Capital Home Mortgage Edmonds

Edmonds home purchase loans

Home Purchase lender Edmonds Washington

Home Purchase Loans In Edmonds Washington

The Edmonds housing market is currently a seller’s market, but there are some indications that it may be cooling. Buyers should be prepared for the current market’s problems, but they should also be optimistic that they will be able to find a property that matches their criteria.

Home Purchase Loan Programs in Edmonds

  • Conventional – Conforming Loan

A conventional home loan in Edmonds, Washington, is a mortgage that the government does not guarantee. These are private-sector loans, as opposed to FHA or VA loans. The conforming loan limit for a single-family home in Edmonds, Snohomish County, is $977,500, $1,251,400 for a duplex, $1,512,650 for a triplex, and $1,879,850 for a quadplex.

The significant characteristics of a conventional conforming loan in this area include rate flexibility, the ability for 3-5% down payments, and faster processing. Mortgage insurance (MI) may be required based on the loan-to-home value ratio; however, a down payment of 20% or more can eliminate the need for MI.

In general, eligibility requirements include a credit score of at least 620, a stable income, and a debt-to-income ratio that conforms to lender standards.

  • FHA Home Loan

FHA home loans are mortgages insured by the Federal Housing Administration (FHA) and are popular among first-time homeowners. Home buyers in Washington State with decent credit, acceptable debt, and a 3.5% down payment may be qualified for an FHA-insured loan. The minimal property criteria established by the FHA cover three requirements: safety, security, and soundness.

A low down payment (minimum of 3.5%), flexible credit score standards (minimum of 500), and the opportunity to finance certain closing costs are some of the primary advantages of an FHA home loan. To qualify for an FHA loan, the property must be your principal residence, and you must demonstrate consistent job and income.

Aside from the qualifications listed above, other restrictions exist on the type of property that can be acquired with an FHA loan. FHA loans, for example, cannot be utilized for Edmonds real estate investments. Furthermore, the loan amount cannot exceed the residence’s purchase price. 

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

  • Native American Home Loan

The Section 184 Indian Home Loan Guarantee Program is intended to promote American Indian and Alaska Native families, tribes, and housing entities to become homeowners. While the program is not limited to Edmonds, Washington, it is offered nationwide, including on tribal trust grounds. Low down payments, fixed-rate loans for single-family homes (up to 4 units), a maximum loan duration of 30 years, and flexible underwriting are among the program’s key characteristics. This program does not apply to commercial properties or adjustable-rate mortgages.

American Indians and Alaska Natives from federally recognized tribes, tribally designated housing bodies, and Indian Housing Authorities are the primary beneficiaries of the Section 184 program. Borrowers must apply through a Section 184 lender recognized by HUD. Enrollment in a federally recognized tribe and purchasing a principal house are both required for eligibility. Down payments for loans above $50,000 can be as low as 2.25%, and the program offers market-based interest rates.

It is recommended, but optional, for applicants to complete homebuyer education courses. The program does not permit interest rate buydown plans and does not accept specific collateral, such as personal property or currency. Finally, the program’s loans are assumable, which means they can be transferred to another qualified person.

  • VA Home Loan

A VA home loan is a mortgage loan guaranteed by the United States Department of Veterans Affairs (VA) in the United States. The VA home loan was created to provide long-term financing to qualified American veterans or their surviving spouses. Veterans who have served on active duty and have a discharge other than dishonorable after a minimum of 90 days of service during wartime or 181 continuous days during peacetime are eligible for a VA home loan.

A VA home loan has several advantages, including no down payment, no private mortgage insurance (PMI), reasonable interest rates, and the possibility to finance the VA funding fee. The VA home loan can be used to purchase a home, build a home, enhance a home by making energy-efficient modifications, purchase a manufactured home and lot, and refinance an existing VA-guaranteed or direct loan for a cheaper interest rate.

To qualify for a VA home loan, you must have good credit, a steady income, and a current Certificate of Eligibility (COE). The COE confirms to lenders that you are eligible for the VA home loan benefit based on your service history and current duty status. You must also guarantee that you will live in the house and use it as your primary residence. There are other restrictions on the type of property that can be purchased with a VA loan in addition to these requirements.

