washington State FHA Loan Limits
Below are the 2023 FHA loan limits for every county in Washington State:
| County | Single Family (1 Unit) | 2 Units | 3 Units | 4 Units |
|---|---|---|---|---|
| ADAMS | $472,030 | $604,400 | $730,525 | $907,900 |
| ASOTIN | $472,030 | $604,400 | $730,525 | $907,900 |
| BENTON | $472,030 | $604,400 | $730,525 | $907,900 |
| CHELAN | $506,000 | $647,750 | $783,000 | $973,100 |
| CLALLAM | $472,030 | $604,400 | $730,525 | $907,900 |
| CLARK | $672,750 | $861,250 | $1,041,050 | $1,293,750 |
| COLUMBIA | $472,030 | $604,400 | $730,525 | $907,900 |
| COWLITZ | $472,030 | $604,400 | $730,525 | $907,900 |
| DOUGLAS | $506,000 | $647,750 | $783,000 | $973,100 |
| FERRY | $472,030 | $604,400 | $730,525 | $907,900 |
| FRANKLIN | $472,030 | $604,400 | $730,525 | $907,900 |
| GARFIELD | $472,030 | $604,400 | $730,525 | $907,900 |
| GRANT | $472,030 | $604,400 | $730,525 | $907,900 |
| GRAYS HARBOR | $472,030 | $604,400 | $730,525 | $907,900 |
| ISLAND | $575,000 | $736,100 | $889,800 | $1,105,800 |
| JEFFERSON | $472,030 | $604,400 | $730,525 | $907,900 |
| KING | $977,500 | $1,251,400 | $1,512,650 | $1,879,850 |
| KITSAP | $563,500 | $721,400 | $872,000 | $1,083,650 |
| KITTITAS | $474,950 | $608,000 | $734,950 | $913,350 |
| KLICKITAT | $472,030 | $604,400 | $730,525 | $907,900 |
| LEWIS | $472,030 | $604,400 | $730,525 | $907,900 |
| LINCOLN | $472,030 | $604,400 | $730,525 | $907,900 |
| MASON | $472,030 | $604,400 | $730,525 | $907,900 |
| OKANOGAN | $472,030 | $604,400 | $730,525 | $907,900 |
| PACIFIC | $472,030 | $604,400 | $730,525 | $907,900 |
| PEND OREILLE | $472,030 | $604,400 | $730,525 | $907,900 |
| PIERCE | $977,500 | $1,251,400 | $1,512,650 | $1,879,850 |
| SAN JUAN | $497,950 | $637,450 | $770,550 | $957,600 |
| SKAGIT | $545,100 | $697,800 | $843,500 | $1,048,300 |
| SKAMANIA | $672,750 | $861,250 | $1,041,050 | $1,293,750 |
| SNOHOMISH | $977,500 | $1,251,400 | $1,512,650 | $1,879,850 |
| SPOKANE | $472,030 | $604,400 | $730,525 | $907,900 |
| STEVENS | $472,030 | $604,400 | $730,525 | $907,900 |
| THURSTON | $546,250 | $699,300 | $845,300 | $1,050,500 |
| WAHKIAKUM | $472,030 | $604,400 | $730,525 | $907,900 |
| WALLA WALLA | $472,030 | $604,400 | $730,525 | $907,900 |
| WHATCOM | $603,750 | $772,900 | $934,250 | $1,161,050 |
| WHITMAN | $472,030 | $604,400 | $730,525 | $907,900 |
| YAKIMA | $472,030 | $604,400 | $730,525 | $907,900 |