June 22, 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.

Steven thanks for helping me with the mortgage process. I really appreciate you explaining all my questions promptly and diligently (and as a first-time home-buyer, there were a lot). Your availability to meet up with me in a short notice while I’m in town and your help in coordinating my closing while I’m back in the East Coast made this process as smoothly as I can ever dream of. Thanks very much for your expertise and professionalism. I will make sure that I recommend you to my friends in the future.
KC

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

Hire the Right Team…How can we Assist you?

(206) 219-3088

We will show you all of your options for the Seattle home loans available to you

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