Home Purchase Loans In Seattle

To buy a house in Seattle, you first need to secure financing. You’ll need to apply for a mortgage loan to buy a house. Your wealth grows in proportion to the rise in the value of your home. Your net worth increases when the value of your home rises. In actuality, many homeowners refinance their homes to receive urgently needed cash.

Seattle Home Purchase Loan Options 

There are various home purchase loans available in Seattle, and it’s essential to determine which one best meets your needs so you can begin completing the qualifying requirements.

• Conventional – Conforming Loans

A conventional loan is any mortgage neither funded nor insured by the government. By far the most common home loan, they are accessible from practically every mortgage company in the nation.

Conforming-conventional loans are mortgages with terms that meet the requirements of the government-sponsored enterprises Fannie Mae and Freddie Mac. They are not guaranteed by the government and are only suited for borrowers with above-average credit scores. The maximum loan amount cannot exceed conventional loans’ annual cap and requires a credit score of 620 to qualify.

• FHA Home Loans

FHA loans are ideal for individuals with low credit ratings and small down payments. The government insures these loans against future default through the Federal Housing Administration (FHA), allowing lenders to accommodate borrowers with mediocre or marginal credit.

Credit scores as low as 580 are eligible for FHA loans.

• VA Home Loans

Veterans and their surviving spouses may be qualified for loans guaranteed by the Department of Veterans Affairs and made available through the VA program. There is no down payment requirement or mortgage insurance for these loans. Most lenders require a credit score of 620 to qualify for a VA home loan.

• USDA Guaranteed Home Loans

Homebuyers in rural areas may also qualify for a mortgage insured by the federal government called a USDA Home Loan. The USDA home loan program is similar to the VA loan in that no down payment is required. Still, it can only be used to buy a primary residence in rural or suburban regions designated as USDA rural development or suburban development zones.

• Jumbo Loans

Jumbo mortgages exceed the conforming loan limits that Fannie Mae and Freddie Mac allow. Purchasing high-end real estate in densely populated, expensive regions is a prime application for this type of financing.

The higher dollar amounts involved in a Jumbo home loan program necessitate stricter guidelines. They also need higher levels of financial stability, employment, and income stability.

• Non-Qualified Mortgage

Loans that do not constitute as qualifying mortgages by the Consumer Financial Protection Bureau (CFPB) are known as “non-QM loans.” Lenders offering qualified mortgages must comply with the Consumer Financial Protection Bureau’s “ability to repay” rule, which mandates that they verify your financial stability and only offer you loan terms that you are likely to be able to repay.

Non-QM loans use non-traditional income verification methods to help borrowers get approved for a home loan. 

Apply For A Seattle Home Loan

Capital Home Mortgage is a full-service mortgage company that serves homeowners throughout Washington state, including Seattle. We offer a variety of mortgage alternatives for Native Americans, including FHA, VA, Conventional, USDA, Jumbo, and HUD 184 loans.

Because we are a direct mortgage lender, we can offer you competitive rates and fees while still providing the high-quality service you need. For your convenience, our mortgage professionals are available to answer any questions and speed up the mortgage application process.