How to Finance your home

Buying made simple

Not all home loans are the same, and your unique situation will determine which type of loan is best for you. Here are a few of the different types of financing options:

No Loan

Cash

Cash offers are appealing to sellers in that they are less risky and simpler, meaning a quick closing. Cash offers also don’t require an appraisal. Having a cash offer doesn’t automatically mean you’ll beat out everyone else in a multiple offer situation, but sellers who want to lessen the chances of an offer falling through due to financing issues are likely to find cash offers hard to beat.

VA Loan

Product Features
      • No down payment requirements on standard VA loans
      • Affordable down payment options on VA Jumbo, compared to conventional Jumbo loans
      • Mortgage insurance not required
      • Closing costs can be lowered with seller contributions
      • VA refinance options available

Is a VA loan right for you? 

With no down payment or mortgage insurance requirements on standard loans, VA loans offer affordable financing options to veterans, active duty military, reservists, National Guard and surviving military spouses. Additionally, you may be eligible for VA financing benefits sooner than you think. Visit the VA Eligibility Site to learn more, and contact a mortgage consultant to get started.

FHA Loan

Product Features
      • Fixed rate and adjustable-rate (ARMs) loan options available
      • Down payment options as low as 3.5%
      • Gift funds may be used
      • Refinance loan programs offered

Is an FHA loan right for you? 

While FHA loans are a beneficial financing option for many homebuyers, this type of loan is typically suited for first-time buyers, borrowers with lower credit scores and borrowers with modest down payment funds. With flexible qualifying criteria, FHA loans help many borrowers reach their dream of homeownership.

Your first step should be connecting with one of our experienced mortgage consultants to find out if an FHA loan is the right choice for you.

FHA 203(k) Rehabilitation Loans

This Rehab loan can help you purchase a property that is in need of significant improvements. This loan type allows you to purchase properties that would otherwise be ineligible for other loan products. This type of loan will not only help you buy a home, but part of the loan will include funds to make necessary renovations to the home.

FHA Loan Limits in WA

Convential Loan

Product Features
      • Lowest fixed rates for eligible borrowers available in terms of 10, 15, 20 and 30 year loans
      • Adjustable-rate mortgages (ARMs) offered in 3/1, 5/1, 7/1 and 10/1 year terms
      • May be utilized for properties commonly restricted by government loans
      • Conventional loans require less documentation, so you may close sooner
      • Multiple down payment options starting at 3% down for qualified borrowers

Is a conventional loan right for you? 

Conventional loans are typically best suited for borrowers with strong credit scores and a solid down payment of at least 20% of the property’s purchase price. If you’re looking to finance a property that may be restricted when utilizing government loans, a conventional mortgage could be the right option. Refinancing into a conventional loan is also a good solution for borrowers who would like to remove their current mortgage insurance and lower their monthly payments.

Jumbo Loan

Product Features
      • Competitive rates and flexible down payment options for qualified borrowers
      • Higher loan limits than those allowed by conventional conforming and government loans
      • Fixed and adjustable-rate mortgages (ARMs) loan options available
      • Programs available for second homes, investment properties and refinances

Is a Jumbo loan right for you? 

Jumbo loans are typically suited for borrowers who possess strong credit scores and healthy assets looking to buy or refinance a high-priced property. Jumbo programs may also benefit borrowers with nontraditional employment statuses or sources of income, or those with complex financing scenarios.

If you live in a high-priced housing market or are considering the purchase of a luxury property, a Jumbo loan will probably suit your needs.

USDA Loan

Product Features

    • Lower mortgage rates than most conventional products
    • No down payment required* and closing costs can be rolled into the loan
    • Specialized loans based on geographic location
    • Mortgage insurance is not necessary

    *Some restrictions apply

    Is a USDA loan right for you? 

    USDA loans are typically suited for borrowers with lower to moderate incomes whose desired property meet USDA requirements. This government-backed loan program offers flexible down payment and closing cost options, making it an excellent solution for many borrowers considering rural properties.

    A good mortgage consultant will be well-versed in a variety of government loans programs and their requirements. Speak to one in regards to any questions you may have, ensuring you choose the best loan program to meet your needs.

    Homes eligible for USDA financing are typically found in rural areas, but you may be surprised to learn these designated areas are extensive. Click the button below to learn more about eligible areas and income restrictions.

USDA Property Eligibility

Hard Money Loans

This type of short-term loan is a potential loan option for those who may need a loan very quickly, or when a traditional lender won’t approve a loan. These loans have higher interest rates, and are popular options for investors who are flipping homes.

WA State Assistance

While not a facilitator of mortgage products, the Washington State Housing Finance Commission offers financial help for home buyers. These assistance programs are available directly through most lenders once you've been qualified.

Here are the steps to qualify for WSHFC assistance:

Step 1.
Attend a free Homebuyer Education Seminar

Step 2.
Contact a Commission-Trained Loan Officer

Step 3.
Know what you qualify for and look for a home!

I highly recommend everyone to check out to see if they qualify for this program. These are your tax dollars afterall. Once you've completed these steps these are awesome benefits you'll have access to:
    • Downpayment assistance programs
    • Special rate programs.

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