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:
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FHA Loans
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.”
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Jumbo Loans
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.
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Conventional Loans
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.
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VA Loans
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.
Contact one of our Home Loan Experts at (253) 528-4417 to get started on the path to homeownership!
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 & Low Fees
Exceptional Service
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 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 loans
Looking to Purchase an Auburn Home?
- Primary, 2nd Home, Investment
- Low Rates & Fees, No fee Options
- FHA, VA, USDA, Native American
- Conventional, Jumbo & Renovation
- Manufactured, Construction, Reverse
Auburn Renovation Home Loans
Looking to Rehab an Auburn Home?
- Remodel, Renovate or Repairs
- FHA 203K Streamline
- FHA Full Documentation Rehab
- Fannie Mae Homestyle Reno
- Freddie Mac Home Choice Reno
Auburn FHA Home loans
Great 1st Time Auburn Homebuyers
- Smaller Down Payments
- Flexible Underwriting Guidelines
- Higher Debt to Income Allowed
- Lower Credit Scores – Down to 500
- Down Payment Gifts Allowed
Auburn va Home Loans
100% Financing for Auburn Vets
- No Mortgage Loan Limits
- Simple Qualifying
- Higher Debt to Income Allowed
- Lower Credit Scores – Down to 500
- Manual Underwriting Allowed
Auburn Conventional Home loans
Flexibility for Auburn Homebuyers
- Primary, 2nd Home, Investment Properties
- Single and Multi-Family Properties
- Variable Mortgage Insurance Options
- Low Rates & a Variety of Mortgage Terms
- Renovation Programs Available
Auburn Jumbo Home Loans
Auburn Non-Confirming Home Loans
- Primary & 2nd Homes
- Variety of Mortgage Programs
- Simple Qualifying for Veterans
- Investor Specific Guidelines
- Credit Score Minimums
Auburn USDA Home loans
100% Rural Auburn Home Loans
- Primary Residences
- No Down Payment Required
- New Manufactured Homes Allowed
- Closing Costs / Repairs Rolled In
- Geographic and Income Limits Apply
Auburn Native american Home Loans
Auburn Hud 184 Home Loans
- Primary Residence Only
- Manual Underwriting for All Loans
- No Credit Score Requirements
- Tribal Grants Allowed
- Purchase, Refinance, and Renovation
Auburn Manufactured Home loans
Great Alternative Auburn Housing
- Existing Purchase or Refinance
- New Construction
- One Time Close Land/Home Combo
- Lock at Contract
- FHA, VA, USDA, Native American
Auburn Reverse Mortgage Loans
Your Auburn Home at Work
- Primary Residence Only
- Simple Qualifying – Equity Based
- No Credit Score Requirements
- Minimum Age 62
- Purchase, Refinance, and Cash-Out
Auburn Non QM Home loans
Making Auburn Mortgages Possible
- Purchase, Refinance & Cash-out
- Primary, Secondary, Investment Properties
- Full Doc Programs
- Alt Doc Programs
- Corporations OK
Auburn One Time Close Home Loans
Build Your Auburn Dream Home
- Primary Residences Only
- One Time Close
- Lock Rate at Closing
- Traditional Final Mortgages
- No Payments During Construction
Auburn Refinance Mortgage loans
Auburn Rate & Term Refinance
- Lower Monthly Payment
- Shorten Mortgage Term
- Streamline Options Available
- Appraisal Waivers Allowed
- VA IRRRL’s
Auburn Cashout Mortgage Loans
Auburn Equity Mortgage Loans
- Debt Consolidation
- Investment Opportunities
- Home Improvement
- Dream Vacation
- Higher Education