Capital Home Mortgage Auburn

Auburn home purchase loans

Home Purchase lender Auburn

Home Purchase Loans In Auburn

Homebuyers in Auburn, Washington, who want to buy a home in today’s market should know many critical trends and conditions. The Auburn real estate market is highly competitive, with homes receiving an average of four offers and selling in around seven days. Even though Auburn’s housing market has had excellent appreciation rates over the last decade, recent patterns predict a decline.

Purchase Loan Programs in Auburn

Auburn home buyers have a plethora of home loan programs to choose from, depending on their needs and requirements. 

  • FHA Loans

A Federal Housing Administration (FHA) loan is a mortgage insured by the Federal Housing Administration (FHA), which has promoted homeownership since 1934. It is intended to assist individuals, particularly first-time homebuyers, in purchasing a property on favorable terms. Here is a comprehensive breakdown of FHA loans, their benefits, and eligibility requirements based on the information provided:

FHA loans in Auburn apply to 1 to 4-unit properties. The 2023 FHA loan limits in Auburn, King County, are $977,500 for a single-family residence, $1,251,400 for a 2-unit home, $1,512,650 for a 3-unit home, and $1,879,850 for a 4-unit home, respectively.

Eligibility for FHA loans in Auburn is highly reliant on a solid job, consistent income, a good credit history, and the capacity to handle mortgage payments.

Applicants must provide specific information, including addresses from the past two years, employer information, W2 forms, current salary, Social Security Number, bank information, details about owned real estate, and employment verification. Self-employed applicants must submit tax returns and business financials. 

  • VA Loans

The Department of Veterans Affairs (VA) guarantees the VA home loan, which private lenders offer. These loans assist eligible Veterans, Servicemembers, and surviving spouses in purchasing a property. They provide advantageous features such as no down payment, competitive interest rates, limited closing costs, and the absence of PMI. There are numerous varieties of VA Home Loans, including purchase, cash-out refinance, interest reduction, and housing grants, in addition to specific resources such as foreclosure avoidance and educational podcasts.

Eligibility for a VA home loan is contingent upon obtaining a Certificate of Eligibility (COE), meeting specific service duration requirements, and adhering to credit and income requirements. Service periods range from 90 days of active duty for conflicts such as World War II, the Korean War, the Vietnam War, and the Gulf War to varying conditions for National Guard and Reserve members. In certain circumstances, veterans’ spouses may also be eligible. Additional requirements include a good FICO score, a favorable debt-to-income ratio, and specific credit and income requirements established by individual lenders.

Prequalification is necessary before obtaining a loan, during which lenders evaluate eligibility, estimate potential loan amounts, and collect the required documentation. The no-money-down feature is especially advantageous for homebuyers in Auburn, Washington, and throughout the state. Since 2020, full VA loan entitlement holders in Washington are no longer subject to VA loan limit restrictions, and property tax exemptions are available for disabled veterans or those with less than 80% disability. Relevant to Auburn, Washington residents are particular property tax rates, local lenders, and state-specific resources.

  • USDA-Guaranteed Home Loans

A USDA-guaranteed mortgage in Auburn, Washington, is part of the USDA Section 502 Guaranteed Loan Program, which facilitates approved lenders in assisting low- and moderate-income households to own suitable, modest, and secure primary residences in eligible rural areas. This program offers 100% financing with a 90% loan note guarantee to mitigate risk for lenders, allowing qualified individuals to purchase a home without a down payment. 

The advantages of a USDA-guaranteed home loan include no down payment, competitive interest rates, reduced insurance costs, and complete financing for purchasing, building, renovating, enhancing, or relocating homes in eligible rural areas. The program offers eligible debtors financial assistance for site purchases, repairs, rehabilitation, and refinancing, with a standard 30-year fixed-rate structure. It is adaptable to various housing needs and seeks to encourage homeownership among rural households with modest incomes, thereby fostering community prosperity and enhancing the quality of life.

The USDA-guaranteed mortgage loan eligibility requirements include income limits (up to 115% of the median household income), a minimum credit score of 640, a clean credit history, stable income, and debt-to-income ratios of less than 41%. The property must be in a sparsely populated area, as the USDA defines. The program also includes mortgage insurance fees of 1.00% upfront (which may be financed into the loan balance) and 0.35% annually. Legal permanent residents who are not U.S. citizens are also eligible.

