Capital Home Mortgage Vancouver

Vancouver home purchase loans

Home Purchase lender Vancouver

Home Purchase Loans In Vancouver

The Vancouver, Washington, housing market outlook contains positive and negative factors for homebuyers. The median listing price in Vancouver’s housing market increased by 2.1% annually. However, the average home value has decreased by 1.0% over the past year. This suggests that despite the market’s positive general trend, fluctuations may be occurring.

Even though the Vancouver market is a seller’s market with high demand, properties sell in 40 days on average and much faster in competitive neighborhoods (5 days on average). The Vancouver real estate market is competitive, with homes receiving many offers and frequently selling within six days.

Vancouver Home Loan Programs 

Vancouver home buyers have many home loan programs to choose from, depending on their circumstances and requirements. Among them are the following:

  • Conventional Loans

Conventional mortgages in Vancouver, Washington, are offered by private lenders without government funding. Unless a 20% down payment is made, private mortgage insurance (PMI) is typically required for these loans. Fixed-rate and adjustable-rate options are available, and the terms are typically 15 or 30 years, with the 15-year option offering lower interest rates but higher monthly payments.

Conventional loans typically necessitate a credit score of at least 620 and financial documentation. A 3% down payment is acceptable, but a 20% down payment eliminates the need for PMI.

Conforming and non-conforming loans are both forms of conventional loans, but they adhere to distinct sets of guidelines and are appropriate for various borrowers and properties. They are widely utilized in the housing industry, including Vancouver, Washington.

  • Conforming Loans

Conforming loans follow Fannie Mae and Freddie Mac’s criteria, which include loan limits, down payments, debt-to-income (DTI) ratios, and credit scores. 

A FICO® credit score of at least 620, a decent debt-to-income ratio (typically under 25%), and a down payment of 5% are often required for conforming loans. Conforming loans are desirable to the secondary market due to lower fees and standardized underwriting.

The Federal Housing Finance Agency (FHFA) sets conforming loan restrictions based on median property values. The 2023 conforming loan limit for Vancouver, Clark County, is $726,200 for a single-unit property, $929,850 for a duplex, $1,123,900 for a triplex, and $1,396,800 for a quadplex, respectively.

  • Non-Conforming Loans

Non-conforming loans, on the other hand, do not adhere to these guidelines and are typically reserved for borrowers with exceptional circumstances or properties that exceed conforming loan limits. A lower credit score may cause non-conformity, a smaller down payment, a higher DTI, or a more significant loan amount than Fannie Mae and Freddie Mac stipulate. These loans can accommodate various requirements, including financing for pricier homes, borrowers with poor credit, and properties with unique characteristics. Non-conforming loans include jumbo loans, which exceed county limits, and other government-backed loans (FHA, USDA, VA). However, they typically carry higher interest rates and may require larger down payments and higher credit scores than conforming loans.

  • FHA Loans

An FHA loan is a mortgage insured by the Federal Housing Administration (FHA). FHA loans are government-backed and have less stringent credit standards than conventional home loans. They allow borrowers to finance homes with as little as 3.5% down. FHA loans are prevalent among first-time homeowners who may have yet to save enough for a significant down payment.

The eligibility requirements of an FHA loan include a 3.5% down payment for borrowers with a 580 credit score, a debt-to-income ratio of less than 45%, and a two-year verifiable employment history. They must occupy the property as a primary residence. No second homes nor investment properties are allowed.

For 2023, the FHA loan limit for Vancouver, Clark County, is $672,750 for a one-unit property, $861,250 for a duplex, $1,041,050 for a triplex, and $1,293,750 for a four-plex, respectively.

  • VA Loans

A VA home loan is a mortgage loan guaranteed by the Veterans Affairs (VA) Department of the United States. VA loans are available to veterans, active-duty members, and certain military dependents. The loans were created in 1944 to assist returning veterans with inadequate credit or down payments to afford homes.

Loans guaranteed by the Veterans Administration (VA) are provided by commercial lenders but backed by the federal government. They are protected from loss even if you go into default. VA loans, on average, come with cheaper interest rates than most other mortgages. In addition, the restrictions for credit, down payments, and the debt-to-income ratio are more flexible than conventional loans. Mortgage insurance is not required with VA loans but is necessary with FHA loans.

  • USDA Loans

A USDA home loan is a mortgage program offered by the United States Department of Agriculture (USDA) to encourage homeownership in rural areas. USDA loans are also referred to as “Rural Development Loans.”

USDA loans provide 100% financing for qualified rural homes. They have no down payment or qualifying assets requirements, no loan ceiling, and can be utilized for new and existing properties. 

The USDA guarantees your mortgage to your lender, ensuring minimal risk and allowing lenders to offer low-interest rates and no down payment to lower-income buyers. USDA loans are optimal for low-income borrowers who wish to purchase a home in a rural area.

USDA-eligible properties are typically located outside city limits, in the suburbs, or in the countryside. The USDA Guaranteed Loan is not intended to finance farms but rather the typical single-family residence.

  • Non-Qualified Mortgage Loans

Non-qualified mortgage (Non-QM) loans do not satisfy the criteria for a qualified mortgage. Non-QM loans are intended for borrowers who need help to meet the stringent requirements of a qualifying mortgage, such as those who are self-employed or lack the required documentation. Non-QM loans use alternative income verification methods, such as bank statements or the use of assets as income, to assist applicants in obtaining a mortgage. 

Non-QM loans are not guaranteed or endorsed by the Federal Housing Administration, the Veterans Administration, Fannie Mae, or Freddie Mac. They may also include mortgages with terms exceeding 30 years. Non-QM loans can be advantageous for borrowers who do not qualify for a conventional mortgage but can be costly and risky.

Apply for a Home Purchase Loan in Vancouver

As a direct Washington mortgage lender and servicer, Capital Home Mortgage Washington has options for every mortgage need. Our knowledgeable mortgage team can help you choose the right loan program to meet your budget and needs. As no two loans are alike, our loan officers offer the resources, assistance, and flexibility for their consumers to choose the right mortgage program. 

Call (360) 474-5656 to speak with our Vancouver Home Loan Specialists for a home purchase loan in Vancouver.

Why Vancouver 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

Vancouver 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

Vancouver 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

Vancouver 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.

Vancouver 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.

Vancouver Mortgage Programs

Vancouver Home Purchase

Thinking of Buying an Vancouver 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

Vancouver renovation home loans

Looking to Rehab an Vancouver 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

Vancouver FHA Home Loans

Great for 1st Time Vancouver 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

Vancouver VA Home Loans

100% Financing for Vancouver 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

Vancouver Conventional Home Loans

Flexibility for Vancouver 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

Vancouver Jumbo Home Loans

Vancouver 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

Vancouver USDA Home Loans

100% Vancouver 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

Vancouver Native American Home Loans

Vancouver 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

Vancouver Manufactured Home Loans

Great Alternative Vancouver Housing

Vancouver reverse mortgages

Your Vancouver 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

Vancouver Non QM Home Loans

Making Vancouver 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

Vancouver One Time Close mortgages

Build Your Vancouver 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

Vancouver Refinance Mortgage Loans

Vancouver 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

Vancouver Cash-out Home mortgages

Vancouver 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

Vancouver 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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