Capital Home Mortgage Federal Way

Federal Way home purchase loans

Home Purchase lender Federal Way

Home Purchase Loans In Federal Way

The housing market in Federal Way is competitive, with homes receiving an average of four offers, and it is expected to remain relatively robust. However, rising mortgage interest rates could impede the rise in prices.

Federal Way Purchase Loan Programs

Capital Home Mortgage has been a direct lender and servicer of mortgages for years. We have various loan options to help you buy a house that is more accessible and with less trouble than usual. We offer the following types of loans for buying a home in Federal Way:

  • Conventional Loans

A conventional home loan in Federal Way, Washington, refers to a mortgage loan that lacks insurance or guarantee from a government body, such as the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). In contrast, conventional loans are provided and supported by private lenders, banks, credit unions, or mortgage firms.

A conventional loan could be either be conforming or non-conforming. 

Conforming loans are mortgage loans that satisfy the guidelines and criteria established by government-sponsored entities such as Fannie Mae and Freddie Mac. Typically, these guidelines include loan size, down payment requirements, credit score standards, debt-to-income ratio standards, and property appraisal standards. Because they adhere to these standardized criteria, conforming loans are designed to be more marketable on the secondary mortgage market. Conforming loans typically offer more favorable terms and interest rates than non-conforming loans.

The Federal Housing Finance Agency (FHFA) determines conforming loan limits based on median local property values. These restrictions differ by location and are updated annually to reflect changes in property values.

A non-conforming loan does not satisfy the requirements established by government-sponsored entities such as Fannie Mae and Freddie Mac. These loans are over the conforming loan limits. Non-conforming loans are typically used for higher-priced properties or borrowers requiring more significant loan amounts. Non-conforming loans may have higher interest rates and less favorable terms than conforming because they must adhere to standardized guidelines.

The 2023 conforming loan limits for Federal Way, King County, are $977,500 for a single-unit home, $1,251,400 for a duplex, $1,52,650 for a triplex, and $1,879,850 for a quadplex.

  • FHA Loans

An FHA home loan in Federal Way, Washington, is a mortgage loan that receives insurance coverage from the Federal Housing Administration (FHA), an entity operating under the U.S. Department of Housing and Urban Development (HUD). FHA loans are specifically structured to enhance the accessibility of homeownership for persons who may face challenges in meeting the eligibility criteria for conventional loans, often due to factors like low credit scores, restricted availability of funds for down payments, or other financial limitations.

The 2023 FHA loan limits for Federal Way are $977,500 for a 1-unit home, $1,251,400 for a 2-unit home, $1,52,650 for a 3-unit home, and $1,879,850 for a 4-unit home.

The FHA eligibility requirements include a minimum credit score of 580 to avail of the 3.5% down payment advantage, a debt-to-income ratio of less than 45%, a two-year employment and residence history, and the ability to provide the necessary documentation.

  • VA Loans

A VA home loan in Federal Way is a mortgage loan program offered by the United States Department of Veterans Affairs to eligible veterans, active-duty service members, National Guard members, reservists, and select surviving spouses. It is intended to assist these folks in purchasing, refinancing, or improving their houses. The VA home loan program has various advantages, including competitive interest rates, no down payment requirement (in most situations), and low closing expenses.

The VA doesn’t have a maximum income cap, but they require that borrowers have a certain amount of residual income to make sure they can pay their monthly bills. While the VA does not mandate a minimum credit score, lenders may have their requirements. A credit score of 620 or higher is typically regarded as favorable.

You must acquire a Certificate of Eligibility from the VA to demonstrate your eligibility. This document verifies your military service and eligibility status.

  • Native American Home Loans

The HUD Section 184 Loan Program is a Federal loan program designed to provide eligible Native American individuals and families, as well as federally recognized tribes, with access to home financing options. The program seeks to increase Native Americans’ access to homeownership by providing loans with reduced down payment requirements and competitive interest rates.

Those enrolled in federally recognized tribes, Alaska Natives, or Native Hawaiians, as well as tribal housing organizations, are eligible borrowers. Additionally, the property must be situated in an approved tribal jurisdiction.

The program allows minimal down payments, as little as 2.25% of the loan amount, making homeownership more accessible to qualified applicants.

  • Jumbo Loans

A jumbo loan is a home loan that exceeds the Federal Housing Finance Agency’s (FHFA) conforming loan restrictions. Federal Way’s conforming loan limit of $977,500 is the maximum loan amount supported by government-sponsored companies such as Fannie Mae and Freddie Mac. Any loan over that amount is classified as a jumbo loan.

To be eligible for a jumbo loan, it is necessary to satisfy specific criteria, including a credit score of 700 or higher, a debt-to-income ratio of less than 43%, a down payment of 10 – 20%, and cash reserves equal to 6 – 19 months of monthly mortgage payments.

  • Non-Qualified Mortgage Loans

Non-Qualified Mortgage (Non-QM) loans are home loans that do not satisfy the stringent requirements established by the Consumer Financial Protection Bureau’s (CFPB) Qualified Mortgage (QM) rule, which was introduced as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The QM rule was intended to make mortgage products safer and more stable by establishing specific lending criteria to assure borrowers’ ability to repay loans.

Non-QM loans are less stringent underwriting and are often tailored to borrowers who need to meet the regular QM standards. These loans are frequently made available to borrowers with unusual financial circumstances or who need to fit traditional lending criteria.

While non-QM loans provide greater flexibility, they also carry higher interest rates and potentially more significant risk for both the borrower and the lender. 

Apply for a Federal Way Home Purchase Loan

Capital Home Mortgage is an excellent choice for Federal Way borrowers. Capital Home Mortgage is well-known for providing a variety of home loan alternatives that provide consumers with flexibility and customized solutions. Homebuyers in Federal Way who choose Capital Home Mortgage can take advantage of these incentives and receive help throughout home-buying, making homeownership more accessible and affordable.

Call (253) 528-4417 to speak with our Federal Way mortgage specialists about your home purchase loan needs.

Why Federal Way 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

Exceptional Service

7  Day a Week Support Application to Final Mortgage Payment

Federal Way 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

Federal Way 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

Federal Way 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.

Federal Way 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.

Federal Way Mortgage Programs

Federal Way Home Purchase

Thinking of Buying an Federal Way 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

Federal Way renovation home loans

Looking to Rehab an Federal Way 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

Federal Way FHA Home Loans

Great for 1st Time Federal Way 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

Federal Way VA Home Loans

100% Financing for Federal Way 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

Federal Way Conventional Home Loans

Flexibility for Federal Way 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

Federal Way Jumbo Home Loans

Federal Way 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

Federal Way USDA Home Loans

100% Federal Way 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

Federal Way Native American Home Loans

Federal Way 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

Federal Way Manufactured Home Loans

Great Alternative Federal Way 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

Federal Way reverse mortgages

Your Federal Way 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

Federal Way Non QM Home Loans

Making Federal Way 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

Federal Way One Time Close mortgages

Build Your Federal Way 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

Federal Way Refinance Mortgage Loans

Federal Way 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

Federal Way Cash-out Home mortgages

Federal Way 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

Federal Way Washington Mortgage Team

Jordan Mowrey

Sr Loan Officer
NMLS 1604319

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

Federal Way Mortgage Company Reviews

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