  • Conventional – Conforming Loans

A conventional conforming loan in Auburn, Washington, adheres to federal government guidelines and limits and Fannie Mae or Freddie Mac regulations. Conforming loans are typically preferable to non-conforming loans for borrowers with excellent credit, as they offer advantages such as lower interest rates and easier qualification. In addition, they require down payments of less than 20 percent, which may necessitate mortgage insurance, and are frequently packaged into Mortgage-Backed Securities (MBS), thereby establishing a secondary mortgage market. In addition, these loans are suitable for first-time buyers with modest down payments, and their easy packaging and sale by lenders make them an attractive option for many borrowers.

The 2023 conforming loan limits in Auburn, King County, are $977,500 for a single-unit home, $1,251,400 for a duplex, $1,512,650 for a triplex, and $1,879,850 for a four-plex, respectively.

  • Native American Home Loans

The HUD Section 184 Indian Home Loan Guarantee Program serves American Indian and Alaska Native families, tribes, and housing entities. Established in 1992, it offers benefits such as low down payments, flexible underwriting, and various housing requirements, including new construction, rehabilitation, and refinancing, to Native American communities. The Office of Loan Guarantee administers the program within HUD’s Office of Native American Programs and seeks to increase financial stability and home appreciation in Native communities.

The eligibility requirements for the Section 184 program include membership in a federally recognized tribe, designation as a housing entity, or affiliation with the Indian Housing Authority. The program’s scope extends beyond tribal trust land. Working with HUD-approved lenders and submitting the necessary documentation are required for the application process. The applicant or their family must be recognized as Indian/Alaska Native by a tribe, the federal government, or a state to purchase a primary residence. Loan terms may include fixed-rate financing within market rates, a maximum period of 30 years, and monthly payments, with a maximum loan amount of 150% of FHA lending limits.

  • Jumbo Home Loans

A jumbo home loan is a type of mortgage that exceeds the conforming loan limits established by Fannie Mae and Freddie Mac. Jumbo home loans are typically used for opulent properties or in high-cost areas. In Auburn, Washington, the limits for conventional loans in 2023 range between $977,500 and $1,879,850; any quantity exceeding this limit would be classified as a jumbo loan. King County (which encompasses Auburn) has a limit of $977,500 on single-family homes for jumbo loans in Washington.

Apply for an Auburn Home Purchase Loan

Prospective purchasers in Auburn should be prepared for a competitive market where speed and decisiveness are crucial, given the present state of the market. Strategies to consider include ensuring mortgage pre-approval and understanding local market trends.

Call (253) 528-4417 to speak with our Auburn Home Loan Specialists about your home loan options.

Purchase Home Loans Auburn Washington 

If you’re looking to buy a home in the Evergreen State, Capital Property Mortgage is here to help. Because we offer a wide range of mortgage products, homebuyers can pick the program that best suits their budget and level of financial responsibility. In Washington, we have mortgage consultants that can help you find the best lending option.

Home Purchase Loan Programs In Washington

  • Conventional – Conforming

A conventional-conforming loan is the country’s most commonly used home loan program. If a prospective home buyer has a sizable cash reserve and strong credit, they should be approved for a conventional loan. People with good credit qualify for lower interest rates. A down payment of 20% of the total loan amount is required if you wish to avoid paying mortgage insurance.

  • FHA Home Loans

A Federal Housing Administration loan is a mortgage insured by the government (FHA). The FHA insures these loans to safeguard lenders from financial risk. The FHA has specific requirements that lenders must follow for their loans to be considered FHA-approved, after which the FHA backs the lender’s loans if a borrower defaults on the mortgage.

The FHA 203(b) loan program is the most popular option for FHA loans across the country. Borrowers unable to satisfy the stringent requirements associated with conventional loans are the ideal candidates for FHA home loans. Homebuyers with low credit ratings and limited incomes may be eligible for FHA loans.

One of the primary advantages of an FHA loan is that it requires a lesser down payment. FHA loans allow borrowers to finance a home with less than a 3.5% down payment. FHA loans are popular with first-time home buyers. It should be noted, however, that applicants must pay a mortgage insurance premium (MIP) when obtaining an FHA loan. This insurance protects the lender in the event of a borrower default.

