Capital Home Mortgage Bellingham
Bellingham Conventional Home Loans
Conventional Mortgage Lender Bellingham Washington
Conventional Home Loans Bellingham Washington
Conventional loans are mortgages that a government agency does not guarantee. Instead, private lenders such as banks, credit unions, and online lenders provide this service. Typically, these loans are used to acquire or refinance a residential property. Conforming to the rules established by Fannie Mae and Freddie Mac, government-sponsored firms that purchase mortgages from lenders and sell them to investors are also known as “conforming loans.” This permits lenders to give more funds to qualified purchasers. Conventional loans are less expensive than FHA loans but more challenging to qualify for. Conventional mortgages make for a significant share of home purchases and refinance and are offered by various lenders.
They are the most prevalent type of home loan and are issued by private lenders to meet Fannie Mae and Freddie Mac guidelines.
Types of Conventional Loans
Conforming Loans
Conforming loans are mortgages that comply with FHFA loan size limits and other Fannie Mae and Freddie Mac guidelines. For the loans to be sold to Fannie Mae and Freddie Mac, they must comply with the regulations, which eventually adds liquidity and stability to the mortgage market.
Not all conventional loans are conforming loans, but all conforming loans are conventional loans. A FICO score of 620 is required to qualify for a conventional-conforming loan. The required payment ranges from 3 to 5 percent of the purchase price. If the borrower makes a 20% down payment, the loan must include private mortgage insurance (PMI).
Non-conforming Loans
Loans that do not adhere to the requirements set forth by Fannie Mae and Freddie Mac, two government-sponsored enterprises that invest in mortgage loans, are considered non-conforming loans. The Federal Housing Finance Agency (FHFA) is in charge of establishing these criteria. Jumbo loans, which are larger than the conforming loan limit, are considered non-conforming.
FHA Home Loans
A loan insured by the Federal Housing Administration is an FHA loan (FHA). The Federal Housing Administration is a government agency within the Department of Housing and Urban Development (HUD). FHA loans are intended to assist low- and moderate-income applicants in qualifying for a mortgage.
One of the primary advantages of an FHA loan is that it allows for a down payment of as little as 3.5% for borrowers with credit scores of 580 or above. Moreover, FHA loans often offer lower closing fees than conventional loans.
Lenders must meet the agency’s requirements to qualify for an FHA loan. Once the loan is approved, the FHA insures it, protecting the lender if the borrower defaults on the mortgage.
VA Home Loans
VA home loans are guaranteed by the U.S. Department of Veterans Affairs (VA) and offered by private lenders such as banks and mortgage companies. If the borrower defaults on the loan, the VA will pay a portion of the loan.
VA home loans are intended to assist qualifying Servicemembers, Veterans, and surviving spouses in becoming homeowners. The program offers a home loan guarantee benefit and other housing-related services to assist borrowers in purchasing, building, repairing, retaining, or adapting a home for personal use.
In general, the terms of VA home loans are more advantageous than those offered by private lenders. By acquiring a Certificate of Eligibility (COE) and meeting credit and income requirements, eligible borrowers can apply for a VA home loan.
USDA-Guaranteed Home Loans
A USDA-guaranteed home loan, also known as a USDA loan or Rural Development loan, is a mortgage product that requires no down payment and is backed by the United States Department of Agriculture (USDA). These federally guaranteed loans can be used to buy, develop, repair, or refinance a property. They are designed for low-to-moderate-income individuals and families living in rural areas of the country.
The property must be located in an eligible rural area, and the borrower’s income must fulfill specific standards to qualify for a USDA loan. USDA loans are only available through USDA-approved lenders.
Jumbo Loans
Jumbo home loans, also known as non-conforming loans, exceed the limits Fannie Mae and Freddie Mac set. These government-sponsored enterprises purchase and package most U.S. home loans for investors.
Jumbo mortgages are available for primary residences, second or vacation homes, and investment properties and come with various terms, such as fixed- and adjustable-rate loans. Borrowers must have a low ratio of debt to income and a strong credit score. Due to their bigger size, jumbo loans often have a higher interest rate and more stringent underwriting requirements than conventional mortgages, and they typically require a larger down payment.
Apply For A Conventional Loan
Buying a home is a huge accomplishment, and Capital Home Mortgage Bellingham can assist in making the process as straightforward and enjoyable as possible. We are a full-service home mortgage company with a diverse range of mortgage products and a commitment to offering unrivaled customer service.
Call us at (360) 474-5656 to speak with one of our Home Loan Specialists and get started on your path to homeownership!
