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Mortgage Lender South Hill Washington

Home Loans In South Hill, Washington

South Hill is a census-designated place in Pierce County that covers approximately 19 square miles. The South Hill Community Plan aims to outline how Pierce County will manage and address the effects of a rapidly rising population while preserving the characteristics that distinguish South Hill.

The housing market in South Hill is somewhat competitive. Homes in South Hill receive an average of 1 bid and are sold in approximately 47 days. The average home sale price in South Hill was $558k, with an average price per square foot of $257.

Home Loan Programs in South Hill

Several mortgage loan programs in South Hill cater to homebuyers with various needs and financial backgrounds. There are mortgage programs for everyone, from government-insured and guaranteed loans to non-conforming Jumbo loans.

  • Conforming Loans

A Conforming mortgage is a loan that meets the terms and conditions set by the Federal Housing Finance Agency (FHFA), including loan size limits, which ensures liquidity and stability in the mortgage market. These loans meet the guidelines of Fannie Mae and Freddie Mac, the government-sponsored enterprises (GSEs) that buy mortgages from lenders and sell them to investors.

To be eligible for a conventional-conforming loan, borrowers must have a minimum credit score of 620, a debt-to-income (DTI) ratio of less than 45%, and a down payment of 3 – 5% of the purchase price. There is also a loan limit of $977,500 for a single-family residence.

  • FHA Loans

FHA loans are mortgages insured by the Federal Housing Administration (FHA) under the jurisdiction of the US Department of Housing and Urban Development (HUD). Over the past decade, more than 275,000 Washington families have utilized this program to get a home. FHA-insured mortgages are popular due to their many advantages, including low down payment requirements (3.5% of the purchase price), lower credit score requirements (usually 580 or higher), and more flexible debt-to-income ratio requirements. However, one of the disadvantages of FHA loans is the mandatory mortgage insurance premium (MIP), which increases the borrower’s overall loan costs.

The FHA loan limits in Pierce County for 2023 are $977,500 for a single unit, $1,251,400 for a duplex, $1,512,650 for a tri-plex, and $1,879,850 for a four-plex, respectively.

  • VA Loans

VA home loans are mortgages issued by private lenders and guaranteed by the US Department of Veterans Affairs. VA loans are available to active and veteran service personnel and their surviving spouses.

There is no down payment requirement for VA loans, which makes it easier for eligible borrowers to become homeowners. They don’t require mortgage insurance, which saves the borrower each month and is more lenient on credit score requirements.

To qualify for a VA home loan, you must have satisfactory credit, sufficient income relative to the loan amount, and a valid Certificate of Eligibility (COE). The home must be your primary residence and personal occupancy; investment properties are prohibited.

  • USDA Loans

USDA home loans are government-backed mortgage loans designed for low-to-moderate-income borrowers purchasing homes in rural areas. The property must be located in a designated rural area to qualify for a USDA loan. A credit score of 640 is required. The maximum loan amount for Pierce County for 2023 is $782,000.

  • Jumbo Loans

Jumbo loans are mortgages that exceed the conforming loan limits set by Fannie Mae and Freddie Mac. The conforming loan limit for Pierce County in 2023 is $977,500 for a single-family residence. A loan that exceeds that limit is considered a jumbo mortgage.

A credit score of 700 is required to be eligible for jumbo loans; some lenders require a higher credit score of 720 or above. You must also have a low debt-to-income (DTI) ratio, preferably less than 43%. The down payment requirement of a jumbo loan is at least 10% for those high-qualified borrowers. A down payment of 20 – 30% is typical for jumbo loans. Jumbo loan borrowers must show 6 – 12 months of reserve as borrowers need to have enough savings to cover their monthly mortgage payments for several months in the event of unforeseen economic instability.

Apply for a Home Loan in South Hill

Capital Home Mortgage is a direct lender and a loan servicer in Washington state. If you don’t know what’s best for you, don’t feel bad about it! Mortgages can be a confusing world of choices, options, and terms. That’s why we hire pleasant, full-time professional loan officers to help you make the right decisions.

Call us at (253) 528-4417, and we would be pleased to help you get a home loan in South Hill.

Home Loans In South Hill, Washington

How much time does it take to purchase a brand-new house?
Because of the way the market is now functioning, it is possible that you will spend close to a year looking for and purchasing your new house. It’s possible that the majority of that time will be spent hunting for the ideal house.

The forces of supply and demand have thrown the scales in favor of sellers, making it much more difficult to find a property that meets both your requirements and your financial constraints in today’s market.

