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FHA mortgage loans in King County and Snohomish County that exceed $417,000 are considered FHA Jumbo Mortgages. In King County, you can finance a home up $567,500 with FHA financing. Other than a slightly higher interest on “jumbo” or FHA loans that exceed $417,000, standard FHA qualifying guidelines apply.

Seattle FHA JUMBO Mortgage Guidelines

• A  3.5% down payment is required
• The Washington FHA Loan Limit of $567,500 does not have to include the UFMIP
(FHA’s Upfront Mortgage Insurance Premium, which is usually financed into your loan amount)
• FHA Loans allow non-occupying co-borrowers such as parents and siblings.
• The Seller can pay up to 3% of your closing and settlement costs
• The minimum score for most FHA Home Loans is 620 (even on FHA High balance or FHA Jumbo).
• You may receive a gift of funds for your down payment and closing costs
• FHA Condominium requirements include at least a 51% owner-occupancy ratio, no outstanding lawsuits against the Homeowners Association (condo guidelines have changed, so you may want to call me for details)

As a part of the FHA loan program, you can also repair or rehab a property without paying for the repairs out of pocket with the Seattle FHA 203K Streamline Rehab loan to purchase a distressed home that needs repairs.

Below I’ve Outlined the Difference Between FHA and Fannie Mae Conventional Financing:

Loan Amount: $500,000
Down Payment: $17,500
Min. Credit Score: 620
Credit Score Used For Example: 700
Interest Rate: 4.625%
Monthly PMI: $362
Total Mortgage Payment: $3,335

FANNIE – Conventional
Loan Amount: $500,000
Down Payment: $50,000
Min. Credit Score: 700
Credit Score Used For Example: 700
Interest Rate: 4.875%
Monthly PMI: $431
Total Mortgage Payment: $3,280

As you can see with the breakdown above, the FHA scenario is much more “flexible” in regards to a lower down payment, lower credit score requirement, and lower interest rate. Please note that with a higher credit score, the Fannie Mae Conventional option may be a better fit as there are split-PMI options that make the conventional option less expensive. I recommend talking to me about scheduling a Mortgage Analysis to compare all options available per you specific credit application.

I can be reached directly at
Dan Keller, FHA Mortgage Banker
(425) 350-7136

Dan Keller MLO# 115349

Call/Text: (425) 350-7136


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