Seattle Mortgage Broker: Home Loans Across King County

The Federal Housing Finance Agency sets conforming limits every year. For 2026 the baseline for most of the country is $832,750 for a one-unit home, and high-cost counties get a higher limit based on local prices. King, Pierce and Snohomish counties share the Seattle metro limit of $1,063,750. Two- to four-unit properties have higher limits still.

Why it matters: a loan at or under the limit can be sold to Fannie Mae or Freddie Mac, which generally means the broadest lender competition and the most predictable guidelines. Above the limit you are in jumbo territory, where each lender sets its own rules on reserves, credit score and down payment. Jumbo pricing is not automatically worse than conforming; in some markets it is better for strong borrowers. A broker's advantage is being able to price both and show you which lender's jumbo program fits.

If your purchase price lands near the line, Frank can structure the loan amount, down payment and any second lien so you stay on the side of the limit that prices most competitively. Check the current numbers on FHFA's conforming loan limit page (opens in a new tab).

Condos and townhomes are how many Seattle buyers get into the market, and the project review is the step that surprises people. The lender orders a condo questionnaire from the HOA or its management company. Fannie Mae and Freddie Mac guidelines look at:

• The share of units that are owner-occupied versus rented
• Whether the HOA sets aside enough in reserves and has a recent reserve study
• Any structural deferred maintenance or special assessments, which drew extra scrutiny after 2021
• Pending litigation involving the association
• Master insurance coverage, including walls-in coverage for the unit
• Whether one owner holds a large share of units, or the building has significant commercial space

For FHA loans the entire project must be on HUD's approved condominium list, or the unit must qualify for a single-unit approval. You can look projects up on HUD's condo lookup (opens in a new tab). VA maintains its own approved condo list.

Because wholesale lenders apply the same agency rules with different overlays, a project that one lender declines is often financeable with another. Frank asks for the questionnaire early so you are not surprised at closing. Monthly HOA dues count in your debt-to-income ratio, so run them through the payment calculator with the dues included.

WSHFC (the state housing finance commission) runs the Home Advantage program statewide. It pairs a first mortgage with a second mortgage that covers part of the down payment, repaid when you sell or refinance. House Key programs serve lower-income buyers. Both require a homebuyer education class and have income and price limits that are higher in King County than most of the state. Details are on WSHFC's Here to Home (opens in a new tab) site.

The City of Seattle Office of Housing offers a down payment assistance program for first-time buyers below set income limits purchasing within the city, funded in part by the Seattle Housing Levy. Terms and funding availability change, so confirm the current program on seattle.gov (opens in a new tab).

Beyond assistance programs, conventional loans allow 3% down for first-time buyers and FHA allows 3.5% down. Seattle's price points mean the minimum down payment is still a meaningful number, which is why running the affordability calculator with your real debts and the condo dues matters more here than almost anywhere. Any figures before underwriting are estimates, not a commitment to lend.

Seattle employers pay a lot of compensation outside base salary, and this is where lender choice matters most. Fannie Mae's Selling Guide allows variable income such as bonus and commission when it is documented over a sufficient history, usually two years, and is likely to continue. Declining income is averaged or excluded.

Restricted stock units (RSUs) are the common question. Some lenders count vested RSU income using the vesting schedule and a trailing stock price, with a haircut for volatility; others do not count it at all. The documentation typically includes the grant agreements, vesting schedule and recent pay stubs showing vested shares. Unvested grants are not income, and vested shares you still hold are assets, which can count toward reserves.

Because treatment differs so much lender to lender, Frank reviews your offer letter and pay structure up front and prices your scenario with lenders whose income rules fit. Read the agency rule at Fannie Mae Selling Guide B3-3.4, Other Sources of Income (opens in a new tab).

Seattle rents are high, which shortens the time it takes for buying to come out ahead, but purchase prices and condo dues push the other way. The honest answer is a calculation, not a rule of thumb.

Our rent vs. buy calculator compares cumulative rent against the net cost of owning year by year, including taxes, insurance, maintenance, HOA dues, the opportunity cost of your down payment, appreciation and the cost of selling. It reports the year buying pulls ahead. If that year is beyond how long you expect to stay, renting is a reasonable choice and Frank will tell you so.

Washington has no state income tax, so the mortgage interest deduction only matters at the federal level, and only if you itemize. Property tax, on the other hand, is a real monthly cost. King County bills are based on assessed value and the levies in your specific area, and they are collected in two installments; your lender escrows them monthly.

Mortgage brokering does not require an office visit, and Seattle buyers rarely want one. The process looks like this:

1. A short call or online quote about what you are buying and your timeline. 2. Documents uploaded through a secure portal: pay stubs, W-2s or tax returns, bank and brokerage statements, and your ID. Never by email. 3. Frank prices your scenario across his wholesale lender network and sends a written comparison: rate, points or credit, APR, monthly payment and cash to close for each option. 4. A pre-approval letter sized to the price you are comfortable with, which your agent can use with offers. 5. Status Updates at each milestone through closing: application received, disclosures, appraisal, approval, clear to close and funded.

If you are also looking across the lake, our Bellevue guide covers the Eastside, and the Washington page lists every area Frank serves. Banks, mortgage bankers, and credit unions offer their own loans. A mortgage broker shops the market.