Capital Home Mortgage Tacoma

Tacoma USDA Home Loans

USDA Mortgage Lender Tacoma

USDA Home Loans In Tacoma

What is a USDA Home Loan?

A Tacoma USDA home loan, available to Pierce County, Washington residents, is part of the United States Department of Agriculture’s home loan program designed to assist low- to moderate-income individuals and families with purchasing properties in eligible rural areas. The program is known as the Single Family Housing Home Loan Program or Section 502 Loan Program.

USDA loans can be used to purchase, build, repair, renovate, or relocate a rural home. No down payment is typically necessary, and payback terms range from 33 to 38 years. The program provides zero-down financing, and eligibility is determined by household income. It offers no down-payment funding, competitive rates, and lower mortgage insurance fees.

What are the Types of USDA Loans?

USDA loans are offered for principal dwellings in rural areas that meet specific criteria. They provide three types of loans: Guaranteed Loans, Direct Loans, and Home Improvement Loans, all of which aim to assist homeowners in rural and low-income areas while allowing for home repairs and renovations.

  • USDA Direct Loan

USDA Direct Loans are intended for low-income families. These loans have income restrictions between 50 and 80 percent of the region’s median income. The USDA directly issues and establishes the interest rates for these loans. Direct loans offer unconventional repayment terms of 33 or 38 years. There are no credit requirements, but applicants must be able to make monthly payments. For properties to qualify, they must be in excellent condition, located in qualifying rural areas, and can be at most 2,000 square feet in size.

  • USDA Guaranteed Home Loan

USDA Guaranteed Loans are intended for borrowers with a maximum income of 115% of the area median income. These loans are guaranteed by the USDA and funded by approved private lenders. These lenders determine the interest rates. Guaranteed loans offer 30-year terms. Regarding credit requirements, a credit score of 640 or higher and a debt-to-income (DTI) ratio of 41% or less are recommended. For properties to be eligible, they must be in decent condition and located in eligible rural areas, but there is no size restriction.

USDA Direct and USDA Guaranteed loans offer advantages such as financing with no down payment, no private mortgage insurance, and including closing costs and other funds in the loan amount. The primary difference between the two loans is the income bracket of the applicants they are designed to serve and who provide the loans – the government directly or private lenders with government backing.

  • USDA Home Improvement Loan

A USDA home improvement loan, commonly known as the Section 504 Home Repair program, is intended to help low-income homeowners with required house repairs and renovations. The program also subsidizes elderly, very low-income households to fix house safety issues.

To be eligible for this program, applicants must own and live in a house that needs repairs or improvements. They also must only be able to get affordable loans if they meet certain income limits. Also, the property in question must be in an area that is qualified according to USDA rules.

This program is additionally supported by the Rural Housing Renovation Loan Program, which helps low-income people buy and fix houses in rural areas. Low-interest rates, no reserve requirements, and handouts for seniors are all good things about this program. Under this program, repairs can be made to floors, pipes, roofs, and electric systems.

Qualification Requirements for USDA Guaranteed Home Loan 

  • Credit

For efficient underwriting using the Guaranteed Underwriting System (GUS), approved lenders prefer a minimum credit score of 640. With no significant delinquencies, a score of 640 or higher is typically required for automatic approval.

  • Income

The borrower’s household income shall not exceed 115% of the Area Median Income (AMI). The standard limits for 1-4 person families are $110,650 and $146,050 for 5-8 member households.

  • Debt-to-Income (DTI) Ratio

The USDA loan program requires a typical debt-to-income ratio (DTI) of 41%, while higher DTI ratios are conceivable under stricter lending standards.

  • Eligible Area

The subject property must be located in a designated USDA rural area.

  • Primary Residence

USDA loans can only be used to purchase a primary residence. No second homes nor investment properties are allowed.

Apply for a Tacoma USDA Loan

Capital Home Mortgage is an excellent choice for Tacoma borrowers seeking a USDA-guaranteed mortgage. The USDA loan program offers 100 percent financing and a 90 percent loan guarantee, which can substantially reduce homeownership barriers for low- and moderate-income families. In addition, Capital Home Mortgage is known to offer additional benefits, such as low-interest rates and lenient eligibility requirements, thereby making homeownership more accessible.

Call (803) 600-0088 to speak with our USDA Home Loan Specialists to learn more about the qualification requirements of USDA Loans in Tacoma.

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 USDA Mortgage 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.

  • Guaranteed by US Depart of Agriculture
  • Rural Properties Only
  • 100% Financing
  • No Restrictions on Seller Concessions
  • Low Monthly Mortgage Insurance
  • Acreage Up to 30% of Total Value
  • FHA/USDA Certified Appraisers only
  • Guarantee Fee May be Rolled In
  • New Manufactured Home Only
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

Jordan Mowrey

SR Loan Officer
NMLS 210325

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