Capital Home Mortgage Bellevue

Bellevue home purchase loans

Home Purchase lender Bellevue Washington

Home Purchase Loans In Bellevue Washington

The real estate market in Bellevue, Washington, exhibits a significant level of competitiveness, albeit a marginal decrease in home prices after its peak in 2022. The prices have experienced a moderate decline compared to the previous year; however, they continue to be elevated owing to Bellevue’s designation as a prominent technological center and its appealing attributes, including reputable educational institutions and a wide range of amenities.

Bellevue Home Loan Programs 

Bellevue home buyers have plenty of home loan programs to meet their needs. The most prevalent among them are the following:

  • FHA Home Loans

The FHA loan program in Bellevue, Washington, offers a lending option that enables prospective homeowners to attain their objective by making a down payment of about 3.5%. These loans are insured by the Federal Housing Administration. They are commonly favored by individuals purchasing a home for the first time or seeking to refinance their existing mortgages.

FHA loans in Bellevue make homeownership accessible to individuals with lower credit scores and smaller down payments. Nevertheless, the purchaser must be aware of the requirements, such as mortgage insurance and property standards.

Applicants’ debt-to-income ratio must be below 43% to qualify, although compensating factors may assist in certain situations. The subject property must be hazard-free, move-in ready, and must be used as a primary residence. FHA loans require mortgage insurance, a cost that should be considered when comparing loan options.

The FHA loan limit in Bellevue, King County, is $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. Fannie Mae and Freddie Mac’s guidelines affect how the FHA loan limits are adjusted annually and by county. 

  • V.A. Home Loans

The United States Department of Veterans Affairs provides V.A. home loans, which serve as a cost-effective means of purchasing a home for members of the U.S. Military, veterans, and their families. These benefits include the absence of down payments and reduced interest rates. The loans in Bellevue, WA, are subject to certain conditions, encompassing energy efficiency and pest inspection criteria.

Although VA loans offer substantial advantages, borrowers must still meet specific eligibility criteria, such as their credit history, income, and other relevant aspects. It is important to note that these particulars may differ among lenders.

  • USDA Home Loans

The USDA Home Loan program in King County, Washington, is an initiative implemented by the USDA Rural Development to assist rural residents in obtaining affordable housing. It helps approximately 70.4% of the population in King County, except in certain urban areas. The effort focuses on regions with various housing options, parks, and recreational amenities. The county exhibits a typical household income of $89,400 and a median property worth $442,400. Notably, living conditions have witnessed enhancements, as evidenced by a decline in poverty rates and unemployment.

The USDA loan program offers eligible applicants no down payment, no maximum loan amount, and fixed interest rates. The loan has income limits between $140,650 and $185,650, and the program is available for bow and existing homes. The credit criteria are also quite flexible, making it more straightforward for a wider variety of borrowers to qualify.

The prerequisites for obtaining a USDA loan encompass possessing U.S. citizenship, residing in a designated rural location that meets eligibility criteria, utilizing the property as a primary residence, and maintaining a household income that does not exceed 115% of the median income for the specific area. While there is no explicit minimum credit score requirement, it is worth noting that applications with a credit score exceeding 640 tend to undergo a more efficient and expedited processing procedure. Scores below 640 necessitate manual approval. There exist restrictions on the permissible size of dwellings that are eligible for financing, whereby residences exceeding 2,000 square feet are deemed ineligible.

  • Conventional Loans

A conventional mortgage is a financing not guaranteed by the government. Private lenders, such as banks, credit unions, and other financial institutions, offer conventional mortgages. Conventional mortgages are the most prevalent type of mortgage.

Conventional mortgages are typically more advantageous for applicants with a favorable credit history and can make a substantial down payment. Conventional mortgages usually exhibit comparatively higher interest rates and require a higher credit score for eligibility than Federal Housing Administration (FHA) loans. Nevertheless, it is worth noting that conventional mortgages generally exhibit reduced closing costs compared to government-backed options.

Conventional mortgages can be classified into two distinct categories: conforming and nonconforming. Most conventional loans are commonly called “conforming loans” due to their adherence to the lending criteria established by Fannie Mae and Freddie Mac.

The 2023 conforming loan limit for Bellevue, King County, is $977,500 for a single-unit property, $1,251,400 for a duplex, $1,512,650 for a triplex, and $1,879,850 for a quadplex, respectively. 

  • Non-Qualified Mortgage Loans

A non-qualified mortgage (non-QM) loan does not adhere to the criteria for a qualified mortgage. Non-qualified mortgage (Non-QM) loans employ various approaches to assess income verification, such as evaluating bank statements or considering assets as a source of income, to facilitate the approval of home loans for borrowers. Non-Qualified Mortgage (Non-QM) loans are specifically tailored to cater to borrowers with distinctive income qualifications, such as being self-employed or exhibiting a poor credit score.

