FHA Loan Calculator for Washington

FHA Loans in Washington

FHA loans require a minimum 3.5% down payment (10% if credit score is 580-619). On Washington's median home of $530,000, that's a minimum down payment of $18,600.

FHA Loan Limits in Washington

FHA loan limits vary by county and are tied to conforming limits. In most Washington counties, the FHA floor limit is $498,257 (2024). High-cost areas like Washington (limit: $1,089,300) may qualify for higher limits up to $1,149,825. King County qualifies for high-cost limits. Most other Washington counties are at the standard limit.

FHA vs Conventional in Washington

FHA MIP (Mortgage Insurance Premium) is required regardless of down payment. Conventional loans eliminate PMI at 20% equity. With Washington's median home at $530,000, buyers who can put down $106,000 (20%) are better served by conventional financing. FHA makes sense for buyers with limited savings or credit scores below 740.

Closing Costs

Washington closing costs average $3,300. Washington charges a Real Estate Excise Tax (REET) ranging from 1.1% to 3% of sale price (progressive based on value). This is among the higher transfer tax structures nationally for luxury-priced homes. Sellers can contribute up to 6% of the purchase price toward FHA buyer closing costs.

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