Capital Home Mortgage Burien

Burien home purchase loans

Home Purchase lender Burien Washington

Home Purchase Loans In Burien Washington

Burien is a medium-sized seaside city with a significant population. Housing costs in Burien are among the highest in the country, yet they do not compare to real estate prices in Washington’s most expensive areas. Burien is characterized as a seller housing market, indicating that property values generally exhibit an upward trend and homes are sold at a faster pace. 

Purchase Loan Programs in Burien

Home buyers in Burien have plenty of home loan programs to choose from. The most common among them are the following:

  • Construction Loans

A construction loan is a short-term, high-interest loan used to finance the construction of a new residence. Typically, these loans finance the required land, labor, materials, and permits for construction. The disbursement of funds depends on the project’s progress, and creditors typically make interest-only payments during the construction period. There are numerous varieties of construction loans, including construction-only loans, construction-to-permanent loans, and final loans, each of which serves a distinct set of needs and financial circumstances.

The benefits of a one-time close construction loan are its convenience and potential cost savings, particularly in Burien, Washington, where there is a low housing supply and high demand for homes. It integrates the construction loan and mortgage into a single transaction, reducing the complexity and potential for additional closing costs. Typically, interest-only installments are made during construction, and the loan can be converted to a fixed-rate mortgage upon completion. In addition, such loans may offer extended rate agreements, which could protect against future interest rate increases.

A one-time close construction loan differs from conventional construction loans, eliminating the need for multiple loan applications and closing dates. A one-time close loan simplifies the transition from the construction loan to the mortgage, saving you time and money.

  • Conventional Loans

A conventional loan is a mortgage loan that private lenders rather than the government guarantee. These loans are classified as conforming or non-conforming based on whether they correspond to Fannie Mae and Freddie Mac requirements. A conforming loan, in particular, adheres to Fannie Mae and Freddie Mac rules and is limited by the Federal Housing Finance Agency (FHFA). Conforming loans offer competitive interest rates and a faster approval process than government-backed choices.

Burien, King County, conforming loan limitations in 2023 are $977,500 for a single-family home, $1,251,400 for a two-family, $1,512,650 for a three-unit, and $1,879,850 for a four-unit.

Borrowers typically require a credit score of 620 or above, a solid income, and a down payment of at least 3-5% to qualify for a conventional conforming loan. Generally, the debt-to-income (DTI) ratio should be less than 43%. Additional criteria, such as property valuations, are required. 

  • FHA Loans

FHA loans are mortgages issued by FHA-approved lenders and insured by the Federal Housing Administration (FHA). FHA home loans assist low-to-moderate-income applicants with lower credit scores and smaller down payments. 

FHA loans offer numerous benefits over conventional loans. Most lenders, however, require a minimum credit score of 580. They also have reduced minimum down payment requirements, as low as 3.5% of the purchase price. In addition, FHA loans may provide competitive interest rates and access to down payment assistance programs.

Some criteria must be met before applying for an FHA loan. You must use an FHA-approved appraiser to get a loan for your principal house. A two-year earning history and established credit are additional prerequisites. The loan size and debt-to-income ratio may also affect your eligibility. A minimum credit score of 580 is required to qualify for a 3.5% down payment.

In 2023, the FHA loan limits in Burien, King County, are $977,500 for a single-family home, $1,251,400 for a two-family home, $1,512,650 for a three-unit home, and $1,879,850 for a four-unit home.

  • VA Loans

A VA home loan in Burien, Washington, is a mortgage designed to assist veterans, service members, and certain members of the National Guard with purchasing or refinancing a home. These loans, provided by private lenders but guaranteed by the U.S. Department of Veterans Affairs, are available for various housing types and frequently have advantageous terms. There are also specialized mortgage lenders in Burien, such as Capital Home Mortgage, that offer a variety of home loan programs, including VA loans, and appeal to the area’s diverse housing market.

The primary advantages of a VA home loan are the absence of a down payment requirement, low interest rates, low closing costs, and the absence of private mortgage insurance (PMI). In addition, VA home loans have flexible credit scores and debt-to-income ratio eligibility requirements. There are programs such as the Native American Direct Loan and Adapted Housing Grants to meet specific requirements, such as assisting Native American veterans or assisting disabled veterans. Lifelong access to multiple VA loan benefits is possible, including Purchase Loans, Cash-Out Refinance Loans, and Interest Rate Reduction Refinance Loans (IRRRL).

