Home Loans In Kent, Washington

The city of Kent is in King County, Washington. It is part of the Seattle–Tacoma–Bellevue metropolitan area and has a population of over 137,000, making it the fourth-largest municipality in the greater Seattle area and the sixth-largest in Washington state.

According to Redfin, the level of competition in the Kent, WA, real estate market is 66/100. Last month, the average price of a home in Kent was $600,000, a decrease of 1.2% from the previous year.

Home Loan Programs In Kent

Several home loan programs are available for homebuyers in Kent, Washington. Listed below are some loan programs along with their features, benefits, and drawbacks:

• Conventional Loans

Conventional mortgages are the most common type of mortgage. They are not guaranteed or insured by the federal government. Conventional loans have stricter criteria for credit and down payment than FHA. First-time homebuyers may have more difficulty qualifying for a conventional loan. The minimum credit score requirement for a conventional loan is 620.

• FHA Loans

The Federal Housing Administration (FHA) provides loans to first-time homebuyers, people with not-so-good credit ratings, and limited savings. FHA loans require a minimum 3.5% down payment and have more lenient credit requirements than conventional loans. FHA loans can make homeownership more accessible to individuals who might not qualify for a traditional loan. FHA loans do, however, require mortgage insurance, which can increase the overall cost of the loan. A minimum credit score of 580 is required to be eligible for an FHA home loan.

• VA Home Loans

The Veterans Administration (VA) provides loans to eligible veterans, service members, and their spouses. VA loans do not require a down payment and have less stringent credit requirements than conventional loans. A VA loan has the advantage of making homeownership more accessible to qualifying veterans and service members. One disadvantage of VA loans is that they may have higher fees and closing costs than other loan programs.

• USDA Home Loans

The United States Department of Agriculture (USDA) provides loans to low- to moderate-income rural residents. USDA home loans include no down payment requirements and flexible credit requirements. A USDA loan has the advantage of making homeownership more accessible to low- to moderate-income borrowers in rural areas. One downside of USDA loans is that they may have income restrictions and other eligibility requirements. USDA-approved lenders typically require a minimum credit score of 640 to qualify for a USDA-guaranteed home loan.

• Jumbo Loans

Jumbo loans are non-qualified mortgage loans that exceed Fannie Mae and Freddie Mac’s loan limits. Jumbo loans are often utilized for high-value homes with a larger down payment and higher credit score requirement than conventional loans. One disadvantage is that qualifying for a jumbo loan may be more challenging, especially for borrowers with lower credit scores or limited savings. Lenders require a minimum credit score of 700 to qualify for a Jumbo loan.

Apply For A Home Loan In Kent

Purchasing a home is a monumental achievement, and Capital Home Mortgage can help make the process as simple and joyful as possible. We are a full-service mortgage firm committed to providing outstanding customer service and delivering a wide variety of mortgage products.

Contact one of our Home Loan Experts at (253) 528-4417 to get started on the path to homeownership!