Capital Home Mortgage Yakima

Yakima home purchase loans

Home Purchase lender Yakima

Home Purchase Loans In Yakima

Yakima’s real estate market has long been deemed more affordable than other parts of Washington, such as Seattle. Some homeowners looking for more space for their money were drawn in by affordability. Prices can vary depending on the location, the size of the property, its condition, and its features.

Yakima Home Purchase Loan Programs

Yakima home buyers have various mortgage programs to fit their needs. Among them are as follows:

  • Conventional Loans

Conventional loans are mortgages that are not guaranteed or insured by the government. Conventional loans are secured by GSEs (Government Sponsored Enterprises) such as Fannie Mae and Freddie Mac but are not government insured. These loans can be used to buy or refinance up to four-family residences. They are called “conforming” loans when they meet certain loan limits.

These loans have specific eligibility requirements in Yakima, Washington, as mentioned below:

      • Credit Score

The minimum FICO score required is 620. Most conventional loans require a credit score of 620 or higher.

      • Down Payment

A 5% down payment is usually required. However, highly qualified buyers can get by with a 3% down payment. Mortgage insurance is not required if the down payment is 20% or greater.

      • Income

A stable and consistent source of income for the last two years is required. All sources of income should be thoroughly documented.

      • Debt-to-Income (DTI) Ratio

This ratio is critical for loan applications, with a recommended DTI of less than 43%. 

      • Private Mortgage Insurance (PMI)

For loans with less than a 20% down payment, PMI is required to protect lenders in case of default. This PMI is refundable under certain situations.

      • Loan Limits

Yakima’s 2023 conforming loan limits are $726,500 for a one-unit home, $929,850 for a duplex, $1,123,900 for a triplex, and $1,396,800 for a quadplex, respectively.

  • FHA Home Loans

An FHA (Federal Housing Administration) home loan is a government-backed mortgage loan intended to provide financing options for prospective homeowners, particularly those who may not qualify for conventional mortgages. The FHA program primarily benefits consumers with minimal down payments or low credit scores.

The basic eligibility requirements of an FHA loan include the following:

      • Credit Score

A minimum FICO credit score of 500 is required for an FHA loan. However, buyers with credit scores between 500 and 579 must make a 10% down payment, while those with scores of 580 or higher only need a 3.5% down payment to qualify.

      • Down Payment

A minimum 3.5% down payment is required for borrowers with a credit score of at least 580. If the borrower’s credit score is less than 580, a 10% down payment is required.

      • Income & Employment

Borrowers should have at least two years of consistent employment history. Income documentation is required as part of the FHA loan application process.

      • Debt-to-Income (DTI) Ratio

The maximum DTI for an FHA loan is usually 43%; however, exceptions can be granted, with compensating factors raising this ratio up to 56% in some situations.

      • Property Requirements

The property purchased with an FHA loan must be the borrower’s principal residence. 

      • Loan Limits

Yakima’s FHA loan limits for 2023 are $472,030 for a 1-unit home, $604,400 for a 2-unit, $730,525 for a 3-unit, and $907,900 for a 4-unit, respectively. 

  • VA Home Loans

A VA home loan is a mortgage option for veterans, active duty people, National Guard members, reservists, and certain surviving spouses. It is guaranteed by the United States Department of Veterans Affairs (VA) and provides advantageous terms to qualifying persons.

You must meet the Department of Veterans Affairs’ eligibility requirements to be eligible for a VA home loan in Yakima, Washington. Among the most essential requirements are:

      • Certificate of Eligibility

You must present a valid COE to your lender to qualify for a VA-guaranteed mortgage based on your service record and current duty status. You can submit a COE request on the Department of Veterans Affairs website.

      • Credit and Income

In addition to meeting the VA’s eligibility requirements, you must satisfy your lender’s credit and income requirements to obtain financing. These requirements may differ between lenders.

      • Occupancy

The property you purchase with a VA mortgage must be for your own personal occupancy.

  • USDA Home Loans

A USDA home loan is provided by the US Department of Agriculture (USDA) to encourage homeownership in rural areas. The USDA Rural Development Loan, often known as the “USDA guaranteed loan” or “USDA rural housing loan,” is offered to lower- and middle-income Yakima, Washington residents.

A USDA home loan has several advantages, including no down payment, the opportunity to finance closing fees, reduced mortgage insurance, and fixed interest rates. You must meet specific credit and income guidelines to qualify for a USDA home loan, and the property you are buying must be situated in an eligible rural area.

The whole county of Yakima is eligible for USDA Rural Development Loan.

  • Native American Home Loans

The Section 184 Indian Home Loan Guarantee Program is a mortgage loan product explicitly designed for American Indian and Alaska Native families, Alaska villages, tribes, and tribally designated housing entities. Congress established this program in 1992 to increase access to capital and facilitate homeownership in Native American communities. Section 184 financing enables borrowers to purchase a property with a small down payment and flexible underwriting. Section 184 loans may be used for new construction, rehabilitation, buying an existing property, or refinancing on and off native lands.

In Yakima, Washington, eligible borrowers may apply for a Section 184 loan through a participating lender and collaborate with the tribe and Bureau of Indian Affairs when leasing tribal land. The lender then evaluates the required documentation and submits the loan to HUD’s Office of Loan Guarantee for approval. The loan is restricted to single-family homes (1-4 units) and loans with fixed interest rates of 30 years or less. Commercial properties and adjustable-rate mortgages (ARMs) are ineligible for Section 184 loans.

  • Jumbo Loans

A jumbo mortgage is a loan that exceeds the Federal Housing Finance Agency’s (FHFA) limits. Unlike a conventional mortgage, Fannie Mae or Freddie Mac cannot acquire, guarantee, or securitize a jumbo loan. Jumbo loans are intended to fund luxury residences and homes in highly competitive local real estate markets, and they have particular underwriting criteria and tax implications. The fundamental benefit of a jumbo loan is that it permits borrowers to obtain a mortgage that exceeds the FHFA’s limits.

Apply for a Home Purchase Loan in Yakima

Capital Home Mortgage is an excellent option for homebuyers in Yakima. Capital Home Mortgage is well-known for its diverse home purchase loan options, which provide consumers with flexibility and individualized solutions. By choosing Capital Home Mortgage, purchasers in Yakima can receive these benefits and guidance throughout the home-buying process, making homeownership more accessible and affordable.

Call (803) 600-0088 to speak with one of our Yakima Home Loan Specialists.

Why Yakima 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

Yakima 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

Yakima 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

Yakima 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.

Yakima 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.

Yakima Mortgage Programs

Yakima Home Purchase

Thinking of Buying an Yakima 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

Yakima renovation home loans

Looking to Rehab an Yakima 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

Yakima FHA Home Loans

Great for 1st Time Yakima 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

Yakima VA Home Loans

100% Financing for Yakima 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

Yakima Conventional Home Loans

Flexibility for Yakima 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

Yakima Jumbo Home Loans

Yakima 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

Yakima USDA Home Loans

100% Yakima 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

Yakima Native American Home Loans

Yakima 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

Yakima Manufactured Home Loans

Great Alternative Yakima Housing

Yakima reverse mortgages

Your Yakima 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

Yakima Non QM Home Loans

Making Yakima 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

Yakima One Time Close mortgages

Build Your Yakima 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

Yakima Refinance Mortgage Loans

Yakima 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

Yakima Cash-out Home mortgages

Yakima 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

Yakima 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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