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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?

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

Olympia Renovation Home Loans

Looking to Rehab an Olympia 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

Olympia FHA Home loans

Great 1st Time Olympia 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

Olympia va Home Loans

100% Financing for Olympia 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

Olympia Conventional Home Loans

Flexibility for Olympia 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

Olympia Jumbo Home Loans

Olympia 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

Olympia USDA Home loans

100% Rural Olympia 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

Olympia Native american Home Loans

Olympia 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

Olympia Manufactured Home loans

Great Alternative Olympia 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

Olympia Reverse Mortgage Loans

Your Olympia 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

Olympia Non QM Home loans

Making Olympia 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

Olympia One Time Close Home Loans

Build Your Olympia 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

Olympia Refinance Mortgage loans

Olympia 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

Olympia Cashout Mortgage Loans

Olympia 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

Olympia Washington Mortgage Team

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Sam Klaburner

Sr Loan Officer
NMLS #140132

Jordan Mowrey

SR Loan Officer
NMLS 210325

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