November 24, 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.

When my husband and I decided to look into buying our first home, we were pretty ignorant about the process–regardless of how much knowledge we think we have gleaned from watching HDTV. A coworker referred me to Steven Fujita to see what our options were. Steven did a preliminary budget based on our current assets, debt and income at several different price points. This allowed us to see that we were a lot closer than we thought in being able to afford a home. Once we found a home we liked (which happened very quickly) there were quite a few bumps in the road: for one it was a short sale, secondly the inspection proved the house was a bit of a lemon. Steven provided honest advice throughout the process and helped advise us into making a smart choice. So we backed out and looked at some more homes, until we found one we loved. This house was not a short sale property and for the most part the process went very quickly and smoothly. One thing that happened, that was out of everyone’s control, was the inspector (who is randomly selected for you and cannot have ties with your broker because of a possible conflict of interest) was awful. He messed up the contract price on the inspection and had to redo the report several times. Because of this we were going to have to close a week later than we thought. Steven was great and helped push closing forward so that we only closed a day later than planned. He rushed everything on his end and was constantly calling escrow and us to make sure we were all on the same page. Even though we had this really frustrating thing happen at the end, Steven was so helpful and worked hard to fix it. If you want someone who is knowledgeable, honest, and will do everything in his power to help you make a smart choice, I would recommend Steven Fujita. He was awesome!
Caroline D. , Seattle

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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