What is a jumbo loan and when do I need one in Washington?

A jumbo loan is a mortgage that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac for your county. In high-cost Washington markets like King, Snohomish, and Pierce counties, you'll need a jumbo loan when your purchase price requires borrowing above the local conforming limit. Jumbo loans are common in Seattle, Bellevue, Kirkland, Redmond, and other Eastside and waterfront markets where home prices routinely top $1 million.