Buying a home in Seattle, WA, can be challenging, even for experienced homeowners. Working with an experienced mortgage lender in Seattle, WA, can make the process a lot smoother. Not all loans are the same. Knowing the types of loan that's most appropriate for your condition prepares you for getting the best loan deal.
At Seattle's Mortgage Broker, we offer different home loans in Seattle, WA, to ensure you get the best home loan. Explore the different home mortgage types we provide below or contact our experienced Seattle WA realtors at 206-251-0818 to determine which home loan is best for you.
Federal Housing Administration is a loan from an independent lender that is backed by the FHA. You can easily qualify for this loan even if you have bad credit. A borrower with a credit score of at least 580 can be eligible for this loan with a low down payment of as little as 3.5%.
The government does not back conventional loans. If you have sufficient credit and steady income, you'll find conventional loan interest rates attractive. Conventional loans require a 20% down payment, but you may still be eligible for this loan with a down payment of as little as 3%, but your lender will need private mortgage insurance, which increases your monthly loan repayment.
You need this type of loan if you want to borrow more than the conventional loan amount allowed. However, jumbo loans may come with more stringent requirements on your credit. Therefore, you might need to take some time to increase your credit score if it's low before you apply for a jumbo loan. We advise you to create a plan to pay all of your outstanding bills, limit the way you use your credit card, and check your credit report to ensure no mistakes.
USDA loan may be the best option if you want to get a home outside the city. The USDA provides 90% of the loan to a qualifying lender to reduce the loan risk— meaning no down payment. Borrowers will need to meet minimum income requirements before they can be eligible for the loan.
You may be eligible for a loan through the Department of Veterans Affairs (VA) if you are a retired or active U.S. military member. This type of loan is insured by the VA but made through a private lender, reducing its risk. The benefits you will enjoy from VA loans are numerous, including the ability to purchase a new home without a down payment.
Why Choose Seattle's Mortgage Broker?
Operated in Seattle, WA, we treat our clients like family. We value your stability and comfort, and we know that you need a place to call home. If you are looking for the best places to live in Seattle and need a loan, our team of full-time mortgage lenders can help you get the ideal loan for your situation.
Request a consultation from one of our mortgage lenders by calling 206-251-0818