Capital Home Mortgage Shoreline

Shoreline home purchase loans

Home Purchase lender Shoreline

Home Purchase Loans In Shoreline

Shoreline is a Seattle suburb with a population of 58,213. Shoreline is in King County and is one of Washington’s best places to live. Shoreline residents enjoy an urban-suburban mix, and the majority own their homes. However, the real estate market in Shoreline is highly competitive, with higher prices and speedier sales.

Purchase Loan Programs in Shoreline

Home buyers in Shoreline have various mortgage loan programs to suit their needs and requirements. Among them are the following:

  • Conventional Loan

A conventional loan is a type of mortgage not guaranteed by the government. It can be both conforming and non-conforming. Private lenders provide conventional loans, one of the most common mortgage types. They have different credit scores, down payment, and loan limit criteria, making them appropriate for creditworthy applicants. Conforming conventional loans adhere to requirements imposed by government-sponsored entities such as Fannie Mae and Freddie Mac, but non-conforming loans do not. Conventional loans have fixed and adjustable interest rates and repayment durations ranging from 15 to 30 years.

To qualify for a conventional conforming loan, you must have a credit score of roughly 620, a debt-to-income ratio of less than 45%, and a down payment of 3 – 5% of the purchase price. These loans have attractive interest rates, but private mortgage insurance may be required if the down payment is less than 20%.

The 2023 conforming loan limits for Shoreline, King County, are $977,500 for a 1-unit home, $1,251,400 for a 2-unit home, $1,512,650 for a 3-unit home, and $1,879,850 for a 4-unit property.

  • FHA Loan

An FHA home loan is a mortgage insured by the Federal Housing Administration (FHA), a United States Department of Housing and Urban Development division intended to assist low- and moderate-income borrowers in achieving homeownership. 

Compared to conventional loans, FHA home loans have lower down payment requirements and more lenient credit score standards. According to HUD, there is no maximum age limit for borrowers, and the minimum age is the age at which a mortgage note can be lawfully enforced in the state or other jurisdiction where the property is located. The underwriter evaluates the income, assets, liabilities, and credit histories of borrowers, co-borrowers, and cosigners while establishing their creditworthiness. The minimum credit score and maximum loan-to-value (LTV) ratio for which the borrower is eligible are also considered. For example, if the borrower’s minimum decision credit score is 580 or higher, they qualify for maximum financing and a down payment of 3.5% of the purchase price.

Shoreline, King County, Washington, FHA loan limits for 2023 are as follows: $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 fourplex.

  • VA Loan

A VA home loan is a mortgage loan guaranteed by the United States Department of Veterans Affairs (VA) intended to assist qualifying veterans, service members, and their families in obtaining homeownership. If you satisfy specific qualifications, you may be entitled to a VA home loan in Shoreline, King County, Washington. You must be a veteran (spent at least one day in the military, whatever discharge type), service member, or relevant family member living in King County to be eligible for services or resources. 

A VA home loan has no down payment requirement and less stringent credit score standards than conventional loans. To be qualified for a VA-guaranteed home loan, you must have good credit, sufficient income, and a valid Certificate of Eligibility (COE). The house must be for your personal use only. The VA website lists the eligibility requirements for military members, veterans, spouses, and other eligible beneficiaries to get a COE.

  • USDA Home Loans

The USDA Single Family Housing Guaranteed Loan Program enables low- and moderate-income households to obtain 100 percent financing for properties in eligible rural areas, including the Shoreline neighborhood of King County, Washington. This program provides a 90 percent loan note guarantee, allowing eligible rural buyers to obtain loans with no down payment. To qualify, applicants must meet income requirements, occupy the home as their primary residence, and be U.S. citizens or qualified aliens. The program seeks to encourage rural homeownership at an affordable cost and offers fixed-rate loans with terms of up to 30 years. Applicants may apply through USDA Rural Development-approved lending institutions, like Capital Home Mortgage.

In addition, the USDA Single Family Housing Direct Home Loan Program, also known as the Section 502 Direct Loan, facilitates low- and very-low-income individuals in rural areas that qualify, such as Shoreline, King County, Washington. This program temporarily reduces mortgage payments based on a family’s adjusted income to increase repayment capacity. Income limits, willingness to repay debt, lack of acceptable housing, inability to secure loans from other sources, primary residence occupancy, loan capacity, and citizenship/eligible noncitizen status are among the eligibility requirements. The purpose of the program is to encourage rural homeownership and community development at an affordable cost.

  • Native American Home Loan

The Section 184 Indian Home Loan Guarantee Program is a loan program for American Indian and Alaska Native families, Alaska villages, tribes, or housing entities named by the tribe. Congress started this program in 1992 to make it easier for Native Americans to buy homes and give them more access to capital. Borrowers can get into a house with a low down payment and flexible underwriting through Section 184 financing. Section 184 loans can be used to build new homes, fix up old ones, buy an existing home, or sell, both on and off native lands.

