Washington State Mortgages, Made Clear. Buying or Refinancing? Let's find the right loan together.
Not all mortgage loans are the same — and choosing the right program can make a significant difference in your payment, qualification, and long-term financial flexibility.
This section covers the most common and specialty mortgage programs available to homebuyers and homeowners, including:
Understanding eligibility guidelines, loan limits, credit requirements, and program benefits allows you to compare options strategically rather than relying on headlines or general advice.
As a Mortgage Advisor with over 25 years of experience, I help clients evaluate which program best aligns with their income, assets, and long-term plans.
Explore the programs below to better understand your options.
UPDATE: Student Loans and Qualifying for a Mortgage in Washington State (2026 Guide)
Tonight HUD announced that they are backing off how they have been treating student loan debts for people who are trying to qualify for a mortgage.
From HUD’s announcement:
“…FHA believes that its approach provides the appropriate balance between expanding access to credit and ensuring that the borrower is able to maintain successful, long-term homeownership.
Fannie Mae HomeReady Mortgage Program in Washington StateThe Fannie Mae HomeReady mortgage is a popular low-down-payment home loan designed to help first-time and repeat homebuyers in Washington State achieve homeownership with more flexibility than many traditional mortgage programs.
With just 3% down, reduced mortgage insurance, and flexible income guidelines, HomeReady can be an excellent option for buyers in the Seattle area, King County, and throughout Washington — especially when layered with eligible down payment assistance programs.
Update: This article reflects current HomeReady mortgage guidelines for 2026. Loan limits, income caps, and program details are subject to change — always verify eligibility before applying.
Visit here for a complete FHA guide including current FHA loan limits for homes located in Washington state.
HUD has just announced FHA loan limits for 2016. Loan amounts were increased for King County, Pierce County, Snohomish County, Clark County and Skamania County.
All other counties have the same loan limits as they did in 2015.
2016 FHA loan limits for King, Pierce and Snohomish Counties are the same as 2016 Conforming High Balance loan limits.
Here is a complete list of FHA loan limits for all counties in Washington:
The HomeStyle mortgage is Fannie Mae’s version of an FHA 203k rehab mortgage. Fannie Mae HomeStyle allows home buyers to finance improvements and/or repairs with their purchase or with a refinance. This allows home owners to have just one mortgage payment while enjoying upgrades made to their home.
Just like a 203k loan, HomeStyle requires that you work with a consultant to determine what repairs will be required and help advise on improvements. If you’re buying a home and using HomeStyle for your financing, the consultant’s report may also serve as your home inspector.
⚠ Program Ended October 2014
The Fannie Mae HomePath closing cost incentive for first-time buyers described in this post is no longer available — the HomePath Mortgage program was retired in October 2014. Washington State still has excellent options for first-time buyers today, including down payment assistance grants and 3% down conventional programs. See first-time homebuyer programs in Washington State → | See the updated HomePath guide →
Fannie Mae is offering first time home buyers up to 3% towards closing cost when they purchase a Fannie Mae HomePath property. On a $300,000 home, 3% would be up to $9,000 towards allowable closing cost! A Fannie Mae HomePath property is a home that Fannie Mae has foreclosed on and now owns.