Why Bellingham 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
Bellingham 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 mortgage Securities
- Property securing the mortgage
- occupancy of the property
- Loan to value of the property
- Borrower’s credit worthiness
Bellingham Conventional Purchase Loans
- Freddie Mac or Fannie Mae Insured
- Primary, 2nd or Investment Homes
- Single and Multi Family
- Condo’s and Manufactured Homes
- MORTGAGE INSURANCE OPTIONS
- LOWER RATES & FLExIXBLE TERMS
- MAXIMUM LOAN AMOUNT – $766,550
- HIGH BALANCE (VARIES BY COUNTY)
Bellingham Conventional Refinance Loans
- Freddie Mac or Fannie Mae Insured
- Primary, 2nd or Investment Homes
- Single and Multi Family
- Condo’s and Manufactured Homes
- Mortgage Insurance Options
- Lower Rates & Flexible Terms
- Maximum Loan Amount – $766,550
- High Balance (Varies By County)
Bellingham Conventional Renovation Loans
- 95% LTV Primary Residence
- 97% LTV 1st Time Buyer Single Family
- 85% LTV on 1 Unit Investment
- 90% LTV on Second Home
- Minimum Credit Score 620
- Luxury Renovations are Eligible
- Maximum Loan Amount – $766,550
- High Balance (Varies By County)
Bellingham Mortgage Programs
Bellingham Home Purchase loans
Looking to Purchase a Bellingham Home?
- Primary, 2nd Home, Investment
- Low Rates & Fees, No fee Options
- FHA, VA, USDA, Native American
- Conventional, Jumbo & Renovation
- Manufactured, Construction, Reverse
Bellingham Renovation Home Loans
Looking to Rehab a Bellingham Home?
- Remodel, Renovate or Repairs
- FHA 203K Streamline
- FHA Full Documentation Rehab
- Fannie Mae Homestyle Reno
- Freddie Mac Home Choice Reno
Bellingham FHA Home loans
Great 1st Time Bellingham Homebuyers
- Smaller Down Payments
- Flexible Underwriting Guidelines
- Higher Debt to Income Allowed
- Lower Credit Scores – Down to 500
- Down Payment Gifts Allowed
Bellingham va Home Loans
100% Financing for Bellingham Vets
- No Mortgage Loan Limits
- Simple Qualifying
- Higher Debt to Income Allowed
- Lower Credit Scores – Down to 500
- Manual Underwriting Allowed
Bellingham Conventional Home loans
Flexibility for Bellingham 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
Bellingham Jumbo Home Loans
Bellingham Non-Confirming Home Loans
- Primary & 2nd Homes
- Variety of Mortgage Programs
- Simple Qualifying for Veterans
- Investor Specific Guidelines
- Credit Score Minimums
Bellingham USDA Home loans
100% Rural Bellingham Home Loans
- Primary Residences
- No Down Payment Required
- New Manufactured Homes Allowed
- Closing Costs / Repairs Rolled In
- Geographic and Income Limits Apply
Bellingham Native american Home Loans
Bellingham Hud 184 Home Loans
- Primary Residence Only
- Manual Underwriting for All Loans
- No Credit Score Requirements
- Tribal Grants Allowed
- Purchase, Refinance, and Renovation
Bellingham Manufactured Home loans
Great Alternative Bellingham Housing
- Existing Purchase or Refinance
- New Construction
- One Time Close Land/Home Combo
- Lock at Contract
- FHA, VA, USDA, Native American
Bellingham Reverse Mortgage Loans
Your Bellingham Home at Work
- Primary Residence Only
- Simple Qualifying – Equity Based
- No Credit Score Requirements
- Minimum Age 62
- Purchase, Refinance, and Cash-Out
Bellingham Non QM Home loans
Making Bellingham Mortgages Possible
- Purchase, Refinance & Cash-out
- Primary, Secondary, Investment Properties
- Full Doc Programs
- Alt Doc Programs
- Corporations OK
Bellingham One Time Close Home Loans
Build Your Bellingham Dream Home
- Primary Residences Only
- One Time Close
- Lock Rate at Closing
- Traditional Final Mortgages
- No Payments During Construction
Bellingham Refinance Mortgage loans
Bellingham Rate & Term Refinance
- Lower Monthly Payment
- Shorten Mortgage Term
- Streamline Options Available
- Appraisal Waivers Allowed
- VA IRRRL’s
Bellingham Cashout Mortgage Loans
Bellingham Equity Mortgage Loans
- Debt Consolidation
- Investment Opportunities
- Home Improvement
- Dream Vacation
- Higher Education