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Mortgage Lender Puyallup Washington

Home Loans In Puyallup, Washington

Puyallup is a city in Pierce County, located 10 miles southeast of Tacoma and 35 miles south of Seattle. The city is situated at the foot of the scenic Mount Rainier and is known for its hops, berries, and flowers.

The real estate market in Puyallup is competitive, with an average median price of $475k and a price per square footage of $269.

Home Loan Programs in Puyallup

With an average median home price of $475k, Puyallup has plenty of mortgage loan options. The conventional-conforming loan is the most prevalent home loan program in Pierce County, followed by an FHA loan. 

The most commonly used mortgage programs in Puyallup are as follows:

  • Conventional Loans

Conventional loans are mortgages not associated with any federal program. Conventional home loans can either be conforming or non-conforming loans. 

Conforming loans are mortgages that meet the guidelines and funding criteria of the government-sponsored enterprises Fannie Mae and Freddie Mac. They also meet the loan limits the Federal Housing Finance Agency (FHFA) set.

Non-Conforming loans, on the other hand, are mortgages that don’t meet the standards set by Fannie Mae and Freddie Mac. They also don’t meet the loan limits set by the FHFA. A prime example of a non-conforming loan is a Jumbo mortgage.

Conventional loans have strict eligibility requirements compared to government-insured or guaranteed loans. A minimum credit score is required to qualify for a conventional loan. Your debt-to-income ratio must not exceed 45%, and the down payment requirement is anywhere from 3 – 5% of the purchase price, based on the borrower’s credit score.

The maximum loan amount for a conventional loan in 2023 is $977,500 for a single-family residence.

  • FHA Loans

FHA loans are mortgages insured by the Federal Housing Administration, a branch of the United States Department of Housing and Urban Development (HUD). They insure the loans against future default, eliminating the risk from the lender. By doing so, lenders can offer a more favorable term than conventional mortgages. 

FHA-insured loans are the most lenient home loan program. A borrower only needs a credit score of 580 to qualify for an FHA loan. The down payment is 3.5% of the purchase price. Borrowers with a credit score below 580 may still be eligible if they can put down 10%.

FHA loans allow for a higher DTI ratio of 50%. This allows the borrower to qualify for a more expensive home than a conventional loan. The loan limit is $977,500 for a single-family residence and $1,251,400 for a two-unit property. Those looking to purchase a three-unit property may borrow up to $1,412,650 and $1,879,850 for a four-unit property. 

  • USDA Loans

USDA-Guaranteed Home Loan is a program offered by the United States Department of Agriculture that helps low- and moderate-income households own a decent, safe, and sanitary property as their primary residence in an eligible rural area. It is a no-money-down program since it guarantees USDA-approved lenders a 90% loan note guarantee.

To be eligible for a USDA loan, borrowers must meet the household income guideline; they cannot make more than 115% of the area median income (AMI). Borrowers must be US citizens or lawfully-admitted resident aliens. The subject property must also be located in a USDA-designated rural area.

Most lenders require a credit score of 640 to qualify for a USDA-Guaranteed Home Loan.

  • VA Loans

VA home loans are mortgages offered by private lenders like banks, credit unions, and mortgage companies. The United States Department of Veterans Affairs guarantees them. It allows active-duty service personnel, veterans, and their surviving spouses to finance a property with no money down.

To be eligible for a VA home loan, borrowers must meet the minimum duty service requirements, have a valid Certificate of Eligibility (COE), and use the property as a primary residence.

  • Jumbo Mortgage Loans

Any mortgage that exceeds the loan limits set by the FHFA is considered a jumbo loan. They are used to purchase expensive or luxury homes. They require a credit score of 700, and some lenders require a credit score of 720.

Depending upon the borrower’s credit score, the down payment requirement on a jumbo loan is 10% of the purchase price. Borrowers may be required to come up with a 20 – 30% down payment if their credit is not up to par. Lenders only offer jumbo loans to buyers with predictable, steady incomes. Borrowers must have a low DTI ratio, preferably below 43%. The reserve requirement for jumbo loans is 6 – 12 months of the proposed monthly mortgage payments.

