Capital Home Mortgage Auburn
Mortgage Lender Auburn Washington
Home Loans In Auburn Washington
Auburn is a city in King County, a suburb of the Seattle metropolitan area in Washington. Ranked as the 14th largest city in the state, Auburn’s real estate market is somewhat competitive. The average median price of homes sold early this year is around $590k and sells within 90 days in the market.
Mortgage Programs in Auburn
There are several different mortgage loan programs in Auburn. Here are some of the main types of mortgage loan programs:
This type of loan is backed by the government and intended to assist lower-to-moderate-income borrowers in purchasing a property. FHA loans are ideal for first-time homebuyers and individuals with less-than-perfect credit. FHA loans need as low as 3.5% of the purchase price as a down payment, making them a viable choice. FHA loans require mortgage insurance premiums (MIP) which can raise the overall cost of the loan.
Borrowers must have at least a 580 credit score to qualify for a 3.5% down payment. The down payment may also come from family members, an employer, or a charitable institution in the form of a “gift.”
This type of loan is ideal for applicants with good credit who want to purchase a high-priced home. Jumbo loans are intended for properties that exceed the conforming loan limits set by Fannie Mae and Freddie Mac. In King County, the conforming loan ceiling for 2023 is $977,500. The opportunity to finance a more expensive house is one of the perks of a jumbo loan. Still, they frequently need more significant down payments and have more rigid qualification standards.
To qualify, jumbo loans typically need a credit score of 700 or above and a down payment of 10 – 30%, depending on the borrower’s circumstances.
This loan is best suited to applicants with solid credit. To avoid Private Mortgage Insurance (PMI), conventional loans typically require a down payment of 20% of the home’s purchase price. Some lenders may accept a 3% down payment for highly qualified applicants. A regular 5% down payment is required, but PMI will be required. A conventional loan has the advantage of often having lower interest rates than other forms of loans; nevertheless, they can be more challenging to qualify for if you have a low credit score.
All conventional loans require a credit score of at least 620.
VA home loans are guaranteed by the US Department of Veterans Affairs and originated by private lenders. The VA home loan program is intended to assist qualifying veterans, active-duty military members, and surviving spouses in becoming homeowners by providing attractive loan terms and benefits. The VA home loan program enables veterans and their families to purchase, develop, improve, or refinance a house.
Borrowers must meet specific requirements to be eligible for a VA home loan, including serving a minimum length of active duty service, meeting income and credit score requirements, and obtaining a Certificate of Eligibility from the VA. However, specific requirements may vary depending on the type of VA loan being applied for.
One of the benefits of a VA home loan is that it allows borrowers to buy a home with no money down. Furthermore, VA home loans have competitive interest rates, low closing costs, and no requirement for private mortgage insurance. Another benefit of VA home loans is that they have liberal credit and income requirements, making them more accessible to qualified borrowers.
Apply for a Home Loan in Auburn
Purchasing a home is a monumental achievement, and Capital Home Mortgage can help make the process as simple and joyful as possible. We are a full-service mortgage firm committed to providing outstanding customer service and delivering various mortgage products.
Why Auburn HomeBuyers are Choosing Capital Home Mortgage
Close On Time
Complete Control from Application to Funding
Low Rates & Low Fees
Direct Lender with Competitive Rates and Low Fees
7 Day a Week Support Application to Final Mortgage Payment
Auburn 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 the mortgage Securities
- Property securing the mortgage
- occupancy of the property
- Loan to value of the property
- Borrower’s credit worthiness
Auburn Mortgage Programs
Auburn Home Purchase
Thinking of Buying an Auburn 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
Auburn renovation home loans
Looking to Rehab an Auburn 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
Auburn FHA Home Loans
Great for 1st Time Auburn 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
Auburn VA Home Loans
100% Financing for Auburn 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
Auburn Conventional Home Loans
Flexibility for Auburn 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
Auburn Jumbo Home Loans
Auburn 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
Auburn USDA Home Loans
100% Auburn 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
Auburn Native American Home Loans
Auburn 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
Auburn Manufactured Home Loans
Great Alternative Auburn Housing
Manufactured Home Loans offer options to purchase an existing residence or build your dream home on your own land. Call today to speak to a Loan Officer.
- Existing Purchase or Refinance
- OTC Land/ Home Combo
- Lock Rate Before Completion
- FHA, VA, USDA, & Native Loans
Auburn reverse mortgages
Your Auburn 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
Auburn Non QM Home Loans
Making Auburn 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
Auburn One Time Close mortgages
Build Your Auburn 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
Auburn Refinance Mortgage Loans
Auburn 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
Auburn Cash-out Home mortgages
Auburn 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