Homebuying Timeline
Getting Your Mortgage Application Preapproved (One or Two Days)
The application for pre-approval, in which your lender validates your financial information to establish how much of a mortgage you can pay, is the first thing you need to do in order to get a mortgage. If you are approved for the loan, your financial institution will send you a letter providing an official estimate of the amount of money they are willing to provide to you for the loan.

Looking for a new place to call home (3 to 6 Months)
The most time-consuming aspect of the process of purchasing a home is typically the search for the ideal residence to purchase. In a real estate market that is particularly competitive, it is possible that it will take you anywhere from a few months to an entire year before you locate a house that meets all of your requirements.

Working with a real estate agent who is familiar with the neighborhood as well as the current market conditions is the most effective strategy to speed up this stage of the process.

Making An Offer (Depending On How The Negotiations Go)
When you’ve located the property of your dreams and are prepared to make a purchase, your real estate agent will be able to lend a hand in the process of making an offer and composing an offer letter that details the parameters of the transaction.

Include a letter demonstrating that you have the financial resources necessary to complete the deal if you are making an offer that is contingent entirely on cash payments. If you want to get a mortgage, include a letter stating that you’ve been pre-approved by a lender alongside your offer to demonstrate to the seller that you are qualified to get a loan.

Putting the Finishing Touches on Your Mortgage, and Getting Ready for the Closing (About 1 Month)
The process of applying for a mortgage may now officially get underway now that the purchase agreement has been signed by both parties. The majority of lenders require between 30 and 45 days to settle the details of your loan. Your mortgage lender will first underwrite your loan, after which they will schedule an appraisal of your house to verify that it satisfies the fundamental criteria for receiving a mortgage.

During this period, you should also think about conducting a house inspection to determine whether or not there are any problems with the property that you were not previously informed of.

Finishing Up With Your Loan (A Week or Less)
It is ready to close on your home after the appraiser gives the all clear and your lender has completed the underwriting process on your loan.

Your lender will provide you with a document known as the Closing disclosure in the days leading up to the closing. This document summarizes the terms of your loan. At a minimum, you have three days to finish reading it.

Your lender will set up a meeting for the closing once three days have passed. At this point, you will take ownership of your new house, sign the documents necessary for your mortgage loan, and make payments for your down payment and closing charges.

Mortgage Lender In South Hill, WA
Are you considering the purchase of a brand-new residence in the Bellevue area? Capital Home Mortgage is able to guide you through the process and help you choose the option that will be in your best interest. Conventional loans, government-backed loans, and jumbo loans are just some of the options available from our company in order to cater to the requirements of each and every prospective customer.

Capital Home Mortgage, which is one of the most prominent mortgage lenders in the state of Washington, enjoys the advantageous position of being able to provide our customers with a flexible underwriting policy, low fees, and competitive interest rates. We are here to help you through the home-buying process, no matter what stage you are in it: first-time buyer, veteran in active service or retired, or a seasoned buyer.

Fill Out An Application Right Now For A Home Loan In South Hill!
Our company, Capital Home Mortgage, is dedicated to providing each of our customers with a pleasant and successful home-buying experience. When it comes to real estate transactions, we are aware that time is of the essence. This is the reason why we equip ourselves with the required technology and resources in order to speed up the processes of applying for a loan, having it underwritten, and having it funded.

You can rely on us to complete the application process in a timely manner while minimizing any disruptions or difficulties that may arise.

Simply give us a call at (253) 528-4417 and we would be happy to assist you with obtaining a home loan in South Hill.

Why South Hill 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

South Hill 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
South Hill Mortgage Programs

South Hill Home Purchase

Thinking of Buying an South Hill 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

South Hill renovation home loans

Looking to Rehab an South Hill 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

South Hill FHA Home Loans

Great for 1st Time South Hill 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

South Hill VA Home Loans

100% Financing for South Hill 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

South Hill Conventional Home Loans

Flexibility for South Hill 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

South Hill Jumbo Home Loans

South Hill 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

South Hill USDA Home Loans

100% South Hill 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

South Hill Native American Home Loans

South Hill 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

South Hill Manufactured Home Loans

Great Alternative South Hill Housing

South Hill reverse mortgages

Your South Hill 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

South Hill Non QM Home Loans

Making South Hill 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

South Hill One Time Close mortgages

Build Your South Hill 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

South Hill Refinance Mortgage Loans

South Hill 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

South Hill Cash-out Home mortgages

South Hill 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

South Hill Washington Mortgage Team

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Sam Klaburner

Sr Loan Officer
NMLS #140132

South Hill Mortgage Company Reviews

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