Non-QM loans are not guaranteed or endorsed by the Federal Housing Administration, the Veterans Administration, Fannie Mae, or Freddie Mac. In addition, they may have unfavorable terms. Non-QM loans can be costly and risky in the short and long term.

  • Jumbo Loans

In Bellevue, King County, Washington, a jumbo loan refers to a mortgage above the loan limits established by the Federal Housing Finance Agency (FHFA). For 2023, the maximum limit for Bellevue, located in King County, Washington, is $977,500. Hence, a mortgage of a single-unit residential property in Bellevue, Washington, beyond $977,500 would be categorized as a jumbo loan.

Jumbo loans are frequently employed to finance high-end houses and residences in highly competitive real estate markets, as they provide the means to get financing for properties that exceed the limits set forth by ordinary conforming mortgages. 

Due to the increased risk for the lender, obtaining a jumbo loan typically involves stringent criteria. This may include higher down payments, credit scores, and debt-to-income ratio requirements. Many lenders, for instance, require a credit score of 700 or higher, specific documentation, and a 10-30% down payment. Furthermore, rates vary between lenders, with some offering competitive options, such as mortgages with adjustable rates. Approval processes can be time-consuming, and larger loans may necessitate multiple appraisals.

Apply for a Home Purchase Loan in Bellevue

You have several options if you desire to apply for a home purchase loan in Bellevue, Washington. Capital Home Mortgage Bellevue is a direct lender of mortgages. We are dedicated to providing superior customer service and are pleased to be of assistance. 

To speak with one of our Home Loan Specialists, please dial (425) 324-9505.

Why Bellevue 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

Bellevue 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

Bellevue 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

Bellevue 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.

Bellevue 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.

Bellevue Mortgage Programs

Bellevue Home Purchase loans

Looking to Purchase a Bellevue 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, 2nd Home, Investment
  • Low Rates & Fees, No fee Options
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo & Renovation
  • Manufactured, Construction, Reverse

Bellevue Renovation Home Loans

Looking to Rehab a Bellevue Home?

Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not a renovation loan? Purchase the Perfect Home and make it your own.
  • Remodel, Renovate or Repairs
  • FHA 203K Streamline 
  • FHA Full Documentation Rehab
  • Fannie Mae Homestyle Reno
  • Freddie Mac Home Choice Reno

Bellevue FHA Home loans

Great 1st Time Bellevue 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 Payments
  • Flexible Underwriting Guidelines
  • Higher Debt to Income Allowed
  • Lower Credit Scores – Down to 500
  • Down Payment Gifts Allowed

Bellevue va Home Loans

100% Financing for Bellevue Vets

Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.
  • No Mortgage Loan Limits
  • Simple Qualifying
  • Higher Debt to Income Allowed
  • Lower Credit Scores – Down to 500
  • Manual Underwriting Allowed

Bellevue Conventional Home loans

Flexibility for Bellevue 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 Properties
  • Single and Multi-Family Properties
  • Variable Mortgage Insurance Options
  • Low Rates & a Variety of Mortgage Terms
  • Renovation Programs Available

Bellevue Jumbo Home Loans

Bellevue Non-Confirming Home Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits. Call today.
  • Primary & 2nd Homes
  • Variety of Mortgage Programs
  • Simple Qualifying for Veterans
  • Investor Specific Guidelines
  • Credit Score Minimums

Bellevue USDA Home loans

100% Rural Bellevue 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.
  • Primary Residences
  • No Down Payment Required
  • New Manufactured Homes Allowed
  • Closing Costs / Repairs Rolled In
  • Geographic and Income Limits Apply

Bellevue Native american Home Loans

Bellevue 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
  • Purchase, Refinance, and Renovation

Bellevue Manufactured Home loans

Great Alternative Bellevue 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
  • New Construction
  • One Time Close Land/Home Combo
  • Lock at Contract
  • FHA, VA, USDA, Native American

Bellevue Reverse Mortgage Loans

Your Bellevue 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
  • No Credit Score Requirements
  • Minimum Age 62
  • Purchase, Refinance, and Cash-Out

Bellevue Non QM Home loans

Making Bellevue Mortgages Possible

Looking for Non Traditional Home Mortgage Loan?  Contact a Loan Officer Today to discuss the alternative mortgage options currently available.
  • Purchase, Refinance & Cash-out
  • Primary, Secondary, Investment Properties
  • Full Doc Programs
  • Alt Doc Programs
  • Corporations OK

Bellevue One Time Close Home Loans

Build Your Bellevue 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 Residences Only
  • One Time Close
  • Lock Rate at Closing
  • Traditional Final Mortgages
  • No Payments During Construction

Bellevue Refinance Mortgage loans

Bellevue 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.
  • Lower Monthly Payment
  • Shorten Mortgage Term
  • Streamline Options Available
  • Appraisal Waivers Allowed
  • VA IRRRL’s

Bellevue Cashout Mortgage Loans

Bellevue 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
  • Dream Vacation
  • Higher Education

Bellevue Washington Mortgage Team

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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