Capital Home Mortgage Renton

Renton home purchase loans

Home Purchase lender Renton

Home Purchase Loans In Renton

Renton is southeast of Seattle and is part of the Seattle urban area. Many people want to live there because it is close to big employers like Boeing and several tech companies in the area. The prices of homes in the Seattle metro area, including Renton, increased significantly. A strong job market caused this growth, a limited number of homes for sale, and rising demand from domestic and foreign buyers. Renton was cheaper than Seattle proper, so many people moved there. This led to a rise in demand, which drove up home prices.

Renton Home Purchase Loan Programs

  • Conventional Loans

Conventional loans are mortgage loans that are neither insured nor guaranteed by a government agency. These loans are provided by private lenders like banks, credit unions, and mortgage companies, and they adhere to the guidelines established by government-sponsored enterprises (GSEs) such as Fannie Mae and Freddie Mac.

Unlike government-backed loans such as FHA (Federal Housing Administration) or VA (Department of Veterans Affairs) loans, conventional loans are not insured or guaranteed by the government. This indicates that the lender assumes the loan’s risk.

Typically, conventional loans require a larger down payment than government-backed loans. The minimum down payment varies but generally is between 3 and 5 percent of the home’s purchase price. Nevertheless, a larger down payment can assist in securing a lower interest rate and avoiding private mortgage insurance (PMI).

Conventional loans usually require a minimum credit score of 620; however, some lenders require a higher score to be eligible for a conventional loan.

The conventional conforming loan limits for Renton, King County, in 2023 are $977,500 for a single-family residence, $1,251,400 for a duplex, $1,512,650 for a triplex, and $1,879,850 for a quad-plex, respectively.

  • FHA Loans

A Federal Housing Administration (FHA) loan is a mortgage loan backed by the U.S. Department of Housing and Urban Development (HUD). FHA loans help more people buy homes, especially those with low credit scores and a small down payment of 3.5%. Even though FHA loans are more forgiving of low credit scores than conventional loans, most buyers need a credit score of at least 580 to qualify for the minimum down payment. Borrowers with low credit scores may still be able to get a loan with a 10% down payment.

FHA loan limits vary by location and are affected by housing expenses in a region. These limits determine the utmost loan amount obtained through an FHA loan. The FHA loan limits for Renton, King County, in 2023 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 quad-plex.

It is essential to observe that the FHA does not provide loans directly. Instead, these loans are provided by approved lenders (such as banks and credit unions) who adhere to FHA guidelines and are insured by the FHA.

  • VA Loans

A VA (Veterans Affairs) home loan is a mortgage loan program administered by the Department of Veterans Affairs of the United States to eligible veterans, active-duty service members, and certain members of the National Guard and Reserves. VA home loans are intended to assist veterans, and their families achieve homeownership by offering more favorable terms than conventional mortgage loans.

The fact that eligible applicants can obtain a mortgage without making a down payment is one of the most attractive features of VA loans. This can substantially reduce the initial costs of purchasing a residence. In addition, unlike conventional loans, VA loans do not require borrowers to pay private mortgage insurance, reducing monthly payments.

You must satisfy certain Department of Veterans Affairs requirements to qualify for a VA home loan. Typically, eligibility is determined by a person’s military service record. You must obtain a Certificate of Eligibility (COE) from the Department of Veterans Affairs to demonstrate your eligibility.

  • Jumbo Loans

A jumbo loan is a mortgage loan that exceeds the conforming loan limits established by the Federal Housing Finance Agency (FHFA). Conforming loans satisfy the requirements set forth by government-sponsored enterprises such as Fannie Mae and Freddie Mac. These criteria include loan amount, credit score, and debt-to-income ratio.

The 2023 conforming loan limit for a single-family residence in Renton, King County, is $977,500. A mortgage loan above that amount is considered a jumbo loan.

Typically, jumbo loans are used to finance expensive properties, such as luxury residences or properties in costly real estate markets. Due to the ineligibility of these loans for purchase by Fannie Mae or Freddie Mac, lenders frequently view them as riskier and may impose stringent credit and income requirements. Applicants for jumbo loans may be required to make a larger down payment and demonstrate solid financial qualifications.

  • Non-Qualified Mortgage Loans

Non-qualified mortgage (non-QM) loans are a type of mortgage that does not satisfy the criteria established by the Qualified Mortgage (QM) rule of the Consumer Financial Protection Bureau (CFPB). In the wake of the 2008 financial crisis, the QM rule was enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act to ensure that mortgage lenders only issued loans to applicants with the ability to repay.

Non-QM loans are intended for borrowers who may need to meet the stringent requirements of QM loans, such as a high credit score, a low debt-to-income ratio, and documentation of steady income. These loans are frequently utilized by self-employed borrowers, those with non-traditional income sources, and those whose financial circumstances do not meet conventional lending criteria.

It is essential to understand that higher interest rates and fees frequently accompany non-QM loans to compensate for the increased risk that lenders assume when providing loans to borrowers who do not meet the strict QM criteria. Borrowers contemplating non-QM loans should comprehensively assess their financial situation and comprehend the terms and possible risks associated with these loans.

Apply for a Home Purchase Loan in Renton

Capital Home Mortgage offers Renton homebuyers numerous benefits. As an approved, participating lender, Capital Home Mortgage will work with you throughout the mortgage process to ensure you receive a program-eligible loan. Capital Home Mortgage is committed to delivering Renton homebuyers with consistent assistance despite the challenging mortgage market conditions.

Dial (425) 324-9505 to speak with one of our Renton mortgage experts. We are here to aid you. 

Why Auburn 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

Renton 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

Renton 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

Renton 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.

Renton 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.

Renton Mortgage Programs

Renton Home Purchase

Thinking of Buying an Renton 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

Renton renovation home loans

Looking to Rehab an Renton 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

Renton FHA Home Loans

Great for 1st Time Renton 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

Renton VA Home Loans

100% Financing for Renton 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

Renton Conventional Home Loans

Flexibility for Renton 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

Renton Jumbo Home Loans

Renton 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

Renton USDA Home Loans

100% Renton 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

Renton Native American Home Loans

Renton 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

Renton Manufactured Home Loans

Great Alternative Renton Housing

Renton reverse mortgages

Your Renton 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

Renton Non QM Home Loans

Making Renton 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

Renton One Time Close mortgages

Build Your Renton 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

Renton Refinance Mortgage Loans

Renton 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

Renton Cash-out Home mortgages

Renton 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

Renton 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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