Apply for a Home Loan in Puyallup

Let us assist you in becoming a happy homeowner in Puyallup, Washington. Contact our professional loan experts at Capital Home Mortgage immediately to discuss your house loan requirements. Whether you’re a first-time borrower or a seasoned investor, we can match you with the right mortgage package for your needs. 

To get started, call us at (253) 528-4417.

Home Loans In Puyallup, Washington

Located across Lake Washing from Seattle, Bellevue is the third-largest city in the Seattle metropolitan area. It is home to some of the world’s largest technology companies. Its housing market is so competitive the average price of a house is $1.5M, up 44% since last year.

Do you still live with your parents? Are you looking to relocate to a new city for a job? If this is the case, you may be looking forward to owning your first home or the next one.

The hunt for a new home can sometimes seem long and daunting, so daunting that you avoid taking the first steps. But, contrary to popular belief, purchasing a home does not have to be as stressful, overwhelming, or time-consuming as people make it out to be.

How Long Does It Take To Buy A New Home?

Given current market conditions, you’re likely to spend about a year finding and purchasing your next home. You may spend the majority of that time looking for the right home. 

It is much harder to find a home that fits your needs and budget these days as the forces of supply and demand has tipped in the scales in favor of the sellers. 

Homebuying Timeline

  • Getting Preapproved For A Mortgage (One or Two Days)

The first step in obtaining a mortgage is to apply for pre-approval, where your lender verifies your financial information to determine how much you can afford. If you qualify, your lender will issue a letter outlining an official estimate of the loan they are willing to offer you.

  • Shopping For A New Home (3 to 6 Months)

Searching for the right home is commonly the most time-consuming part of the home buying process. If you’re looking for a home in a hot real estate market, it could take you a few months to a year to find a home that ticks all the right boxes. 

The best way to expedite this step in the process is by working with a real estate agent that knows the area and the market well.

  • Making An Offer (Depending On How The Negotiations Go)

When you’ve found the perfect home and are ready to buy, your real estate agent can assist you in making an offer and drafting an offer letter highlighting the terms of the sale.

If you’re making an all-cash offer, include a Proof of Funds letter to demonstrate your financial capacity to complete the transaction. If you’re taking out a mortgage, attach your pre-approval letter to your offer to show the seller that you’ve been pre-approved by a lender.

  • Finalizing Your Mortgage and Preparing For Closing (About 1 Month)

Now that you’ve signed your purchase agreement, you’re ready to start the mortgage application process. Most lenders need 30 – 45 days to finalize your loan details.  Your lender will schedule an appraisal to ensure that your home meets the minimum requirements of your mortgage and then underwrite your loan.

During this time, you should also consider getting a home inspection to find out if there are any issues in the property you were not made aware of. 

  • Closing Your Loan (A Week or Less)

When your appraisal is cleared, and your lender has finished underwriting your loan, it is time to close. 

Before the closing, your lender will issue a document called Closing disclosure, which outlines the terms of your loan. You have at least three days to read it.

After three days, your lender will schedule a closing meeting. This is where you sign your loan documents, pay your down payment and closing costs, and take possession of your new home.

Mortgage Lender In Puyallup, WA

Are you looking to purchase a new home in Bellevue? Capital Home Mortgage can walk you through the process and assist you in making the best decision. We offer a variety of home loan programs to meet the needs of every buyer – from conventional loans to government-backed loans and jumbo loans.

As one of the leading mortgage lenders in Washington, Capital Home Mortgage has the advantage of providing our clients with a flexible underwriting policy,   low fees, and competitive interest rates. Whether you are a first-time homebuyer, active duty or retired veteran, or a seasoned buyer, we are here to assist you.

Apply For A Puyallup Home Loan Now!

Capital Home Mortgage is committed to creating a positive home buying experience for our clients. We know that time is of the essence in real estate transactions. This is why we equip ourselves with the necessary technology and resources to speed up the loan application, underwriting, and funding processes.  

You can count on us to complete the application process quickly and smoothly and close your mortgage on time.

