6 Best Jumbo Loans in Washington


Jumbo mortgage loans in Washington are a great way for homebuyers to finance larger home purchases.

Key Terms

  • With their higher loan limits, jumbo loans give homebuyers in Washington more buying power in a competitive housing market.
  • These loans do not always require large down payments.
  • Homebuyers can finance large/expensive purchases with just one loan.

Washington leads the ways in the U.S. in many ways when it comes to quality of life. The state has the nation’s best low-carbon energy system and best secondary education system. Its economy is also the fastest growing in the country, making it a place with a lot of potential for everyone.

Wherever you may settle in the state, however, home prices in Washington are on a steady rise upward. According to the Washington Association of Realtors, the median sales price of a home in Washington is $452,400. That number is getting closer and closer to conforming limits on traditional loans, making it harder to finance a home in the state. 

For the most recent year, the HDMA data places Washington 4th in the country in terms of mortgage origination activity, with a total of $26.65 billion in jumbo mortgages originated. If you’re looking for a jumbo mortgage in Washington, you’ll see a lot of other Washingtonians along for the ride. 

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What is the jumbo loan limit in Washington?

The jumbo loan limit in Washington is $647,200 for all counties in the state. Any loan that exceeds $647,200 is a jumbo loan in the state of Washington. Any loan that is less than $647,200 is a conforming loan in the state of Washington.

Washington State Jumbo Loan Limits (December 2022)

Washington State county-by-county jumbo loan, conforming loan and FHA loan limits.

Washington
County
Washington
Jumbo loan
(1-unit)
Washington
Conforming
loan limit
(1-unit)
Washington
FHA loan limit
(1-unit)
Adams$647,200+$647,200 $420,680
Asotin$647,200+$647,200 $420,680
Benton$647,200+$647,200 $420,680
Chelan$647,200+$647,200 $420,680
Clallam$647,200+$647,200 $420,680
Clark$647,200+$647,200 $420,680
Columbia$647,200+$647,200 $420,680
Cowlitz$647,200+$647,200 $420,680
Douglas$647,200+$647,200 $420,680
Ferry$647,200+$647,200 $420,680
Franklin$647,200+$647,200 $420,680
Garfield$647,200+$647,200 $420,680
Grant$647,200+$647,200 $420,680
Grays Harbor$647,200+$647,200 $420,680
Island$647,200+$647,200 $420,680
Jefferson$647,200+$647,200 $420,680
King$891,250+$891,250 $891,250
Kitsap$647,200+$647,200 $420,680
Kittitas$647,200+$647,200 $420,680
Klickitat$647,200+$647,200 $420,680
Lewis$647,200+$647,200 $420,680
Lincoln$647,200+$647,200 $420,680
Mason$647,200+$647,200 $420,680
Okanogan$647,200+$647,200 $420,680
Pacific$647,200+$647,200 $420,680
Pend Oreille$647,200+$647,200 $420,680
Pierce$891,250+$891,250 $891,250
San Juan$647,200+$647,200 $420,680
Skagit$647,200+$647,200 $420,680
Skamania$647,200+$647,200 $420,680
Snohomish$776,250+$776,250 $776,250
Spokane$647,200+$647,200 $420,680
Stevens$647,200+$647,200 $420,680
Thurston$647,200+$647,200 $420,680
Wahkiakum$647,200+$647,200 $420,680
Walla Walla$647,200+$647,200 $420,680
Whatcom$647,200+$647,200 $420,680
Whitman$647,200+$647,200 $420,680
Yakima$647,200+$647,200 $420,680

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6 Top Washington jumbo loan lenders

If you’re in the market for a home in Washington, consider these jumbo mortgage loans that are available to state residents.

1. Keybank

Keybank has over $170 billion in assets and is the 24th largest bank in the Untied States. They operate throughout 39 states but can originate mortgages in nearly all 50, making them a popular choice among medical doctors throughout the country. One of their key financial products is a jumbo mortgage loan.

We contacted Keybank to learn more about their jumbo loan mortgage and here are the key terms and highlights:

SilverKey Mortgage

  • Loan amounts up to $3.5 million
  • 10% down up to $1.5 million
  • Fixed or variable rates available
  • No private mortgage insurance required
  • Available for 1-to-4 unit properties, including single-family homes, condos or planned unit developments.

GoldKey Mortgage

  • Loan amounts up to $3.5 million
  • 10% down up to $1.5 million
  • Fixed or variable rates available
  • No private mortgage insurance required
  • Available for 1-to-4 unit properties, including single-family homes, condos or planned unit developments.
  • Available for second homes and investment properties.

Jumbo Interest-Only Mortgages

  • Loan amounts up to $3.5 million
  • 30% down on mortgages up to $1.5 million for primary residences
  • 35% down on mortgages up to $2 million for second homes
  • No private mortgage insurance required
  • ARM-only options

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

2. Flagstar Bank

Flagstar Bank has a jumbo product in all 50 states, making it a popular choice among many people looking for higher mortgage amounts. If you’re considering a jumbo mortgage, you’ll want to compare Flagstar’s rates as part of your analysis.

