The Department of Veterans Affairs (VA) offers special home buyer benefits to qualified Active Duty and Retired Military members. The VA home loan provides 100% financing and flexible qualifying standards, which has helped many active duty/Guard and retired military veterans in the Western Washington area.
Up to 100% financing available
No monthly private mortgage insurance
Seller concessions up to 4% of the reasonable value of the property
Credit scores as low as 580 FICO in Washington
Must be a veteran, active duty or reserve member to be eligible
Manufactured homes allowed (requires a 640 FICO score)
Non traditional credit
One of the most common types of home loans in Washington is a conventional mortgage. These loans stand a part from most other common types of home financing because they are not underwritten to government guidelines, such as an FHA, VA, and USDA Rural Development Loans. Conventional loans, instead, are most often underwritten to either Fannie Mae or Freddie Mac guidelines.
Conventional home loans that are above 80% loan-to-value or LTV will require what is known as private mortgage insurance or PMI. This insurance is added into your monthly payment and is used to protect the lender in case a borrower goes into default. To avoid PMI, a 20% down payment would be required. This is a great option for those who choose to put 20% or more down towards the purchase.
Up to 97% financing for Purchase loans
Cash-out available to 85%
Minimum FICO 600
Manufactured home financing available (requires 680 FICO)
Recently listed properties are ok
Maximum loan amount of $417K
The Federal Housing Administration (FHA) offers low down payment options for financing a primary residence. The flexible guidelines and lower credit requirements helps many Washington homebuyers become new homeowners every year. The FHA home loan is a great option for first-time homebuyers and for those who do not have a big down payment.
Up to 96.5% financing available
Credit scores as low as 580 FICO
Manufactured home financing (requires 640 FICO)
Gift funds for down payment allowed
Non-Traditional credit allowed
A USDA Rural Development Home Loan is a mortgage loan that is insured by the USDA. Backed by the US Department of Agriculture, these no money down, fixed interest rate loans are helping many homebuyers in Washington realize their dreams of home ownership. USDA loans are available to qualified individuals who are purchasing or refinancing their home loan in an area that is not considered a major metropolitan area by the USDA.
100% financing available
Less than perfect credit is ok
Property must be located in a USDA designated area
Income restrictions apply
Closing costs might be eligible to roll into loan
If you have called around, then you are probably aware that Manufactured Loan Financing is limited to a few lenders in Washington – and Guild Mortgage is one of them. Manufactured homes are very common these days and there are a lot of smaller communities that have a lot of communities of manufactured homes. Finance your Washington manufactured home on a VA, FHA or conventional loan.
Financing available using FHA, VA and Conventional loan financing
Financing available up to 100% using VA financing
Minimum FICO is 620
Maximum loan amount of $453,100K
Purchase or rate & term refinance transactions only
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THE FORNERETTE TEAM Guild Mortgage Michael Fornerette | NMLS# 121193 Cell: (206) 793-4863 Team Office: (206) 687-5640