Call us at (253) 528-4417; we look forward to providing your Puyallup Home Loan.

Why Puyallup HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

Direct Lender with Competitive Rates & Low Fees

Exceptional Service

7  Day a Week Support Application to Final Payment

Puyallup Mortgage Rates

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates are calculated using several factors.

  • Demand for mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Puyallup Mortgage Programs

Puyallup Home Purchase

Thinking of Buying a Puyallup Home?

Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.

  • Primary, Secondary, Investment
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo, Non QM
  • Reverse, Renovation, Manufactured

Puyallup renovation home loans

Looking to Rehab a Puyallup Home?

Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not look at a renovation loan?  Purchase the Perfect Home and make it your own. Call today.

  • Remodel, Renovate or Repairs
  • FHA 203K Streamline or full
  • fannie mae homestyle reno
  • freddie mac home choice reno

Puyallup FHA Home Loans

Great for 1st Time Puyallup Homebuyers

FHA Home Loans are great for first time home buyers, buyers with less than perfect credit, or buyers needing less out of pocket.   Call today to get started.

  • Smaller Down Payment
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores OK

Puyallup VA Home Loans

100% Financing for Puyallup Veterans

Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.

  • Simply Qualifying for Veterans
  • No Down Payments Requirements
  • Lower Credit Scores Accepted
  • Manual Underwriting Allowed

Puyallup Conventional Home Loans

Flexibility for Puyallup Homebuyers

Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a Loan Officer.

  • Primary, 2nd Home, Investment
  • Great Rates & Low Fees 
  • Single Family and Multi-Family
  • Renovation Loan Programs

Puyallup Jumbo Home Loans

Puyallup Non Conforming Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits.  Call today to speak to a loan officer.

  • Primary Residence and 2nd Homes
  • Higher Loan Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines

Puyallup USDA Home Loans

100% Puyallup Rural Home Loans

USDA Loans are a great option for families wanting to live outside of the city.  Call today to speak with a loan officer to discuss your personal loan options.

  • Rural Properties Only
  • Primary Residence Only
  • Geographic Restrictions
  • Income REstrictions

Puyallup Native American Home Loans

Puyallup HUD 184 Home Loans

HUD 184 Home Loans are solely for Native American and offer a variety of benefits.  Call today to speak with a loan officer to find out more.

  • Primary Residence Only
  • Manual Underwriting for All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed

Puyallup Manufactured Home Loans

Great Alternative Puyallup Housing

Puyallup reverse mortgages

Your Puyallup Home at Work

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.

  • primary residence only
  • simple qualifying – equity based
  • credit scores not applicable
  • Minimum age 62

Puyallup Non QM Home Loans

Making Puyallup Mortgages Possible

Looking for Non Traditional Home Mortgage Loan?  Contact a Loan Officer Today to discuss the alternative mortgage options currently available.

  • Purchase, Rate and Term & Cash-out
  • Primary, Secondary and Investment
  • Full Doc & Bank Statements Programs
  • Corporations OK

Puyallup One Time Close mortgages

Build Your Puyallup Dream Home

Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan.  Call today to see how a OTC loan works.

  • Primary Residence Only
  • Close Once
  • Lock Rate at Contract
  • Traditional Final Mortgage

Puyallup Refinance Mortgage Loans

Puyallup Rate & Term Refinance

Refinancing can be a hard decision and the payback can sometimes be confusing.  Call today and let our Loan Officers walk you through the process.

  • Reduce Mortgage Term
  • Lower Monthly Payments
  • Appraisal Waivers
  • Streamline Options Available

Puyallup Cash-out Home mortgages

Puyallup Equity Mortgage Loans

Cash-Out Mortgage Loans make use of the equity in your home by allowing you to refinance the current mortgage and access this equity to use as you see fit.

  • Debt Consolidation
  • Investment Opportunities
  • Home Improvement
  • Vacation or Education

Puyallup Washington Mortgage Team

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Sam Klaburner

Sr Loan Officer
NMLS #140132

Puyallup Mortgage Company Reviews

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