You must be a currently enrolled member of a federally recognized tribe to qualify for the Section 184 Loan. Verification of enrollment will be required for Section 184 loan applications. Section 184 home mortgage loans made to Native debtors are backed by the Office of Loan Guarantee within HUD’s Office of Native American Programs. The loan guarantee guarantees the complete repayment of the lender’s investment in the event of foreclosure. If leasing tribal land, the applicant applies for a Section 184 loan with a participating lender and collaborates with the tribe and Bureau of Indian Affairs. The lender then evaluates the required documentation and submits the loan to HUD’s Office of Loan Guarantee for approval.

The Section 184 Loan Program has no minimum credit score requirement, making it optimal for credit-challenged borrowers who are eligible. In addition, unlike most mortgage programs, applicants with low credit scores are not required to pay higher mortgage rates. However, the creditor must continue to demonstrate creditworthiness.

Section 184 loans require a 2.25 percent down payment for loans over $50,000 and a 1.25 percent down payment for loans under $50,0003. The maximum loan amount differs by county.

  • Jumbo Loan

A jumbo home loan is a mortgage loan that exceeds the Fannie Mae and Freddie Mac loan-servicing limits. In Shoreline, King County, Washington, the single-family dwelling limit for 2023 is $977,500. Jumbo loans are available for primary residences, second or vacation homes, and investment properties and come with various terms, including fixed- and variable-rate loans.

Jumbo loans often feature higher interest rates, tighter underwriting guidelines, and a more significant down payment than a regular mortgage. Some lenders provide flexible fixed and adjustable rates and the ability to borrow up to $3 million at low, competitive rates and with minimal expenses. You can pay off your mortgage at any moment without incurring any penalties.

To qualify for a jumbo loan in Shoreline, King County, Washington, you must satisfy the lender’s requirements. These may include a minimum credit score, income level, and total assets.

  • Non-Qualified Mortgage Loan

A non-qualified mortgage (non-QM) loan does not meet the Consumer Financial Protection Bureau’s (CFPB) qualified mortgage rules. Non-QM loans are mortgages that do not fulfill the CFPB’s “ability to repay” guidelines, which require lenders to evaluate your finances and set loan terms that you will be able to repay. Non-QM loans have riskier features like interest-only payments, negative amortization, balloon payments, longer loan periods, and higher-priced loans with upfront points and fees.

Non-QM loans provide income and credit history flexibility. While a standard Qualified Mortgage loan requires you to provide tax returns, W2s, and paycheck stubs to verify your income, a non-QM lender may calculate your income using bank statements. Non-QM lenders frequently offer programs that permit borrowing within days of a significant credit event, such as a recent bankruptcy or foreclosure.

Non-QM loans are helpful for individuals who found their dream homes but were denied a mortgage loan due to qualified mortgage requirements. A non-qualified mortgage may serve as a bridge loan until you meet conventional mortgage requirements and can refinance into a traditional loan. Non-QM lenders provide options for self-employed borrowers, borrowers with low credit scores, borrowers with high DTI ratios, and borrowers with nontraditional income, such as those who live off investment proceeds.

Apply for a Shoreline Home Purchase Loan

Capital Home Mortgage is a mortgage company that offers comprehensive services to consumers in Washington state, including Shoreline. We provide numerous mortgage loans, including FHA, VA, Conventional, USDA, Jumbo, and HUD 184 loan programs.

Call (206) 590-2280 to speak with our Shoreline Home Loan Specialists about your home loan needs.

Why Shoreline 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

Shoreline 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

Shoreline 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

Shoreline 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.

Shoreline 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.

Shoreline Mortgage Programs

Shoreline Home Purchase

Thinking of Buying an Shoreline 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

Shoreline renovation home loans

Looking to Rehab an Shoreline 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

Shoreline FHA Home Loans

Great for 1st Time Shoreline 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

Shoreline VA Home Loans

100% Financing for Shoreline 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

Shoreline Conventional Home Loans

Flexibility for Shoreline 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

Shoreline Jumbo Home Loans

Shoreline 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

Shoreline USDA Home Loans

100% Shoreline 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

Shoreline Native American Home Loans

Shoreline 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

Shoreline Manufactured Home Loans

Great Alternative Shoreline Housing

Shoreline reverse mortgages

Your Shoreline 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

Shoreline Non QM Home Loans

Making Shoreline 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

Shoreline One Time Close mortgages

Build Your Shoreline 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

Shoreline Refinance Mortgage Loans

Shoreline 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

Shoreline Cash-out Home mortgages

Shoreline 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

Shoreline 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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