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Mortgage Lender Shoreline Washington

Home Loans In Shoreline, Washington

Shoreline is a city in King County, approximately 9 miles from downtown Seattle, the 22nd largest city in the state of Washington.

The real estate market in Shoreline is very competitive, with an average median price of $800k. The average price per square footage of homes sold was $525. King County is considered one of the “high-cost” areas in Washington.

Home Loan Programs in Shoreline

Conventional loans are the most prevalent mortgage program used in Shoreline, followed closely by FHA loans. Here are the most commonly used home loan programs in Shoreline:

  • Conventional loans

A conventional loan is a home loan offered by private lenders without any direct government backing. They have stricter eligibility requirements as compared to the government-insured FHA home loan. They require a minimum credit score of 620 and a debt-to-income (DTI) of less than 45% to be eligible for a conventional loan. 

The conforming loan limit for King County in 2023 is $977,500 for a single-unit property, $1,251,400 for a two-unit, $1,512,650 for a three-unit, and $1,879,850 for a four-unit property, respectively.

  • FHA loan 

FHA loans are mortgages insured by the Federal Housing Administration (FHA) under the authority of the United States Department of Housing and Urban Development, commonly known as HUD. The Federal Housing Administration insures the loan against future default of the borrower, eliminating the risk for lenders if the property gets foreclosed. Since the loan is risk-free for lenders, they can offer favorable terms to borrowers not available on conventional loans.

Borrowers need a minimum credit score of 580 to qualify for a 3.5% down payment. However, borrowers with credit scores from 500 – 579 may still be eligible with a minimum of 10% down, and certain restrictions will apply. The DTI requirement for FHA loans is 50% and may go as high as 55 – 57% with compensating factors and an Automated Underwriting System (AUS) approval.

The FHA loan limits for King County are $977,500 for a single-family residence, $1,251,400 for a duplex, and $1,512,650 for a triplex. People looking to buy a four-plex may borrow up to $1,879,850 in King County.

  • VA loan

VA loans are mortgages guaranteed by the US Department of Veterans Affairs and offered to eligible service men and women, along with their spouses and dependents. VA loans are a no-money-down program provided by private lenders, such as banks, credit unions, and mortgage companies.

There is no minimum credit score requirement for a VA loan, but originating lenders are required to review the borrower’s entire loan profile. Ultimately, it is up to the lender to set their minimum credit score eligibility requirement for a VA loan. 

  • USDA loan

The United States Department of Agriculture guarantees a portion of the USDA home loan program. They are designed to help low and moderate-income families living in unhealthy or unsafe rural conditions get a decent home with modern utilities and adequate space.

USDA home loan is a zero-down payment program offered to eligible borrowers. To qualify, borrowers must have a household income not exceeding 115% of the area median income in the county they buy. The property must be located in a rural area designated by the USDA. 

The USDA loan limit for King County in 2023 is $782,000.

  • Jumbo loan 

Any mortgage that exceeds the conforming loan limit is called a jumbo loan. The conforming loan limit in King County, Washington, for 2023 is $977,500. If you are buying a property over that limit, you must apply for a jumbo home loan.

To qualify for a jumbo mortgage, you must have a credit score of 700 or higher. Some lenders require a higher score of 720 or higher. In addition to the credit score, your debt-to-income ratio must be low, usually no more than 43%.

The third factor that lenders require in a jumbo loan is your cash reserves. The typical cash reserve requirement for a jumbo mortgage is 6 – 12 months of reserve after you exhaust your funds to close on the loan.

Apply for a Home Loan in Shoreline

Buying a home is a significant undertaking, and Capital Home Mortgage can help make the process as straightforward and enjoyable as possible. We are a full-service mortgage agency that provides a wide selection of mortgage options and the best customer service.

Call us at (206) 590-2280 to speak with one of our Home Loan Experts and get started on becoming a homeowner!

Home Loans In Shoreline, Washington

How much time does it take to purchase a brand-new house?
Because of the way the market is now functioning, it is possible that you will spend close to a year looking for and purchasing your new house. It’s possible that the majority of that time will be spent hunting for the ideal house.

The forces of supply and demand have thrown the scales in favor of sellers, making it much more difficult to find a property that meets both your requirements and your financial constraints in today’s market.

Homebuying Timeline
Getting Your Mortgage Application Preapproved (One or Two Days)
The application for pre-approval, in which your lender validates your financial information to establish how much of a mortgage you can pay, is the first thing you need to do in order to get a mortgage. If you are approved for the loan, your financial institution will send you a letter providing an official estimate of the amount of money they are willing to provide to you for the loan.

