Fact Checked

2023 Mortgage Loan Limits: Washington County, Rhode Island

Dan Green
Author: Dan Green
Last Updated: July 28, 2023
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2023 Mortgage Loan Limits for Washington County, Rhode Island

Conforming Loans
FHA Loans
Property Type
2023 Loan Limit
1-Unit Homes
$726,200
2-Unit Homes
$929,850
3-Unit Homes
$1,123,900
4-Unit Homes
$1,396,800
Source: Federal Housing Finance Agency; Federal Housing Administration

Washington County, Rhode Island, mortgage loan limits apply in:

Washington County 2023 mortgage loan limits include the following cities: Ashaway, Bradford, Carolina, Charlestown, Charlestown (CDP), Exeter, Hope Valley, Hopkinton, Hopkinton (CDP), Kingston, Misquamicut, Narragansett, Narragansett Pier, New Shoreham, North Kingstown, Quonochontaug, Richmond, South Kingstown, Wakefield-Peace Dale, Watch Hill, Weekapaug, Westerly, Westerly (CDP), Wyoming

What is a mortgage loan limit?

Mortgage loan limits are the upper boundaries for how much a home buyer can borrow on a mortgage. Loan limits vary by county and home type.

The Federal Housing Finance Agency (FHFA) sets mortgage loan limits for conforming mortgages and the Federal Housing Administration (FHA) sets loan limits for FHA mortgages. In Washington County, the 2023 conforming mortgage loan limit for a 1-unit home is $726,200. The 2023 FHA mortgage loan limit for a 1-unit home is $661,250.

Conforming and FHA mortgage loan limits change annually to reflect changes in local and national home values. Loans that exceed conforming loan limit sizes are commonly called jumbo mortgages. As of 2023, there are no mortgage loan limits for VA loans or USDA loans.

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Mortgage Loan Limits Near Washington County, Rhode Island

Get 2023 conforming and FHA mortgage loan limits for the areas surrounding Washington County, Rhode Island. Local loan limits and county-level mortgage data updated regularly.

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Historical Charts: Mortgage Loan Limits in Washington County, Rhode Island

Mortgage loan limits adjust annually to match changes in U.S. home values. As home values go up or down in Washington County, so do the local loan limits. Changes in mortgage loan limits promote affordable homeownership, fair lending, and a balanced housing market.

Conforming Loans
FHA Loans

Mortgage Statistics from Washington County, Rhode Island

Mortgage statistics for Washington County, sourced from the Home Mortgage Disclosure Act (HMDA) database, maintained by the Federal Financial Institutions Examination Council (FFIEC). The HMDA database contains detailed, anonymous loan data and provides insight into home buyer traits, mortgage borrowing patterns, and mortgage approval rates. Percentages may not total 100% due to rounding.

Washington County, Rhode Island (2018-2022)

Loan Type
Relative Share
Conventional
83.95%
FHA
9.31%
VA
6.03%
USDA
0.71%
Property Type
Relative Share
1-Unit Homes
96.62%
2-Unit Homes
2.70%
3-Unit Homes
0.46%
4-Unit Homes
0.22%
Borrower Status
Relative Share
One Borrower
8.93%
Two or More Borrowers
91.07%
Gender
Relative Share
Male
56.63%
Female
31.56%
Not Specified
11.81%
Race
Relative Share
American Indian / Alaska Native
0.26%
Asian
1.61%
Black / African American
0.63%
Native Hawaiian / Other Pacific Islander
0.10%
White
95.54%
Other
1.86%
Ethnicity
Relative Share
Hispanic or Latino
1.66%
Not Hispanic or Latino
96.96%
Washington County data represents closed-end, first-lien purchase mortgages for residential properties, 1-4 units, for the 5-year period 2018-2022. Source: FFEIC Home Mortgage Disclosure Act

Mortgage Statistics Near Washington County, Rhode Island

Get mortgage statistics for the areas surrounding Washington County, Rhode Island.

See National 2023 U.S. Mortgage Statistics

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See Today’s Mortgage Rates in Washington County, Rhode Island

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