Capital Home Mortgage Edmonds
Edmonds Home Loans
Mortgage Lender Edmonds Washington
Home Loans In Edmonds, Washington
Edmonds is a city in Snohomish County, part of the Seattle metropolitan area, located 15 miles north of Seattle. It is the third most populous city in Snohomish County.
The housing market in Edmonds is very competitive, with an average median price of $815k and an average price per square footage of $443.
Home Loan Programs in Edmonds
With an average median price of $815k, plenty of home loan programs are offered in Edmonds, a conventional loan being the most prevalent. Here are the most commonly used mortgage programs in Edmonds:
Conventional – Conforming Loans
Conventional-conforming loans are the most commonly used mortgage loan in Edmonds, Snohomish County. A conventional mortgage is a home loan not part of any government program. Private lenders offer them and can either be conforming or non-conforming.
A conforming loan is a mortgage that meets the guidelines and funding criteria of the government-sponsored enterprises Fannie Mae and Freddie Mac. They also meet the maximum loan limit set by the Federal Housing Finance Agency. They are underwritten by lenders and sold to Fannie Mae or Freddie Mac once securitized.
The minimum credit score requirement to qualify for conventional-conforming loans is 620. Depending on the borrower’s credit score, the down payment is 3 – 5% of the purchase price. They also have a strict debt-to-income ratio of 45%.
For 2023, the conforming loan limit in Snohomish County is $977,500 for a 1-unit property, $1,251,400 for a duplex, and $1,512,650 for a duplex a tri-plex, and $1,879,850 for a four-plex, respectively.
FHA home loans are mortgages insured by the Federal Housing Administration (FHA) under the umbrella of the United States Department of Housing and Urban Development (HUD). FHA loans are designed to help low- to moderate-income families attain homeownership through the mortgage insurance program.
The Federal Housing Administration doesn’t directly extend these loans; instead, FHA-approved lenders offer them. By insuring the loan against future default, lenders may offer a more favorable term than conventional loans. They are considered the most accessible home loan program, with a minimum credit score of 580 required to qualify. The down payment requirement is 3.5% of the purchase if your scores are 580 and above. However, with scores between 500 – 579, you may still be eligible with a minimum down payment of 10% and expect some restrictions to apply.
The FHA loan limit in Snohomish County for 2023 is $977,500 for a single-family residence. If you purchase a two-unit property, the loan amount may go as high as $1,251,400. Borrowers for a three-unit property have a $1,512,650 maximum loan amount, and a four-unit property’s loan limit is $1,879,850.
VA home loans are mortgages offered by private lenders and guaranteed by the US Department of Veterans Affairs. Active-duty service members, veterans, and qualified surviving spouses can finance a house with no down payment, no mortgage insurance, and lenient credit requirements with a VA loan. The VA pledges to pay a specific dollar amount to the lender on behalf of each veteran if they default on a loan. This is the reassurance lenders need to give military borrowers credit under the relatively relaxed requirements of a VA loan.
The eligibility requirements of VA loans include: (a) s minimum service requirement, (b) a valid Certificate of Eligibility (COE), © a steady work history, and (d) the ability to afford the monthly payments of the proposed housing expense.
USDA-Guaranteed Home Loans
A USDA home loan is a no-money-down mortgage available to homebuyers in eligible rural areas. USDA loans are backed by the USDA Rural Development Guaranteed Housing Loan Program, run by the United States Department of Agriculture.
The USDA guarantees a mortgage issued by a local lender, enabling borrowers to qualify for affordable mortgage interest rates without making a down payment. While PMI is not required, borrowers must pay an upfront fee of 1% and an annual fee of 0.35% of the loan balance, which is amortized over the course of monthly installments. Typically, this is less expensive than traditional PMI.
To be eligible for a USDA-guaranteed home loan, the borrower’s household income must not exceed 115% of the area median income. Lenders typically require a credit score of 640, and borrowers must either be US citizens or lawfully-admitted resident aliens.
A jumbo loan is a conventional non-forming loan that exceeds the Federal Housing Finance Agency’s (FHFA) conforming loan limits and Fannie Mae and Freddie Mac’s funding guidelines. They are primarily used to fund the purchase of a luxury home or properties with high values.
The basic eligibility requirements of jumbo loans are a high credit score, low debt-to-income ratios, and adequate reserves. Lenders typically require a credit score of 700; some lenders require a score of 720 and above. The maximum DTI ratio is 43%, and borrowers must have reserves of 6 – 12 months, at a minimum.
Apply for a Home Loan in Edmonds
Get the best home loan in Edmonds by speaking with one of our loan officers at Capital house Mortgage. We would be delighted to offer you the advice and information you require to help you buy a home with more assurance.
To learn more about our home loan programs or get a free, no-obligation quote, contact us at (425) 324-9505.
Why Edmonds HomeBuyers are Choosing Capital Home Mortgage
Close On Time
Complete Control from Application to Funding
Low Rates & Low Fees
Direct Lender with Competitive Rates and Low Fees
7 Day a Week Support Application to Final Mortgage Payment
Edmonds 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
Edmonds Mortgage Programs
Edmonds Home Purchase
Thinking of Buying 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, Secondary, Investment
- FHA, VA, USDA, Native American
- Conventional, Jumbo, Non QM
- Reverse, Renovation, Manufactured
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 look at a renovation loan? Purchase the Perfect Home and make it your own. Call today.
- Remodel, Renovate or Repairs
- FHA 203K Streamline or full
- fannie mae homestyle reno
- freddie mac home choice reno
Edmonds FHA Home Loans
Great for 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 Payment
- Flexible Underwriting
- Higher Debt to Income Ratios
- Lower Credit Scores OK
Edmonds VA Home Loans
100% Financing for Edmonds Veterans
Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.
- Simply Qualifying for Veterans
- No Down Payments Requirements
- Lower Credit Scores Accepted
- 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
- Great Rates & Low Fees
- Single Family and Multi-Family
- Renovation Loan Programs
Edmonds Jumbo Home Loans
Edmonds Non Conforming Loans
Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits. Call today to speak to a loan officer.
- Primary Residence and 2nd Homes
- Higher Loan Amounts – 3 Million
- Great Interest Rates
- Investor Specific Guidelines
Edmonds USDA Home Loans
100% Edmonds Rural 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.
- Rural Properties Only
- Primary Residence Only
- Geographic Restrictions
- Income REstrictions
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
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
- OTC Land/ Home Combo
- Lock Rate Before Completion
- FHA, VA, USDA, & Native Loans
Edmonds reverse mortgages
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
- credit scores not applicable
- Minimum age 62
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, Rate and Term & Cash-out
- Primary, Secondary and Investment
- Full Doc & Bank Statements Programs
- Corporations OK
Edmonds One Time Close mortgages
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 Residence Only
- Close Once
- Lock Rate at Contract
- Traditional Final Mortgage
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.
- Reduce Mortgage Term
- Lower Monthly Payments
- Appraisal Waivers
- Streamline Options Available
Edmonds Cash-out Home mortgages
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
- Vacation or Education