VA Loans
The Department of Veterans Affairs (VA) offers special home buyer benefits to qualified Active Duty and Retired Military members. The VA home loan provides 90% financing and flexible qualifying standards, which has helped many active duty/Guard and retired military veterans in the Western Washington area.
Loan features:
- 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
- Must be a veteran, active duty or reserve member to be eligible
- Manufactured homes allowed (requires a 640 FICO score)
- Non traditional credit
Conventional Loans
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.
Loan features:
- 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
FHA Loans
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.
Loan features:
- Up to 96.5% financing available
- Credit scores as low as 620 FICO
- Manufactured home financing (requires 640 FICO)
- Gift funds for down payment allowed
- Non-Traditional credit allowed
USDA Loans
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.
Loan features:
- 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
Manufactured Homes
If you have called around, then you are probably aware that Manufactured Loan Financing is limited to a few lenders in Washington – and Synergy One Lending 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.
Loan features:
- 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 $484,350
- Purchase or rate & term refinance transactions only
Contact us today for more information
THE FORNERETTE TEAM
Synergy One Lending
Michael Fornerette | NMLS# 121193
Mellisa Hays | NMLS# 763195
(253) 243-8668
team@theforneretteteam.com
