September 25, 2017

Seattle Home Loans

seattle home loans

We offer a variety of home loans to our clients


Seattle Home Loans – Loan Types/Mortgage Types:

Conventional Home Loan:

  • A conventional loan will follow guidelines of the government-sponsored enterprises, Fannie Mae (FNMA) and Freddie Mac (FHLMC).  Loan amounts of $417,000 (Conforming) and under with a down payment of 5% or more are requirements for this loan. Loan terms of 10, 15, 20 and 30 years are available.

Agency Jumbo Home Loan:

  • This type of loan offers borrowers conventional financing for loan amounts of $417,001 to $506,000 (non-conforming).  Loan limits are specific to each state and county.  Rates are slightly higher than conventional loans to compensate for the higher risk to the lender.

Super Jumbo Home Loans:

  • This home loan applies to mortgages above $506,000 to $4,000,000+.  Rates are higher than conventional loans due to the risk to the lender.  Depending on purchase price, down payments of 20%-40% are program guidelines.

FHA (Federal Housing Administration) Home Loan:

  • FHA home loans are mortgages insured by the Federal Housing Administration which has been in existence since 1934.  Advantages for FHA loan qualifications include: minimum down payment, minimum credit score of 620 and prior bankruptcy.  Contrary to popular belief these loans are available to most borrowers, not just first-time homebuyers.

On February 18th, 2011, my son closed on his first home in Redmond, WA. As a newcomer to the housing market, my son asked me (his mother) to help him understand the home buying process. I was extremely excited to assist where I could, which wasn’t easy since I live in Canada. Being involved from the initial stage, I communicated on his behalf extensively with his real estate agent and mortgage broker Steven Fujita. Throughout the buying process beginning in March 2010 until the close, Steven was remarkable! He was available anytime day or night, by phone or e-mail and gave us the confidence we needed to secure the best financing available. He regularly checked in with us to make sure we had the most up to date mortgage rates and information. Being a business woman in Canada and also having several income properties, I am quite familiar with the overall property buying process, however, the complexity of buying a home in the US was incredibly overwhelming. Steven made it easy! He educated both my son and I every step of the way, and didn’t hesitate to repeat himself over and over until we understood completely. Steven is one of the most knowledgeable mortgage brokers I have ever dealt with. He is well educated, understanding, patient and very pro-active. I would highly recommend Steven Fujita from Mortgage Reel to anyone looking for a mortgage professional and feel strongly that he is one of the best in the business! Regards from a very satisfied customer,
Lynn S and Landin W., Redmond, WA

VA Home Loans:

  • Beginning in 1944, the VA Home Loan provides eligible veterans with a federally guaranteed mortgage with no down payment.  The VA guarantees a maximum of 25% of a home loan up to $104,250 which allows a maximum loan amount of $417,000.  Higher loan amounts are available with a minimum down payment.

Interest Only Home Loan (I/O):

  • An interest-only option can be a feature on most types of loans. However, it is typically available only for a specified time, at which time the payment will increase because of the additional principal portion of the payment. Paying only the interest enables you to make lower payments without increasing your loan balance.  The principal balance does not decrease and one does not build equity.  Typically, additional payments towards the principal balance can be paid during the interest-only period.

There are several Seattle home loans available…let us help you find the right one for you

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