Capital Home Mortgage Olympia
Olympia Home Loans
Mortgage Lender Olympia Washington
Home Loans In Olympia Washington
Olympia is the capital of the state of Washington. It is located in Thurston County and is the largest city in the county. It is 60 miles southwest of Seattle, the most populous city in Washington.
The housing market in Olympia is very competitive, with a median price of $465k and an average price per square foot of $289.
Home Loan Programs in Olympia
There are several mortgage loan programs in Olympia. The 30-year fixed conventional loan is the commonly used mortgage preferred by homebuyers, followed closely by FHA loans. These are the widely used home loan programs in Olympia:
Conventional – Conforming Loan
Conventional loans are mortgages not insured nor guaranteed by the federal government and not part of government programs. Conventional loans can either be conforming or non-conforming.
Conforming loans are mortgages that meet the loan limits set by the Federal Housing Finance Agency (FHFA) and the funding criteria of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac.
A minimum credit score of 620 is required on all conventional loans and a debt-to-income (DTI) ratio of less than 45%. As simple as it sounds, conventional loans have a strict eligibility requirement compared to government loan programs.
The conventional loan limit for Olympia is $726,200 for a single-family residence.
FHA Home Loans
FHA loans are mortgages insured by the Federal Housing Administration. The FHA is under the US Department of Housing and Urban Development (HUD). By insuring the loans against default, lenders can offer favorable terms to borrowers not available in conventional loans.
FHA-insured loans are the most lenient among mortgage programs. A credit score of 580 makes a borrower eligible for a 3.5% down payment. However, borrowers with scores between 500 – 579 may still qualify with a minimum of 10% down, and certain restrictions will apply.
The FHA loan limits in Thurston county are $546,250 for a single-family residence, $699,300 for a duplex, $845,300 for a tri-plex, and $1,050,500 for a four-plex.
VA Home Loans
VA home loans are mortgage guaranteed by the US Department of Veterans Affairs and originated by private lenders like banks, credit unions, and mortgage companies. The VA guarantees the loan against default enabling the lender to offer more favorable terms than conventional loans.
The borrower’s length of service or service commitment, duty status, and character of service determines their eligibility for specific home loan benefits. The property must be used as a personal and primary residence. Borrowers typically have 60 days to occupy the property after closing.
To be eligible for a VA loan, borrowers must have satisfactory credit, sufficient income to meet the expected monthly payments, and a valid Certificate of Eligibility (COE).
USDA Home Loans
USDA home loans are mortgages guaranteed by the US Department of Agriculture. The home loan program is designed to help low and moderate-income households have the opportunity to own decent, safe, and sanitary dwellings are their primary residence in an eligible rural area. The USDA guarantees 90% of the loan to reduce the risk of extending 100% of loans to eligible borrowers. It is a no-money-down loan program.
Borrowers must meet the income requirement of 115% of the Area Median Income (AMI) of the county where the property is being purchased. They must be a US citizen or a resident alien and occupy the property as their primary residence. The property cannot be income-generating and must be located in a USDA-designated rural area.
Jumbo Mortgage
Any mortgage loan that exceeds the conforming loan limit set by the FHFA is considered a jumbo loan. They are primarily used to finance properties that are too expensive for a conventional-conforming loan.
Jumbo loans have stricter eligibility requirements than conventional loans. A credit score of 700 is typical on jumbo loans. Lenders require a minimum score of 720 and above to qualify. A debt-to-income ratio of less than 43% is preferred, and cash reserves of 6 – 12 months are typical to be eligible.
Apply for a Home Loan in Olympia Washington
Contact us immediately to discuss your home finance requirements in Olympia. Our experienced mortgage consultants are standing by to assist you in obtaining quality home loans in Olympia, WA.
Call us at (360) 474-5656 to chat with one of our loan officers about your home-buying goals. Thank you for visiting our website; we look forward to assisting you in financing your dream home.
Why Olympia 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
Olympia 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
Olympia Mortgage Programs
Olympia Home Purchase loans
Looking to Purchase an Olympia Home?
- Primary, 2nd Home, Investment
- Low Rates & Fees, No fee Options
- FHA, VA, USDA, Native American
- Conventional, Jumbo & Renovation
- Manufactured, Construction, Reverse
Olympia Renovation Home Loans
Looking to Rehab an Olympia Home?
- Remodel, Renovate or Repairs
- FHA 203K Streamline
- FHA Full Documentation Rehab
- Fannie Mae Homestyle Reno
- Freddie Mac Home Choice Reno
Olympia FHA Home loans
Great 1st Time Olympia Homebuyers
- Smaller Down Payments
- Flexible Underwriting Guidelines
- Higher Debt to Income Allowed
- Lower Credit Scores – Down to 500
- Down Payment Gifts Allowed
Olympia va Home Loans
100% Financing for Olympia Vets
- No Mortgage Loan Limits
- Simple Qualifying
- Higher Debt to Income Allowed
- Lower Credit Scores – Down to 500
- Manual Underwriting Allowed
Olympia Conventional Home Loans
Flexibility for Olympia Homebuyers
- Primary, 2nd Home, Investment Properties
- Single and Multi-Family Properties
- Variable Mortgage Insurance Options
- Low Rates & a Variety of Mortgage Terms
- Renovation Programs Available
Olympia Jumbo Home Loans
Olympia Non-Confirming Home Loans
- Primary & 2nd Homes
- Variety of Mortgage Programs
- Simple Qualifying for Veterans
- Investor Specific Guidelines
- Credit Score Minimums
Olympia USDA Home loans
100% Rural Olympia Home Loans
- Primary Residences
- No Down Payment Required
- New Manufactured Homes Allowed
- Closing Costs / Repairs Rolled In
- Geographic and Income Limits Apply
Olympia Native american Home Loans
Olympia Hud 184 Home Loans
- Primary Residence Only
- Manual Underwriting for All Loans
- No Credit Score Requirements
- Tribal Grants Allowed
- Purchase, Refinance, and Renovation
Olympia Manufactured Home loans
Great Alternative Olympia Housing
- Existing Purchase or Refinance
- New Construction
- One Time Close Land/Home Combo
- Lock at Contract
- FHA, VA, USDA, Native American
Olympia Reverse Mortgage Loans
Your Olympia Home at Work
- Primary Residence Only
- Simple Qualifying – Equity Based
- No Credit Score Requirements
- Minimum Age 62
- Purchase, Refinance, and Cash-Out
Olympia Non QM Home loans
Making Olympia Mortgages Possible
- Purchase, Refinance & Cash-out
- Primary, Secondary, Investment Properties
- Full Doc Programs
- Alt Doc Programs
- Corporations OK
Olympia One Time Close Home Loans
Build Your Olympia Dream Home
- Primary Residences Only
- One Time Close
- Lock Rate at Closing
- Traditional Final Mortgages
- No Payments During Construction
Olympia Refinance Mortgage loans
Olympia Rate & Term Refinance
- Lower Monthly Payment
- Shorten Mortgage Term
- Streamline Options Available
- Appraisal Waivers Allowed
- VA IRRRL’s
Olympia Cashout Mortgage Loans
Olympia Equity Mortgage Loans
- Debt Consolidation
- Investment Opportunities
- Home Improvement
- Dream Vacation
- Higher Education