Summary: FHA loan limits in Snohomish County have increased for 2020 as a result of an increase in home prices in the county. In this article, we’ll discuss how much the limits increased for 2020 in Snohomish County, and what that means for you.
FHA home loans are a great option for many homebuyer hopefuls who may not have the down payment amount or the credit score needed to secure a conventional loan to buy a home in Snohomish County. But before you apply for an FHA loan, you will need to know what the loan limits are for 2020 in this area.
In Snohomish County, Washington, the FHA loan limit for a single-family home purchased within the county is $741,750.
The Department of Housing and Urban Development (HUD) recently announced that it would be increasing FHA loan limits in all counties across the US. These increases in loan limits were made in response to home-price increases in 2019 across most of the nation.
These changes will apply to FHA loans assigned on or after January 1, 2020, and will remain as is through the end of the year.
Snohomish County FHA Loan Limits in 2020
The single-family FHA loan limit for Snohomish County, Washington is $741,750 in 2020. Loan limits for 2-, 3-, and 4-unit properties will also increase next year, as shown in the table further down.
- One-family property: $741,750
- Two-family property: $949,600
- Three-family property: $1,147,800
- Four-family property: $1,426,450
A Response to an Increase in Property Values
The Federal Housing Administration (FHA) calculates its loan limits based on median house prices, in accordance with the National Housing Act.
| County Name | 1-Unit | 2-Unit | 3-Unit | 4-Unit |
| King | $741,750 | $949,600 | $1,147,800 | $1,426,450 |
| Pierce | $741,750 | $949,600 | $1,147,800 | $1,426,450 |
| Snohomish | $741,750 | $949,600 | $1,147,800 | $1,426,450 |
The increase in loan limits from 2019 to 2020 is a response to an increase in property values. According to Zillow, the prices of homes across the country increased by 4.7% during 2019. The prices did not increase by as much in Snohomish County, but they still rose by 1.8% over the past 12 months, and FHA loan limits for 2020 have been increased as a result.
As of December 2019, the average home price for Snohomish County is approximately $469,700. This is far less than the single-family FHA loan limit for the area. That means buyers who use this particular loan program will have a lot of homes to choose from without having to worry about going over the maximum FHA loan size.
Here is a list of FHA limits for all counties in Washington State.
Interested in Applying for the FHA Loan Program?
If you are planning to purchase a home in Snohomish County, Washington in 2020, or you have questions about the FHA loan limits for 2020, we are here to help.
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Sammamish Mortgage is a local mortgage company serving the broader Pacific Northwest region, including Washington state, Idaho, Colorado, and Oregon. We are proud to offer a wide variety of mortgage programs and products with flexible qualification criteria. Please contact us if you have any questions or are ready to apply for a home loan
