Capital Home Mortgage Bothell

Bothell home purchase loans

Home Purchase lender Bothell Washington

Home Purchase Loans In Bothell Washington

Bothell, Washington’s real estate market is highly competitive, with properties selling quickly, frequently in less than a week, and many receiving multiple offers. Demand continues to exceed supply, creating a seller’s market.

Purchase Loan Programs in Bothell

Bothell home buyers have various home loan options to finance the purchase of a home. The most common among them are the following:

  • Construction Loans

A construction loan is a short-term loan designed to cover the costs of building a house or other real estate developments. These loans typically have distinct disbursement stages and necessitate regular inspections to ensure the construction proceeds as anticipated. The borrower must meet specific criteria, including having stable finances, a minimum 20% down payment, and a credit score of 680 or above.

One-time close construction loans and two-time close construction loans are the two primary types of construction loans. A one-time close construction loan is a loan that combines the construction loan and the permanent mortgage into a single loan with fixed terms, payments, and draws. After the construction is completed, it will be converted to a permanent loan. On the other hand, a two-time close construction loan consists of two independent loans: one for construction and one for permanent finance. This type necessitates greater underwriting and additional closing costs.

A one-time close construction loan has various advantages. It streamlines the financing process by consolidating both loans into one application, minimizing paperwork, and saving money on closing expenses. Second, it enables borrowers to lock in interest rates, ensuring financial security during construction and beyond. Finally, because only one approval process is required, it avoids the risks of qualifying for multiple loans and adjustable-rate interim loans.

  • FHA Loans

An FHA loan in Bothell, Washington, is a government-insured mortgage that makes homeownership more accessible by having more flexible eligibility requirements than conventional loans. The minimum down payment for a Bothell FHA loan is 3.5 percent for borrowers with a credit score of at least 580 and 10 percent for borrowers with scores below 580. Generally, the Debt-to-Income (DTI) ratio should be below 43%; however, compensating factors may warrant exceptions. In addition, a Mortgage Insurance Premium (MIP) must be paid upfront and on a recurring basis. The purchased property must be the buyer’s principal residence and comply with specific hazard-free standards.

The advantages of an FHA loan in Bothell include more straightforward qualifications due to reduced credit score criteria and the ability to have a higher DTI ratio. Furthermore, FHA loans are available to both first-time and repeat buyers, and they provide a variety of refinancing choices. Seller contributions and gift funds are also permitted. 

To be eligible for an FHA loan in Bothell, you must have a minimum credit score of 500, proof of consistent income, and keep the home your principal residence. Applicants must also go through an appraisal procedure, and loan limitations may vary depending on the property type and typical home value in the area.

The 2023 FHA loan limits in Bothell are $977,500 for a single-family residence, $1,251,400 for a duplex, $1,512,650 for a triplex, and $1,879,850 for a quadplex.

  • Conventional Loans

A conventional loan is a mortgage that is neither federally guaranteed nor insured. Private lenders such as banks, credit unions, and mortgage companies typically provide it. In Bothell, Washington, conventional conforming loans meet the Fannie Mae and Freddie Mac loan limit requirements. 

The 2023 loan limits for Bothell are $977,500 for homes with one living unit, $1,251,500 for homes with two living units, $1,512,650 for homes with three living units, and $1,879,850 for homes with four living units.

A fixed interest rate or an adjustable-rate mortgage (ARM), a down payment of at least 3%, and a maximum debt-to-income ratio of 43% are the basic components of a Bothell conventional conforming loan. A conventional loan offers lower interest rates than government-backed loans such as FHA and VA loans. Furthermore, conventional loans do not require mortgage insurance if the borrower puts down at least 20%.

To qualify for a conventional loan in Bothell, you must have a decent credit score (typically 620 or higher), a stable employment history, and adequate income to repay the loan. You must also provide documentation such as tax returns, bank statements, and paycheck stubs to verify your income and assets.