  • USDA Home Loan

In Edmonds, Washington, the USDA housing loan program offers two primary loan types: Single Family Housing Direct Home Loans and Single Family Housing Guaranteed Loans. These loans are designed for rural residents with low to moderate incomes. The Direct Home Loan Program offers income-based payment assistance, interest rates as low as 1% with payment assistance, and payback terms of up to 38 years to applicants with meager incomes. Guaranteed Loans offer individuals with low to moderate incomes 100 percent financing with a 90 percent loan note guarantee.

These USDA loans have income restrictions, residence requirements, and citizenship requirements. For Direct Loans, additional requirements include the capacity to repay the loan, specific property value limits, and the property cannot be used to generate income. Guaranteed Loans emphasize primary residence occupancy and have income eligibility requirements of less than or equal to 115% of the median income for the area.

These USDA programs have several advantageous characteristics, including no down payment, competitive interest rates, and the possibility of payment assistance. Direct Loans provide extremely low-income families with interest rates as low as 1% and repayment terms of up to 38 years. Guaranteed Loans offer 100 percent financing and are supported by a 90 percent loan note guarantee, emphasizing debt management instead of credit score requirements.

  • Jumbo Home Loan

A jumbo mortgage loan is a type of housing loan that exceeds the Federal Housing Finance Agency’s (FHFA) conforming loan limits. The conforming loan limit in Edmonds, Washington, is $977,500, so a jumbo loan exceeds that amount. Commonly available jumbo loan amounts range between $2 and $3 million. Non-conforming loans are so-called because they exceed conforming loan limits.

Lenders in Washington typically require the following to qualify you for a jumbo loan: a credit score of 680 or higher, a debt-to-income ratio of less than 43 percent, a stable employment history, and sufficient liquid assets for the down payment and closing costs. Due to the higher risk for lenders, jumbo loans have more stringent requirements than standard loans. A high credit score, a low debt-to-income (DTI) ratio and adequate cash reserves are three primary requirements for jumbo loans.

Jumbo loans are versatile and may be used to acquire primary residences, second homes, and investment properties. Each mortgage lender, however, will have its own jumbo loan limit. 

  • Non-Qualified Mortgage Loan

In Edmonds, Washington, a non-qualified mortgage loan (non-QM) is a type of mortgage that allows applicants to qualify through means other than the standard income verification processes. In contrast to qualified mortgages, which adhere to Consumer Financial Protection Bureau (CFPB) standards, non-QMs may offer longer terms and only sometimes comply with standard documentation requirements. No-Document, DSCR, Interest-Only, and Bank Statement loans are examples of non-QM loan types in Edmonds.

Non-QM loans are distinguished by the ability to make interest-only payments for a specified period, variable interest rates, and larger down payments. These loans frequently cater to the diverse requirements of borrowers, including real estate investors, self-employed people, and gig workers. Bank Statement Loans, for instance, consider bank statements or assets as income.

Applicants for non-QM loans are typically required to provide bank statements, assets, or 1099s as proof of income. In some instances, foreign nationals with at least three years of permanent U.S. residency and a spotless criminal record may be eligible. Due to the higher risk associated with these loans, their interest rates are typically higher. Additionally, it is crucial to consult mortgage professionals for the best terms and to educate oneself on the numerous loan options. 

Apply for an Edmonds Home Purchase Loan

Capital Home Mortgage provides low interest rates, FHA, USDA, VA, jumbo loans, and tailored local assistance when purchasing a house in Edmonds. Capital Home Mortgage Edmonds makes mortgage loans easier to understand by offering quick approvals and flexible terms.

Call (425) 324-9505 to speak with an Edmonds Home Loan Specialist.

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 & Low Fees

Exceptional Service

7  Day a Week Support Application to Final Mortgage Payment

Edmonds 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

Edmonds 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

Edmonds 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.

Edmonds 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

Edmonds Washington Mortgage Team

Dale Gremillion

Manager / Sr Loan Officer
NMLS 210325

Conor Hayhurst

Manager / Sr Loan Officer
NMLS 743506

Brad Rund

Native American Lending
Manufactured Housing

Edmonds Mortgage Company Reviews

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