Capital Home Mortgage Tacoma

Tacoma Conventional Home Loans

Conventional Mortgage Lender Tacoma

Conventional Home Loans In Tacoma

What is a Conventional Home Loan?

A conventional home loan, also known as a conventional mortgage, is a form of mortgage that is neither federally guaranteed nor insured. Private lenders such as banks, credit unions, and mortgage companies offer these loans. Government-sponsored enterprises (GSEs) such as the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) can guarantee certain conventional mortgages. Conventional loans provide a variety of mortgage packages to choose from, and they might be a suitable alternative if you have decent credit and a low debt-to-income ratio.

Conventional home loans are the most prevalent type of mortgage, accounting for a substantial share of home purchases and refinances. Fixed-rate and variable-rate loans are the two most common varieties. Fixed-rate mortgages have no change, but adjustable-rate mortgages have an index rate that changes at predetermined intervals.

Conventional loans fall into two categories: conforming and non-conforming. Most conventional loans are “conforming loans,” which adhere to Fannie Mae and Freddie Mac’s lending standards. There are also conventional “non-conforming” loans that do not meet these requirements.

What are the Pros and Cons of Conventional Loans?

Conventional loans come with advantages and disadvantages. Below are some of the pros and cons of a conventional mortgage:

Pros

  • More Options

Since government regulations do not bind these loans, lenders can offer various options, including fixed or variable interest rates, different repayment terms, and greater flexibility.

  • Low-Interest Rates

Conventional loans frequently have lower interest rates than alternative lending options, especially for applicants with good credit.

  • No Upfront Mortgage Insurance

If you have a sizable down payment, you can avoid paying upfront mortgage insurance, usually needed for government-backed loans such as FHA loans.

  • Higher Loan Limits

The 2023 conforming loan limit for Tacoma, Pierce County is $977,500 for a one-unit property, $1,251,400 for a duplex, $1,512,650 for a triplex, and $1879,850 for a quadplex, respectively.

  • Fast Underwriting Process

Conventional loans can be processed and approved more quickly than government-backed loans because they do not require government agency approval.

Cons

  • Strict Eligibility Requirements

Typically, conventional loans have more stringent credit and down payment requirements than government-backed loans. 

    • Credit Score

Conventional conforming loans require a minimum credit score of 620 to be eligible for financing. However, some lenders require a higher score of 640 to qualify.

    • Down Payment

The down payment requirement for a conventional conforming loan is 5% of the purchase price. Borrowers with exceptional credit may get by with a 3% down payment.

  • Private Mortgage Insurance

If you cannot make a considerable down payment of 20% of the home’s value, you must pay private mortgage insurance (PMI), an additional cost that protects the lender in the event of default.

Overall, the suitability of a conventional loan will depend on your financial situation, credit history, and housing requirements.

Apply for a Conventional Loan in Tacoma

There are several reasons why homebuyers in Tacoma should consider Capital Home Mortgage for their conventional conforming loan needs. First, Capital Home Mortgage offers vast options that accommodate various income levels and financial obligations, allowing homebuyers to select the program that best suits their circumstances. The company’s conventional conforming loans meet the requirements of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), ensuring their quality and stability. When they choose Capital Home Mortgage for their home loan needs, homebuyers in Tacoma can benefit from flexible loan options, stringent lending standards, and exceptional service.

Call (803) 600-0088 to speak with our Tacoma Home Loan Specialists about your conventional loan questions.

Why Tacoma 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

Tacoma 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

Tacoma Conventional Purchase Loans

Conventional Purchase Mortgage Lender
  • 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)

Tacoma Conventional Refinance Loans

Conventional Refinance Mortgage Lender
  • 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)

Tacoma Conventional Renovation Loans

Conventional Renovation Mortgage 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)
Tacoma Mortgage Programs

Tacoma Home Purchase

Thinking of Buying an Tacoma 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

Tacoma renovation home loans

Looking to Rehab an Tacoma 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

Tacoma FHA Home Loans

Great for 1st Time Tacoma 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

Tacoma VA Home Loans

100% Financing for Tacoma 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

Tacoma Conventional Home Loans

Flexibility for Tacoma 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

Tacoma Jumbo Home Loans

Tacoma 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

Tacoma USDA Home Loans

100% Tacoma 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

Tacoma Native American Home Loans

Tacoma 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

Tacoma Manufactured Home Loans

Great Alternative Tacoma Housing

Tacoma reverse mortgages

Your Tacoma 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

Tacoma Non QM Home Loans

Making Tacoma 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

Tacoma One Time Close mortgages

Build Your Tacoma 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

Tacoma Refinance Mortgage Loans

Tacoma 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

Tacoma Cash-out Home mortgages

Tacoma 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

Tacoma Washington Mortgage Team

Dale Gremillion

Manager / Sr Loan Officer
NMLS 210325

Conor Hayhurst

Manager / Sr Loan Officer
NMLS 743506

Brad Rund

Native American Lending
Manufactured Housing

Tacoma Mortgage Company Reviews

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