To qualify for a VA home loan, an applicant must satisfy specific service requirements, which may vary based on whether they are a veteran, active-duty service member, or member of the National Guard. Obtaining a Certificate of Eligibility (COE), which can be requested online, through a lender, or by mail, is essential for applying for a VA loan. The COE will display your service record and current duty status. Credit and income requirements must also be met, but they are typically less stringent than those for other forms of home loans.

  • USDA-Guaranteed Home Loans

A USDA-guaranteed home loan is a mortgage issued by an approved lender and backed by the United States Department of Agriculture (USDA). The program, also known as the Section 502 Guaranteed Loan Program, assists approved lenders in providing low- and moderate-income households in eligible rural areas with the opportunity to own adequate, modest, decent, secure, and sanitary primary residences. 

USDA-guaranteed home loans include 100% financing with no down payment for those who qualify, a 90% loan note guarantee to approved lenders to reduce the risk of extending 100% loans to eligible rural homebuyers, and the ability to purchase, build, rehabilitate, improve, or relocate a dwelling in an eligible rural area1. In addition, the program may provide competitive interest rates and access to down payment assistance programs.

To qualify for a USDA-guaranteed mortgage loan, applicants must satisfy several criteria. In addition, they must be a U.S. citizen, U.S. national, or Qualified Alien. Additionally, the property must be situated in an eligible rural area as defined by the USDA.

  • Jumbo Loans

A jumbo loan refers to a type of mortgage beyond the predetermined lending restrictions established by the Federal Housing Finance Agency (FHFA). The conforming loan ceiling in Burien is set at $977,500. A loan above these specified limits is classified as a jumbo loan.

Jumbo loans have higher loan ceilings, allowing borrowers to finance larger home purchases with just one loan. However, qualifying for a jumbo loan can be more challenging because of stricter underwriting standards, such as higher credit score requirements, lower debt-to-income ratios, and the demand for sufficient liquid assets for a down payment and closing fees.

One notable benefit of jumbo loans is their capacity to offer increased financial resources for acquiring residential properties, a particularly advantageous feature in regions with elevated housing costs. This distinction can determine one’s ability to purchase a property of superior quality. Furthermore, jumbo loans may present reduced down payment prerequisites compared to other lending options.

  • Non-Qualified Mortgage Loans

Non-Qualified Mortgages (Non-QMs) are loans that do not satisfy the criteria outlined in the Qualified Mortgage rules. Non-QM loans offer more flexible terms and are geared toward borrowers with unorthodox income streams or credit histories, unlike conventional loans, which adhere to precise income, credit, and financial stability guidelines. These loans can include asset qualifier, bank statement, 1099, foreign national, and jumbo loan types.

The primary advantage of Non-QM loans over conventional loans is their adaptability. These loans are ideal for self-employed debtors, those with unique or variable income, and those with recent credit problems. They offer a variety of alternative income verification methods, such as bank statements and asset-based qualifications, which makes them more accessible to individuals who may not qualify for conventional loans.

However, it is essential to note that this flexibility comes at a price. Due to the increased risk associated with their less stringent qualification requirements, non-QM loans typically carry higher interest rates and fees than conventional loans. Therefore, those who cannot qualify for a traditional loan should consider them cautiously and only as a last resort.

Apply for a Burien Home Purchase Loan

Capital Home Mortgage is a direct mortgage lender that offers various home loan programs to suit every home buyer’s needs. From government-backed FHA, VA, and USDA home loans to Jumbo and Non-Qualified mortgage loans, we have the loan program to suit your requirements.

Call (206) 590-2280 to discuss your home purchase loan questions with our Burien Home Loan Specialists.

Why Burien 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

Burien 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

Burien 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

Burien 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.

Burien 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.

Edmonds Mortgage Programs

Edmonds Home Purchase loans

Looking to Purchase an Edmonds 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

Edmonds Renovation Home Loans

Looking to Rehab an Edmonds 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

Edmonds FHA Home loans

Great 1st Time Edmonds 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

Edmonds va Home Loans

100% Financing for Edmonds 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

Edmonds Conventional Home loans

Flexibility for Edmonds 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

Edmonds Jumbo Home Loans

Edmonds 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

Edmonds USDA Home loans

100% Rural Edmonds 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

Edmonds Native american Home Loans

Edmonds 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

Edmonds Manufactured Home loans

Great Alternative Edmonds 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

Edmonds Reverse Mortgage Loans

Your Edmonds 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

Edmonds Non QM Home loans

Making Edmonds 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

Edmonds One Time Close Home Loans

Build Your Edmonds 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

Edmonds Refinance Mortgage loans

Edmonds 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

Edmonds Cashout Mortgage Loans

Edmonds 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

Burien 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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