  • VA Loans

A VA home loan in Bothell, Washington, is a mortgage loan program for eligible veterans, service members, and surviving spouses. Guaranteed by the U.S. Department of Veterans Affairs, the loans are provided by private lenders such as banks and mortgage companies. This government guarantee reduces the risk for the individual lender, allowing them to issue the loan with numerous benefits and cost reductions typically associated with zero-down loan programs.

There are no down payment requirements, competitively low interest rates, limited closing costs, and no requirement for Private Mortgage Insurance (PMI) with a Bothell VA loan. The maximum VA-guaranteed loan amount in Bothell for 2023 has been set at $977,500.

To be eligible for a VA Loan, you must be on active duty, a reservist, a member of the National Guard, a veteran with an honorable discharge, or a surviving spouse who has not remarried. VA Loans are available for both property purchase and refinancing.

  • Jumbo Loans

A jumbo home loan in Bothell, Washington, is a mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). The conforming loan limit for 2023 is $977,500. Any loan that exceeds that amount is considered a Jumbo loan. In competitive markets such as Bothell, jumbo loans are frequently used to finance residences valued at $1 million or more and sometimes up to $3 million. Due to the higher risk involved, the interest rates are marginally higher.

The key characteristics of jumbo loans include flexible down payment options, various property types (primary residences, second homes, and investment properties), and generally more stringent eligibility requirements than conventional loans. These loans offer fixed or variable interest rates and can be tailored to the borrower’s specific needs.

To qualify for a jumbo loan in Bothell, WA, one typically requires a credit score of 700 or higher, a debt-to-income (DTI) ratio of less than 45%, and a sizable down payment, which can range from 5% to 20% depending on the lender and property type. Frequently, stable employment and adequate financial reserves are additional requirements. Due to the size of the loans being sought, it is customary for the application process to entail extensive documentation and scrutiny.

  • Non-Qualified Mortgage Loans

A non-qualified mortgage loan, or Non-QM loan, in Bothell, Washington, is a form of mortgage loan that allows borrowers to qualify based on alternative methods rather than the traditional income verification required for most loans. 

Important characteristics of a Non-QM loan include qualifying using alternative methods, such as bank statements or using assets as income. No-Doc loans require no documentation of your income. DSCR mortgage loans, another no-income-verification loan, require the subject property’s market rent to fund the mortgage payment and housing expenses (PITI).

Typically, applicants must have a non-traditional source of income to qualify for a Non-QM loan. This can be advantageous for self-employed borrowers, business proprietors, high-net-worth individuals, and foreign investors in real estate. It is essential to note that eligibility requirements may vary by issuer and non-QM loan program.

Apply for a Bothell Home Purchase Loan

Capital Home Mortgage Bothell can help you buy a home in Bothell, Washington, by giving you low-interest rates, various mortgage options like FHA, USDA, VA, and jumbo loans, and personalized, local help. Capital Home Mortgage makes mortgage lending easier by giving quick approvals and flexible terms tailored to your financial needs. This makes the process of becoming a homeowner smooth and easy.

Call (425) 324-9505 to discuss your options with a Bothell Home Purchase Loan Specialist.

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 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

Bothell 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.

Bothell 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.

Bothell Mortgage Programs

Bothell Home Purchase loans

Looking to Purchase a Bothell 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

Bothell Renovation Home Loans

Looking to Rehab a Bothell 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

Bothell FHA Home loans

Great 1st Time Bothell 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

Bothell va Home Loans

100% Financing for Bothell 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

Bothell Conventional Home loans

Flexibility for Bothell 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

Bothell Jumbo Home Loans

Bothell 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

Bothell USDA Home loans

100% Rural Bothell 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

Bothell Native american Home Loans

Bothell 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

Bothell Manufactured Home loans

Great Alternative Bothell 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

Bothell Reverse Mortgage Loans

Your Bothell 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

Bothell Non QM Home loans

Making Bothell 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

Bothell One Time Close Home Loans

Build Your Bothell 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

Bothell Refinance Mortgage loans

Bothell 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

Bothell Cashout Mortgage Loans

Bothell 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

Bothell Washington Mortgage Team

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Sam Klaburner

Sr Loan Officer
NMLS #140132

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