  • VA Home Loans

VA home loans are mortgage loans offered to veterans, service members, and their surviving spouses. Private creditors such as banks and mortgage firms provide them, and the Department of Veterans Affairs (VA) guarantees repayment (VA). This assurance allows lenders to offer more advantageous terms to borrowers, such as reduced interest rates and no down payment requirements.

A VA mortgage is a specific home loan, but getting one is like obtaining any other kind of mortgage. You’ll work with a qualified lender to get pre-approved. Once pre-approved, you may shop for a home, make an offer, go through the underwriting and appraisal process, and finally, loan closing.

  • USDA-Guaranteed Home Loans

A USDA-guaranteed home loan is a mortgage guaranteed by the US Department of Agriculture (USDA). These loans are intended to help lower-income rural residents realize their ambition of property ownership. To decrease the risk of offering 100% loans to eligible rural homeowners, the USDA gives a 90% loan note guarantee to licensed lenders, so no money down is necessary for individuals who qualify.

The USDA issues or guarantees these loans as part of the USDA Rural Development program, designed to encourage home ownership in rural regions.

Borrowers must earn at most 115% of the area’s median income to qualify for a USDA-guaranteed loan. The subject property must also be located within the USDA-eligible area map to be considered for financing.

  • Home Renovation Loans

A home renovation loan is used to finance repairs, renovations, expansions, and upgrades. These loans might be mortgages with built-in rehab funds or personal loans. A home renovation loan can finance many home improvement projects, including updating a kitchen or bathroom, finishing a basement, or adding a second story to a house. The borrower’s demands and creditworthiness will determine the sort of loan and its terms. Renovation loans, for example, can have a fixed or variable interest rate and different terms.

There are different types of home renovation loans to choose from. The most popular of which is the FHA 203(k) loan. There’s also FannieMae’s HomeStyle Renovation loan and Freddie Mac’s ChoiceRenovation loan program.

  • Non-Qualified Mortgage Loans

Following the Consumer Financial Protection Bureau’s (CFPB) Qualified Mortgage rule, a non-qualified mortgage (non-QM) is a particular type of home loan that does not adhere to the regular paperwork criteria. As a result, non-QM loans could have alternative conditions, such as longer loan terms or negative amortization and less rigid eligibility requirements.

Non-QM loans are intended to assist house buyers who do not meet the stringent requirements of a qualifying mortgage. If you are self-employed or do not have a traditional income, you may not be able to qualify for a qualified mortgage; thus, a non-QM loan may be a better choice for you. Non-QM loans enable borrowers who would not otherwise qualify for a mortgage to obtain a house loan. A non-QM loan may be appropriate if you have a low credit score, a high debt-to-income ratio, or income that varies enough that a standard mortgage is not an option.

Apply For A Home Purchase Loan in Washington

If you want to apply for a home purchase loan in Washington state, several alternatives are open to you. Capital Home Mortgage is a Washington-based direct mortgage lender. We are committed to providing superior customer service and look forward to assisting you. Please call (253) 528-4443 to speak to one of our loan officers.

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

Exceptional Service

7  Day a Week Support Application to Final Mortgage Payment

Auburn Washington 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 Home Purchase Loans

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 fixed rate Mortgage Loans

All Fixed Rate Mortgage Loans are designed to have equal payments for the specified term. These loans offer predictability and are deemed to be less risky for borrowers. Fixed Rate Mortgage Loans are available with all mortgage products and are typically offered in 15 year and 30 year terms. However, Fixed Rate Mortgage Loans are also offer in 10 year, 20 year and 25 year terms although less common due to demand.

Auburn Adjustable Rate Mortgage Loans

Adjustable Rate Mortgage Loans known as ARM’s are  available with most mortgage products although limited with FHA, VA and USDA. ARM’s are great fit for homebuyers who plan to sell or refinance their home between 1 and 10 years and are looking for the lowest possible payment.  ARM’s offers lower rates during times where fixed rates are higher. An adjustable rate mortgage is fixed for a specific time then adjusts on a predetermined time period and a predetermined amount based on a financial index and a fixed margin.

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

Auburn Washington Mortgage Team

Jordan Mowrey

Sr Loan Officer
NMLS 1604319

Dale Gremillion

Manager / Sr Loan Officer
NMLS 210325

Conor Hayhurst

Manager / Sr Loan Officer
NMLS 743506

Brad Rund

Director Native American Lending
Director Manufactured Housing

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