Capital Home Mortgage South Hill

South Hill home purchase loans

Home Purchase lender South Hill

Home Purchase Loans In South Hill

Homebuyers on South Hill should anticipate a highly competitive housing market. However, homebuyers can expect a diverse selection of available properties. 

Purchase Loan Programs in South Hill

Numerous home loan programs are available to South Hill, Washington residents. These are some of the most prevalent programs:

  • FHA Loans

The Federal Housing Administration (FHA), a United States Department of Housing and Urban Development (HUD) division, insures FHA loans. The purpose of these loans is to make homeownership more accessible to individuals who may have difficulty qualifying for conventional loans. FHA loans have lenient requirements, allowing borrowers with lower credit ratings and smaller down payments to qualify.

FHA loans offer several benefits, including reduced down payment requirements, flexible credit qualifications, competitive interest rates, streamlined refinancing options, and additional safeguards for purchasers. To meet the eligibility criteria for an FHA loan in the state of Washington, the value of your house loan must be within the prescribed restrictions set by the Federal Housing Administration (FHA) specific to your local area. In conjunction with the imposition of loan limits, the eligibility criteria for obtaining an FHA loan necessitates that the borrower primarily reside in the property.

The 2023 FHA loan limits in South Hill, Pierce County, are $977,500 for a single-family residence, $1,251,400 for a 2-unit property, $1,512,650 for a 3-unit home, and $1,879,850 for a 4-unit residence.

  • Conventional Loans

A conventional mortgage in South Hill, Washington, is a loan that the government does not guarantee. Instead, it is provided by private lenders who adhere to Fannie Mae and Freddie Mac’s guidelines. Conforming conventional loans require a minimum FICO score of 620 and a down payment between 3 and 5 percent, whereas non-conforming loans do not meet these requirements. Numerous options are available, such as manufactured home loans, cash-out, and refinancing.

The flexibility of mortgage insurance is one of the advantages of a conventional home loan in Washington. For example, private mortgage insurance (PMI) may be required, but a 20% down payment would eliminate the need for PMI. Conventional loans also offer competitive rates of interest and flexible repayment terms. Some debtors may be eligible for as little as a 3% down payment and variable interest rates. The eligibility requirements for these loans typically include a strong credit history, stable income, adherence to Fannie Mae and Freddie Mac standards, proof of income, and an appraisal.

  • VA Loans

A VA home loan is a mortgage loan program that assists veterans, active-duty service members, and certain National Guard and Reserves members in purchasing a property. It offers advantages such as competitive interest rates, minimal closing costs, and often no down payment if the price matches the appraisal. VA home loans in South Hill, Washington, are supported by additional rules and property requirements, such as local conditions and energy rating considerations.

The benefits of a VA home loan include better terms than private loans, no down payment if the price matches the appraised value, low or minimal costs, refinancing options, and more. The VA eligibility requirements include active-duty criteria, credit history, income, and service records. Service period requirements vary, with specific durations outlined for various periods, such as World War II and post-World War II, and exceptions for service-connected disabilities. Other qualifying categories include National Guard and Reserve requirements, certain positions, and spouses. Restoration of eligibility can be accomplished by selling a property, transferring a loan, or repaying a previous loan, using the appropriate forms, and contacting the VA regional loan center for assistance.

  • Construction Loans

A construction loan is a short-term loan used to finance the construction of a dwelling or other real estate endeavor. Before obtaining long-term financing, the contractor or homebuyer obtains a construction loan to cover the project’s costs. Construction loans typically have higher interest rates than conventional mortgage loans because they are viewed as riskier.

One-time close construction loans, also referred to as single-close loans, permit you to obtain both loans (the construction loan and the permanent loan) simultaneously. When construction is complete, your construction loan converts to a conventional mortgage. This simplifies the process, allowing you to finalize your home loan only once instead of securing multiple loans for the property, construction, and home financing. There is a single qualification, appraisal, loan originator, and closing process. This reduces the time required to build and move into your new home, protects you from future unforeseen circumstances, and prevents you from incurring double the closing costs.

  • Native American Home Loans

The Native American Home Loan program in South Hill, Washington, is centered predominantly on the Section 184 Indian Home Loan Guarantee Program. Established in 1992, this program helps American Indian and Alaska Native families, tribes, and housing entities become homeowners. It provides advantages such as low down payments, flexible underwriting, and coverage for housing requirements such as new construction, rehabilitation, purchases, and refinancing on and off native lands. The program is administered by HUD’s Office of Native American Programs and aids lender repayment during foreclosures by guaranteeing loans for Native borrowers.

Native Americans, Alaska Natives, members of federally recognized tribes, and those affiliated with tribally designated housing entities and Indian Housing Authorities are eligible for this program. The application must be submitted through Section 184 lenders approved by HUD. The program offers fixed-rate loans with terms of up to 30 years and loan limits that vary by county. It applies to single-family homes but excludes adjustable-rate mortgages and commercial properties. Other options, such as the One Time Close Construction Loan, and numerous refinance options, such as rate & term, are also available in Washington. Credit score may be less critical, but creditworthiness is evaluated, and various down payments and a Debt-to-Income (DTI) ratio of 41% are requirements of the program.

  • Jumbo Loans

A jumbo loan refers to a mortgage category beyond the predetermined lending restrictions established by the Federal Housing Finance Agency (FHFA). South Hill’s designated threshold for conforming loans in 2023 is $977,800. Consequently, any loan over this specified limit is categorized as a jumbo loan. 

Jumbo loans are intended to assist borrowers in financing high-priced homes that exceed the limits established by Fannie Mae and Freddie Mac. Since jumbo loan lenders assume more risk, borrowers must demonstrate excellent financial standing. Lenders want assurance that their loans will be repaid despite financial hardship. A high credit score, low debt-to-income (DTI) ratio, and adequate cash reserves are three primary requirements for jumbo loans. To qualify for a jumbo loan, you typically need a credit score of 680 or higher (most lenders prefer 700 or higher) and a limit DTI ratio of 38% to 43%.

  • Non-Qualified Mortgage

A non-qualified mortgage (non-QM) is a loan designed to assist homebuyers who do not satisfy the stringent requirements for a qualifying mortgage. For instance, if you are self-employed or lack the required documentation for a conventional mortgage, you may need to consider non-qualified mortgages. Non-QM loans are mortgages that do not satisfy the Consumer Financial Protection Bureau (CFPB) requirements to be considered qualified mortgages. A qualified mortgage complies with the CFPB’s “ability to repay” rule, which mandates that lenders evaluate your financial situation and set loan terms that you are likely to be able to repay.

Non-QM loans offer greater underwriting flexibility, no personal income calculations are required, no employment history is required (in some cases), as little as 10% down is required, no reserves are needed (in some cases), credit scores as low as 620 are permitted (580 with compensating factors), and investment properties have a low debt-service-coverage ratio (DSCR). Retirees, self-employed individuals, real estate investors, business owners, foreign nationals, buyers who live off investments or have high assets and low income, buyers with a high debt-to-income ratio, and buyers with less-than-perfect credit may benefit from a non-QM loan.

Apply for a South Hill Home Purchase Loan

Capital Home Mortgage is a full-service mortgage corporation that serves Washington homeowners, including South Hill. We provide Native Americans with various mortgage options, 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 necessary level of service. Our mortgage professionals are available to answer any queries and expedite the mortgage application process for your convenience. 

Call (253) 528-4417 to speak with our South Hill Home Loan Specialists about your home purchase loan needs.

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 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

South Hill 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

South Hill 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.

South Hill 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.

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

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