Capital Home Mortgage Bothell
Bothell Home Loans
Mortgage Lender Bothell Washington
Home Loans In Bothell Washington
Bothell is a city in King and Snohomish Counties located near the northeast end of Lake Washington. Voted as one of the best places to live in Washington, it offers residents a dense suburban feel where most residents own their homes.
The housing market in Bothell is very competitive, with an average median price of $638k and an average price per square footage of $444. Bothell is considered one of the higher-cost areas in the state.
Home Loan Programs in Bothell
Bothell has different mortgage loan programs, a conventional-conforming loan is the most widely used by home buyers. Here’s a short list of home loans in Bothell:
Conventional – Conforming Loan
A 30-year fixed conventional-conforming loan is Washington state’s most prevalent home loan. They are not insured nor guaranteed by the federal government. They are more challenging to qualify for compared to government-insured loans.
A minimum credit score of 620 and a debt-to-income of less than 43% are the basic qualification requirements of a conventional loan. Depending on the borrower’s credit score, a 3 – 5% down payment is required on all conventional loans. However, if you don’t put a 20% down payment, you must carry a Private Mortgage Insurance of PMI.
The conforming loan limit in King and Snohomish counties for a single-family residence in 2023 is $977,500.
FHA Loan
FHA loans are the most lenient and easiest home loan program to qualify for. You only need a credit score of 580 to be eligible for a 3.5% down payment. Moreover, the down payment may come as a gift from a family member, a charitable institution, or an employer. If your credit score is below 580, you may still be eligible for an FHA loan, provided you come up with at least a 10$ down payment and your score is not below 500.
The 2023 FHA loan limit in King and Snohomish counties is the same as a conventional-conforming loan. They are $977,500 for a single-family residence, $1,251,400 for a 2-unit property, $1,512,650 for a 3-unit property, and $1,879,850 for a 4-unit property.
VA Loan
VA home loans are mortgages guaranteed by the United States Department of Veterans Affairs and exclusive to eligible service personnel and their spouses. The VA loan is a no-money-down program since the Veterans Administration guarantees a portion of the loan against default.
To be eligible for a VA home loan, you or your spouse must meet the minimum service requirements set by the US Department of Veterans Affairs, satisfy the lender’s credit and income requirements, and have a valid Certificate of Eligibility (COE).
Jumbo Loan
Jumbo loans are mortgages that exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA) and don’t meet the eligibility requirements of the government-sponsored enterprises Fannie Mae and Freddie Mac. They are mainly used to purchase luxury homes.
The eligibility requirements of a jumbo loan include a higher credit score, low debt-to-income ratios, and healthy reserves. You need a credit score of 700, and some lenders require a score of 720 and above. Your DTI should be less than 43% and have a reserve equal to 6 – 12 months of your monthly mortgage payments.
The minimum down payment for a jumbo loan is 10% of the purchase price for those highly-qualified borrowers. Depending on your credit score and DTI ratio, some lenders require a 20 – 30% down payment.
Apply for a Home Loan in Bothell
Capital Home Mortgage Bothell will assist you every step of the way. Our team of experienced mortgage professionals can answer your questions and walk you through the loan process.
To get started with a no-obligation quote, call us at (425) 324-9505. We look forward to assisting you with your next home loan in Bothell.
Why Bothell 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
Bothell 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
Bothell Mortgage Programs
Bothell Home Purchase loans
Looking to Purchase a Bothell Home?
- Primary, 2nd Home, Investment
- Low Rates & Fees, No fee Options
- FHA, VA, USDA, Native American
- Conventional, Jumbo & Renovation
- Manufactured, Construction, Reverse
Bothell Renovation Home Loans
Looking to Rehab a Bothell Home?
- Remodel, Renovate or Repairs
- FHA 203K Streamline
- FHA Full Documentation Rehab
- Fannie Mae Homestyle Reno
- Freddie Mac Home Choice Reno
Bothell FHA Home loans
Great 1st Time Bothell Homebuyers
- Smaller Down Payments
- Flexible Underwriting Guidelines
- Higher Debt to Income Allowed
- Lower Credit Scores – Down to 500
- Down Payment Gifts Allowed
Bothell va Home Loans
100% Financing for Bothell Vets
- No Mortgage Loan Limits
- Simple Qualifying
- Higher Debt to Income Allowed
- Lower Credit Scores – Down to 500
- Manual Underwriting Allowed
Bothell Conventional Home loans
Flexibility for Bothell 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
Bothell Jumbo Home Loans
Bothell Non-Confirming Home Loans
- Primary & 2nd Homes
- Variety of Mortgage Programs
- Simple Qualifying for Veterans
- Investor Specific Guidelines
- Credit Score Minimums
Bothell USDA Home loans
100% Rural Bothell Home Loans
- Primary Residences
- No Down Payment Required
- New Manufactured Homes Allowed
- Closing Costs / Repairs Rolled In
- Geographic and Income Limits Apply
Bothell Native american Home Loans
Bothell Hud 184 Home Loans
- Primary Residence Only
- Manual Underwriting for All Loans
- No Credit Score Requirements
- Tribal Grants Allowed
- Purchase, Refinance, and Renovation
Bothell Manufactured Home loans
Great Alternative Bothell Housing
- Existing Purchase or Refinance
- New Construction
- One Time Close Land/Home Combo
- Lock at Contract
- FHA, VA, USDA, Native American
Bothell Reverse Mortgage Loans
Your Bothell Home at Work
- Primary Residence Only
- Simple Qualifying – Equity Based
- No Credit Score Requirements
- Minimum Age 62
- Purchase, Refinance, and Cash-Out
Bothell Non QM Home loans
Making Bothell Mortgages Possible
- Purchase, Refinance & Cash-out
- Primary, Secondary, Investment Properties
- Full Doc Programs
- Alt Doc Programs
- Corporations OK
Bothell One Time Close Home Loans
Build Your Bothell Dream Home
- Primary Residences Only
- One Time Close
- Lock Rate at Closing
- Traditional Final Mortgages
- No Payments During Construction
Bothell Refinance Mortgage loans
Bothell Rate & Term Refinance
- Lower Monthly Payment
- Shorten Mortgage Term
- Streamline Options Available
- Appraisal Waivers Allowed
- VA IRRRL’s
Bothell Cashout Mortgage Loans
Bothell Equity Mortgage Loans
- Debt Consolidation
- Investment Opportunities
- Home Improvement
- Dream Vacation
- Higher Education