Conventional Mortgage Lender Seattle Washington
Conventional Loans In Seattle Washington
Conventional home loans in Seattle are mortgages that the federal government does not guarantee. The private sector typically originates these loans. This distinguishes them from mortgage loans backed by the government, such as FHA and VA loans.
Conventional loans come in two types: conforming and non-conforming.
Conforming Conventional Loans
Conforming loans adhere to the guidelines established by government-sponsored enterprises such as Fannie Mae and Freddie Mac. The Federal Housing Finance Agency (FHFA) typically sets the maximum loan amount. Due to their generally reduced interest rates, borrowers frequently prefer conforming loans.
Non-Conforming Conventional Loans
These loans do not adhere to government-established guidelines, typically because they exceed the FHFA’s loan limit. Non-conforming loans usually carry higher interest rates than conforming loans, as they pose a greater risk to lenders. The most prevalent non-conforming loan is the jumbo mortgage loan, which exceeds conforming loan limits.
Both types of conventional loans are made available by private lenders such as banks, credit unions, and mortgage companies, and they frequently have stricter qualification requirements than government-backed loans.
Eligibility Requirements of Conventional Conforming Loans
Conventional conforming loans are mortgage loans that comply with Fannie Mae and Freddie Mac’s underwriting requirements and do not exceed the conforming loan limit1. These guidelines cover a variety of topics, as detailed below:
Loan Limits
The loan amount must be within the conforming loan limits set by the Federal Housing Finance Agency (FHFA). The conforming loan limits in Seattle, King County, for 2023 are as follows: $977,500 for a single-unit property, $1,251,400 for a duplex, $1,512,650 for a triplex, and $1,879,850 for a four-plex, respectively.
Loan-to-Value (LTV) Ratio
This is the proportion of the home’s value. A lower LTV generally indicates the borrower has made a higher down payment. Conforming loans typically have a maximum LTV of 95%. Borrowers with excellent credit may be eligible for a 97% LTV.
Debt-to-Income (DTI) Ratio
The DTI ratio is the proportion of a consumer’s monthly total income spent on debt payments. This ratio assists lenders in determining a borrower’s capacity to manage monthly payments and repay debts. Conforming loans may not exceed a DTI ratio of 45%.
Credit Score and History
Borrowers should have high credit scores and a history of timely debt repayment. While the minimum credit score varies from lender to lender, a high credit score is generally advantageous because it indicates a lower risk for the lender. A credit score of 620 is required to qualify for a conventional loan.
Documentation Requirements
These may contain, among other things, proof of income, employment verification, and financial documents. The goal is to determine the borrower’s ability to repay the loan.
Apply for a Conventional Loan with Capital Home Mortgage
Choosing Capital Home Mortgage for a conventional loan provides Seattle homebuyers numerous advantages. We offer low interest rates and a wide range of conventional loan products to meet various financial needs, including low-down installment options as low as 3%. Our ability to deliver quick closing procedures decreases the time needed to process a home loan, which is critical in Seattle’s hot property market. Capital Home Mortgage’s knowledge and experience in the Seattle real estate market also assure individualized, smooth service, helping purchasers navigate the loan process comfortably and confidently.
Call (253) 528-4417 to speak with one of our Seattle Home Loan Specialists.
Why Seattle 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
Seattle 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
Seattle Conventional Purchase Loans
- Freddie Mac or Fannie Mae Insured
- Primary, 2nd or Investment Homes
- Single and Multi Family
- Condo’s and Manufactured Homes
- MORTGAGE INSURANCE OPTIONS
- LOWER RATES & FLExIXBLE TERMS
- MAXIMUM LOAN AMOUNT – $766,550
- HIGH BALANCE (VARIES BY COUNTY)
Seattle Conventional Refinance Loans
- Freddie Mac or Fannie Mae Insured
- Primary, 2nd or Investment Homes
- Single and Multi Family
- Condo’s and Manufactured Homes
- Mortgage Insurance Options
- Lower Rates & Flexible Terms
- Maximum Loan Amount – $766,550
- High Balance (Varies By County)
Seattle Conventional Renovation Loans
- 95% LTV Primary Residence
- 97% LTV 1st Time Buyer Single Family
- 85% LTV on 1 Unit Investment
- 90% LTV on Second Home
- Minimum Credit Score 620
- Luxury Renovations are Eligible
- Maximum Loan Amount – $766,550
- High Balance (Varies By County)
Seattle Mortgage Programs
Seattle Home Purchase loans
Looking to Purchase a Seattle Home?
- Primary, 2nd Home, Investment
- Low Rates & Fees, No fee Options
- FHA, VA, USDA, Native American
- Conventional, Jumbo & Renovation
- Manufactured, Construction, Reverse
Seattle Renovation Home Loans
Looking to Rehab a Seattle Home?
- Remodel, Renovate or Repairs
- FHA 203K Streamline
- FHA Full Documentation Rehab
- Fannie Mae Homestyle Reno
- Freddie Mac Home Choice Reno
Seattle FHA Home loans
Great 1st Time Seattle Homebuyers
- Smaller Down Payments
- Flexible Underwriting Guidelines
- Higher Debt to Income Allowed
- Lower Credit Scores – Down to 500
- Down Payment Gifts Allowed
Seattle va Home Loans
100% Financing for Seattle Vets
- No Mortgage Loan Limits
- Simple Qualifying
- Higher Debt to Income Allowed
- Lower Credit Scores – Down to 500
- Manual Underwriting Allowed
Seattle Conventional Home loans
Flexibility for Seattle 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
Seattle Jumbo Home Loans
Seattle Non-Confirming Home Loans
- Primary & 2nd Homes
- Variety of Mortgage Programs
- Simple Qualifying for Veterans
- Investor Specific Guidelines
- Credit Score Minimums
Seattle USDA Home loans
100% Rural Seattle Home Loans
- Primary Residences
- No Down Payment Required
- New Manufactured Homes Allowed
- Closing Costs / Repairs Rolled In
- Geographic and Income Limits Apply
Seattle Native american Home Loans
Seattle Hud 184 Home Loans
- Primary Residence Only
- Manual Underwriting for All Loans
- No Credit Score Requirements
- Tribal Grants Allowed
- Purchase, Refinance, and Renovation
Seattle Manufactured Home loans
Great Alternative Seattle Housing
- Existing Purchase or Refinance
- New Construction
- One Time Close Land/Home Combo
- Lock at Contract
- FHA, VA, USDA, Native American
Seattle Reverse Mortgage Loans
Your Seattle Home at Work
- Primary Residence Only
- Simple Qualifying – Equity Based
- No Credit Score Requirements
- Minimum Age 62
- Purchase, Refinance, and Cash-Out
Seattle Non QM Home loans
Making Seattle Mortgages Possible
- Purchase, Refinance & Cash-out
- Primary, Secondary, Investment Properties
- Full Doc Programs
- Alt Doc Programs
- Corporations OK
Seattle One Time Close Home Loans
Build Your Seattle Dream Home
- Primary Residences Only
- One Time Close
- Lock Rate at Closing
- Traditional Final Mortgages
- No Payments During Construction
Seattle Refinance Mortgage loans
Seattle Rate & Term Refinance
- Lower Monthly Payment
- Shorten Mortgage Term
- Streamline Options Available
- Appraisal Waivers Allowed
- VA IRRRL’s
Seattle Cashout Mortgage Loans
Seattle Equity Mortgage Loans
- Debt Consolidation
- Investment Opportunities
- Home Improvement
- Dream Vacation
- Higher Education