We reached out to a loan officer at Flagstar Bank to get details on their jumbo mortgage. Here are the highlights:

  • Loan amounts up to $3 million on primary residences
  • Loan amounts up to $2.5 million on second homes
  • Purchase and rate/term refinance options available on primary residences and second homes
  • No prepayment penalties
  • First-time homebuyers permitted
  • No mortgage insurance options available
  • Cash-out options available on primary residence

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

3. Huntington Bank

Huntington Bank is the 26th largest bank in the United States. Operating primarily out of the Midwest, their mortgage group can service a large part of the country. Huntington has a competitive physician loan product with no money down financing options.

We contacted a loan officer at Huntington Bank to gather information about the doctor mortgage and here’s what we heard back:

  • Loan amounts up to $2.5 million
  • Purchase and refinance available
  • Refinancing allows you to take up to $750,000 of equity out of your home.
  • Second homes are eligible
  • Multi-unit properties are eligible

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

4. BMO Harris Bank

BMO Harris Bank is an established player in the mortgage industry that ranks 16th largest by total assets in the country. The bank offers a full range of financial products, including a jumbo loans.

We spoke to a BMO Harris loan officer to get additional details about the doctor mortgage, many of which aren’t published. Here are some key terms and highlights:

  • 10% down to $1 million (740+ credit score)
  • 15% down to $1.5 million (720+ credit score)
  • 20% down to $2 million (700+ credit score)
  • 25% down to $3 million (700+ credit score)
  • 30% down to $5 million (700+ credit score)
  • 45% down over $5 million (700+ credit score)
  • 30/20/15/10 year fixed
  • 5/6, 7/6, and 10/6 ARMs
  • All 50 states
  • 12 months reserves

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

5. SoFi

SoFi is a financial institution based in California that specializes in student loan refinance options, PLUS loans and flexible repayment terms. You might not know that they also offer jumbo loan mortgages.

We spoke to a loan officer at SoFi to discuss their jumbo loan mortgage and this is what we learned:

  • Loan amounts up to $3 million
  • Down payments start at 10% and increase as the loan amount increases.
  • No PMI, regardless of your down payment amount.
  • 15-year or 30-year fixed rate products available

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

6. TD Bank

TD Bank is a huge bank with deposits over $600 billion, putting it as the sixth largest bank in the United States. You don’t grow that large without having a competitive jumbo loan product.

We spoke to a loan officer at TD Bank to learn more about their jumbo loan program and thought they had some unique features. Here are the basics:

  • 10% down up to $3 million
  • Requires a credit score minimum of 700
  • Can lend up to $4.5 million
  • If you qualify for the wealth program, you are eligible for jumbo loans up to $6 million with 30% down or loans above $6 million with 35% down.

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

Advantages of jumbo loans in Washington

There are a number of benefits to getting a jumbo loan in Washington. One of the most important is that it can give you more buying power. When you’re buying in the competitive Washington housing market, every extra dollar can really count. 

You see, jumbo loans are not held to the same limits as “conforming” loans, meaning they let you borrow much more money for a purchase. Anyone in Washington looking to buy a home over conforming limits would have some frustrating options with traditional loans, including putting down an enormous down payment. 

If conforming loan limits are just too low for what you see on the NMLS that you’d like to buy, a jumbo home loan can help you become homeowners, even if you see a high home value on the listing price. Loan options like a jumbo loan can make the difference. Throughout Washington state there are many beautiful properties available, but your jumbo loan limits may be required if you’re looking at a higher purchase price.

If FHA loan limits are under what you need, and you don’t want to work with mortgage lenders on an adjustable-rate mortgage, review the loan rates available with a jumbo loan for more help. Talk to a mortgage lender about a property with an NMLS id no matter where it’s located in Washington, including Yakima, Spokane, or Seattle.

Is a Washington jumbo loan right for you?

Is a Washington jumbo loan right for you? To qualify for a jumbo loan in Washington, lenders will typically expect the following from you:

  • Your credit score – 680 or more
  • Your debt-to-income ratio – Under 43 percent
  • A steady employment history  
  • Sufficient liquid assets for a down payment and closing costs

While these standards are high, they do come with many benefits, especially in Washington where the housing prices keep ticking skyward. Always confirm individual lender requirements with regard to your interest rates, monthly payments, closing costs, and other details when you want to purchase real estate in Seattle or elsewhere in Washington. All borrowers should know their options for a high-cost house if a conventional loan program doesn’t work out for them.

If you’re looking to explore jumbo mortgage loans in other states, check out our national overview of jumbo loans as a starting point in your search.

Find a Jumbo Loan Specialist

Joshua Holt

Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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