Washington Home Loans
Ready to buy your next home in Washington State?
Obtaining affordable financing can be confusing for first-time and experienced buyers. Both federal and state Washington mortgage assistance is available to anyone looking to buy an apartment, single-family home, or something bigger.
At Capstone Direct, we specialize in providing affordable Washington mortgage loans. Compare the latest rates now in three minutes or less.
Finance Your Home in Washington
Washingtonians know their state has some of the country’s highest home prices. The typical home price across Washington has reached $640,494, more than four times that of states like West Virginia.
Affordability is a genuine concern for locals looking to purchase a home for the future. But at Capstone Direct, we aim to provide access to affordable mortgage companies in Washington. We work to find the right loan for you and your family.
Washington house prices have accelerated throughout the pandemic, with median prices in 2021 accelerating by 23.9% over 2020. Compared to 2011 values, house prices have increased by 150.3%, one of the most significant increases of any state.
We recognize the challenges ordinary hardworking Americans face in securing cost-effective Washington home finance in the cities they love the most. Today, the median sales price of Seattle housing is $850,000, making it one of the least affordable cities in America.
Work with Capstone Direct to discuss solutions to help you secure your forever home in the place that speaks to you. Whether you are looking to step forward in your career, move up the housing ladder, or start a family, our team works with you to simplify the process of getting approved for American home loans in Washington.
Types of Washington Home Loans
Negotiating the maze of different home loans in Washington can be challenging. Capstone Direct supports you in finding the most beneficial home loan option to make your dream of homeownership a reality.
Here is a rundown of the most common Washington home loans, including some reserved for state residents.
Conventional mortgages are home loans guaranteed by the federal government. Conventional mortgages meet the requirements Freddie Mac and Fannie Mae set to allow down payments as low as 3% for first-time buyers and those on lower incomes.
Conventional loans are ideal for lower down payments, limited mortgage insurance premiums, and getting rid of mortgage insurance entirely. Taking out mortgage insurance is not required if you put at least 20% down.
Are you a service member, veteran, or surviving spouse?
Obtain your mortgage through the U.S. Department of Veterans Affairs. These mortgages require no down payment or mortgage insurance and offer the lowest interest rates of any mortgage in Washington.
Most VA-approved lenders require a minimum credit score of 640 to qualify.
First-time homebuyers consider the Federal Housing Administration’s mortgage program the go-to option for securing their dream homes.
FHA loans require down payments as low as 3.5% with minimum credit scores of 580. If your credit score is just 500, you only need to put 10% down.
Note that mortgage insurance is required for the lifetime of an FHA loan.
Living in rural Washington State is a chance to enjoy some of the most spectacular landscapes in the country. Buyers in eligible rural and suburban areas may be eligible for a USDA loan issued by the U.S. Department of Agriculture through the USDA Rural Development Guaranteed Housing Loan Program.
Income limitations vary by region, but you can obtain a zero-down-payment mortgage with a low credit score. Applicants with a credit score of 640 are eligible for premium processing.
Jumbo loans are required for homes costing more than $647,200. These loans are heftier than conventional loans but expect to make a down payment of 10% to 20%. Higher interest rates are also not uncommon to accommodate the additional risk of lending these amounts.
Jumbo home loans in Washington may also require extra qualifying steps paired with higher closing fees and costs.
The Evergreen State also offers assistance specifically to residents. These are some of the best home loans in Washington and provide mortgage assistance for residents willing to take on 30-year fixed-rate home loans.
Home assistance programs can offer down payment assistance of up to 4% of the total mortgage amount and apply to condos, townhouses, manufactured homes, and single-family homes.
Be prepared to comply with a long list of requirements, including holding an income below $145,000, attending a home buyer education course, and being a first-time home buyer.
Note that some high-priced areas, such as Seattle, may waive the first-time home buyer requirement for Washingtonians.
Talk to Capstone Direct for tailored advice on how Washington’s home assistance programs work and whether you qualify.
Why Capstone Direct?
Capstone Direct takes pride in supporting hardworking Americans to achieve their dreams of homeownership. We are the lender with a difference because our values empower us to soar above the competition.
Work with Capstone Direct to find your perfect mortgage lender in Washington and enjoy the following:
- Relationships – We believe long-term relationships with clients, business partners, and vendors are integral to our success. Our team has cultivated an image that enables all stakeholders to put their trust in us.
- Integrity – We believe in honesty, transparency, and responsibility in everything we do. Rely on us to secure the best possible Washington home loans for you and your family.
- Service – Want an answer on your mortgage application fast? Capstone Direct fights to ensure the fastest response times in the industry with a hassle-free approach to communication.
- Expertise – We draw strength from our Washington State mortgage experts. Our agents enjoy decades of experience to understand the local real estate market better and advise our clients on the best move for them.
Compare mortgage rates in three minutes or less by plugging your details into the Capstone Direct platform. Speak to one of our agents to start your journey to homeownership.
Secure your dream home with a mortgage brand you can trust. Get in touch with a Capstone Direct agent, and let’s discuss your home financing options in Washington State today.