Washington State consistently ranks as one of the best places to live in the country, so if you’re thinking of relocating and purchasing a house in the “Evergreen State,” you’ve made a great decision.
House hunting can be exciting, but many first-time homebuyers are intimidated by the lending process and worry they may not have an adequate credit score, or sufficient savings for a 20% down payment. With an FHA loan in Washington, buyers’ worries are alleviated. Keep reading to see why so many Washington residents chose an FHA loan.
Whether you want to purchase a home in busy Seattle, or a cozy town on the coast, the lending process can be frustrating. Washington has a higher than average cost of living, so thinking about putting 20% down on a house can be scary. This is why many Washington residents are choosing FHA loans, and as of April 2019, the total value of FHA loans in Washington State was over $346 million!
Before you begin house hunting, you should have an idea of how much you can borrow. In most of Washington, the baseline limit of $472,030 applies, but in a place like Portland or Seattle the limit is $977,500 due to the relatively high cost of real estate in these areas. Use the link below to see the full list of FHA loan limits in Washington in 2023.
You may be eligible for an FHA loan, if you:
Buyers must be able to provide the following information and documents as requested by lenders:
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.