Looking for a new place to call home (3 to 6 Months)
The most time-consuming aspect of the process of purchasing a home is typically the search for the ideal residence to purchase. In a real estate market that is particularly competitive, it is possible that it will take you anywhere from a few months to an entire year before you locate a house that meets all of your requirements.

Working with a real estate agent who is familiar with the neighborhood as well as the current market conditions is the most effective strategy to speed up this stage of the process.

Making An Offer (Depending On How The Negotiations Go)
When you’ve located the property of your dreams and are prepared to make a purchase, your real estate agent will be able to lend a hand in the process of making an offer and composing an offer letter that details the parameters of the transaction.

Include a letter demonstrating that you have the financial resources necessary to complete the deal if you are making an offer that is contingent entirely on cash payments. If you want to get a mortgage, include a letter stating that you’ve been pre-approved by a lender alongside your offer to demonstrate to the seller that you are qualified to get a loan.

Putting the Finishing Touches on Your Mortgage, and Getting Ready for the Closing (About 1 Month)
The process of applying for a mortgage may now officially get underway now that the purchase agreement has been signed by both parties. The majority of lenders require between 30 and 45 days to settle the details of your loan. Your mortgage lender will first underwrite your loan, after which they will schedule an appraisal of your house to verify that it satisfies the fundamental criteria for receiving a mortgage.

During this period, you should also think about conducting a house inspection to determine whether or not there are any problems with the property that you were not previously informed of.

Finishing Up With Your Loan (A Week or Less)
It is ready to close on your home after the appraiser gives the all clear and your lender has completed the underwriting process on your loan.

Your lender will provide you with a document known as the Closing disclosure in the days leading up to the closing. This document summarizes the terms of your loan. At a minimum, you have three days to finish reading it.

Your lender will set up a meeting for the closing once three days have passed. At this point, you will take ownership of your new house, sign the documents necessary for your mortgage loan, and make payments for your down payment and closing charges.

Mortgage Lender In Shoreline, WA
Are you considering the purchase of a brand-new residence in the Bellevue area? Capital Home Mortgage is able to guide you through the process and help you choose the option that will be in your best interest. Conventional loans, government-backed loans, and jumbo loans are just some of the options available from our company in order to cater to the requirements of each and every prospective customer.

Capital Home Mortgage, which is one of the most prominent mortgage lenders in the state of Washington, enjoys the advantageous position of being able to provide our customers with a flexible underwriting policy, low fees, and competitive interest rates. We are here to help you through the home-buying process, no matter what stage you are in it: first-time buyer, veteran in active service or retired, or a seasoned buyer.

Fill Out An Application Right Now For A Home Loan In Shoreline!
Our company, Capital Home Mortgage, is dedicated to providing each of our customers with a pleasant and successful home-buying experience. When it comes to real estate transactions, we are aware that time is of the essence. This is the reason why we equip ourselves with the required technology and resources in order to speed up the processes of applying for a loan, having it underwritten, and having it funded.

You can rely on us to complete the application process in a timely manner while minimizing any disruptions or difficulties that may arise.

Simply give us a call at (253) 528-4417 and we would be happy to assist you with obtaining a home loan in Shoreline.

Why Shoreline 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

Shoreline 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
Shoreline Mortgage Programs

Shoreline Home Purchase

Thinking of Buying an Shoreline 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

Shoreline renovation home loans

Looking to Rehab an Shoreline 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

Shoreline FHA Home Loans

Great for 1st Time Shoreline 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

Shoreline VA Home Loans

100% Financing for Shoreline 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

Shoreline Conventional Home Loans

Flexibility for Shoreline 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

Shoreline Jumbo Home Loans

Shoreline 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

Shoreline USDA Home Loans

100% Shoreline 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

Shoreline Native American Home Loans

Shoreline 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

Shoreline Manufactured Home Loans

Great Alternative Shoreline Housing

Shoreline reverse mortgages

Your Shoreline 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

Shoreline Non QM Home Loans

Making Shoreline 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

Shoreline One Time Close mortgages

Build Your Shoreline 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

Shoreline Refinance Mortgage Loans

Shoreline 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

Shoreline Cash-out Home mortgages

Shoreline 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

Shoreline Washington Mortgage Team

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Sam Klaburner

Sr Loan Officer
NMLS #140132

Shoreline Mortgage Company Reviews

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