Capital Home Mortgage Tacoma

Tacoma FHA home loans

FHA Mortgage Lender Tacoma

FHA Home Loans In Tacoma

What is an FHA Loan?

An FHA home loan in Tacoma, Washington, is a mortgage insured by the Federal Housing Administration (FHA), a federal agency in the United States. It is intended to allow the average American to own their home. 

One of the attractive features of an FHA loan is the option for a minimal down payment. FHA loans enable you to buy a home with only a 3.5% down payment, less than conventional loans typically require. It is the most accommodating mortgage program available.

What are the Eligibility Requirements of Tacoma FHA Loans?

The FHA loan is a mortgage option insured by the Federal Housing Administration that is particularly popular with first-time home buyers due to its lenient eligibility requirements. The primary eligibility requirements for an FHA loan in 2023 are as follows:

  • Credit

Borrowers must have a minimum FICO score of 580 to be eligible for the low down payment benefit set at 3.5%. Borrowers with FICO scores between 500 and 579 can still qualify, but a 10% is required.

  • Debt-to-Income (DTI) Ratio

The debt-to-income ratio must be lower than 43% for the loan to be approved. However, depending on the lender and compensating factors, this limit may be flexible.

  • Down Payment

A minimum down payment of 3.5% is required, but the requirement increases to 10% if the credit score falls between 500 to 579, and certain restrictions may apply.

  • Employment

The borrower must have had consistent income in the last two years and a verifiable employment history. 

  • Primary Residence

The borrower must use the property as his primary residence.

What are the Pros and Cons of an FHA Loan?

FHA loans can provide several advantages and disadvantages to applicants in Tacoma, Washington, making purchasing a home more accessible and affordable. Here are the primary pros and cons of Tacoma FHA loans:

  • Advantages of an FHA Loan

    • Lower Down Payment and Credit Score Requirements

FHA loans are well-known for their modest down payment requirements. With a minimum 3.5% down payment, borrowers with a minimum credit score of 580 can qualify for an FHA loan. In addition, FHA loan programs are more lenient regarding credit scores than conventional loans. This could make homeownership more accessible to individuals with low credit scores and limited savings for a down payment.

  • Higher Loan Limits

In response to soaring home prices, the FHA loan limits for 2023 in the state of Washington have increased. These increased loan limits can be advantageous in a high-cost area such as Tacoma, allowing borrowers to obtain adequate financing for a property.

The 2023 FHA Loan Limits for Tacoma, Pierce County, are $977,500 for a one-unit residence, $1,251,400 for a duplex, $1,512,650 for a triplex, and $1,879,850 for a quadplex, respectively. 

  • Favorable Interest Rates and Terms

Interest rates for FHA loans are typically lower than those on conventional mortgages. The federal government insures the loans, lowering the risk for lenders and allowing them to provide more attractive terms.

  • Flexibility in Terms of Properties

FHA loans can be used to buy or refinance a wide range of properties, including single-family homes and two- to four-unit multifamily dwellings. They can also be used to build or renovate new homes.

  • Use of Gift Funds

Gift funds may be used to satisfy the minimum down payment requirement for FHA loans. Additionally, they allow cosigners, which can assist applicants in meeting loan requirements.

  • Disadvantages of an FHA Loan

    • Mortgage Insurance

FHA loans require two types of mortgage insurance: an upfront fee and an annual premium. This raises the loan’s lifetime cost, potentially making it more expensive than conventional loans.

  • Loan Limits

Loan limits for FHA loans differ by county. Tacoma is located in Pierce County, where the 2023 limit for a single-family property is $977,500. If you wish to purchase a property that exceeds this limit, an FHA loan will not cover the total cost, and you will be required to obtain additional financing.

Existing and newly constructed properties alike must undergo an FHA appraisal. If the property does not meet government safety, integrity, and security standards, an FHA loan cannot be used to purchase it.

  • Limited Options

FHA loans are solely intended for primary residences and are inappropriate for investment properties or vacation homes.

Apply for an FHA Loan in Tacoma

Capital Home Mortgage offers prospective Tacoma homebuyers many advantages when choosing an FHA loan. As an FHA-approved lender, Capital Home Mortgage can offer loans insured by the Federal Housing Administration with a 3.5% down payment. These loans are prevalent among first-time homebuyers and those with low credit scores. Capital Home Mortgage’s understanding of these programs and developments can help Tacoma homeowners acquire affordable housing.

Call us at (803) 600-0088 to speak with our FHA Loan Specialists.

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 FHA Home Purchase Loans

FHA Purchase Mortgage Lender
  • Simple Qualifying
  • Smaller Down Payment
  • Seller Paid Closing Costs
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores Allowed
  • Manufactured Housing OK

Tacoma FHA Refinance Home Loans

FHA Refinance Mortgage Loans

FHA Standard Refinance

  • Appraisal Required
  • 97.75% Max Loan to Value
  • Closing Costs Can Be Rolled In
  • 80% Max Loan to for Cash-out
  • Cash-out Option Available
  • County Loan Limits Apply

FHA Streamline Refinance

  • FHA to FHA
  • No Income Qualification
  • No Appraisal Required
  • Closing Costs Cannot Be Rolled In
  • No Lates on Mortgage in Last Year
  • Payment Must Drop on Fixed Rates

Tacoma FHA Renovation Home Loans

FHA 203K Mortgage Loans

FHA 203K is a great option for makes cosmetic changes to an older home.  It allows a FHA buyer to update out of date cosmetics of a home as part of purchase or refinance.  Make that old home new with a Streamline 203K renovation.

  • Purchase & Refinance Options
  • Primary Residences Only
  • Single, Multi Family & Condo’s
  • As-Is Improved Renovated Value
  • 203K Streamline
  • Less < 35K, Cosmetic Repairs Only
  • 203K Full Rehab
  • Greater > 35K, No Restrictions
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

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Sam Klaburner

Sr Loan Officer
NMLS #140132

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