Mortgage Programs

Not all mortgage loans are the same — and choosing the right program can make a significant difference in your payment, qualification, and long-term financial flexibility.

This section covers the most common and specialty mortgage programs available to homebuyers and homeowners, including:

  • FHA Loans
  • VA Loans
  • USDA Loans
  • Conventional & Jumbo Loans
  • HomeReady & Home Possible
  • Down payment assistance programs
  • Washington State Housing Finance Commission (WSHFC) programs
  • Specialty programs for medical professionals and unique scenarios

Understanding eligibility guidelines, loan limits, credit requirements, and program benefits allows you to compare options strategically rather than relying on headlines or general advice.

As a Mortgage Advisor with over 25 years of experience, I help clients evaluate which program best aligns with their income, assets, and long-term plans.

Explore the programs below to better understand your options.

Why use an FHA Mortgage for your home loan?

November 2, 2014 by 3 Comments

FHA Mortgages Washington StateEDITORS NOTE 2/3/2015: Since writing this post, HUD has reduced mortgage insurance premiums (yay!) and loan limits have changed. Part of the fun of writing (and reading) a mortgage blog is that guidelines and programs change constantly. Reader beware. 🙂

When Washington state home buyers and home owners request a mortgage rate quote from me, they have many options, including FHA or conventional financing. Over recent years, conventional financing has become a more popular mortgage than FHA, despite FHA’s lower down payment requirements.

What’s not so hot about FHA?

[Read more…]

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Fannie Mae HomePath now offering Financial Flexibilities

October 24, 2014 by Leave a Comment

⚠ Program Ended October 2014

The Fannie Mae HomePath closing cost incentive for first-time buyers described in this post is no longer available — the HomePath Mortgage program was retired in October 2014. Washington State still has excellent options for first-time buyers today, including down payment assistance grants and 3% down conventional programs. See first-time homebuyer programs in Washington State →  |  See the updated HomePath guide →

Earlier this month, Fannie Mae retired the Fannie Mae HomePath Mortgage program which was available exclusively to homes owned by Fannie Mae as a result of foreclosure. This popular program offered mortgages with no private mortgage insurance and no appraisal was required. Investors were able to buy HomePath properties with reduced down payments.

[Read more…]

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Where do I start with an FHA 203k Rehab loan?

August 7, 2014 by Leave a Comment

Renovation Home Loan MortgageA Step-by-Step Guide for Washington Homebuyers (Updated for 2026)

If you’ve found a home that needs work — outdated kitchen, worn roof, cosmetic issues, or more significant repairs — you may be wondering:

“Can I finance the purchase and the renovation together?”

In many cases, the answer is yes — through an FHA 203(k) rehabilitation loan, a program insured by the Federal Housing Administration.

An FHA 203(k) loan allows you to purchase (or refinance) a home and finance eligible repairs into one mortgage.

But where do you actually start?

Here’s a clear, practical breakdown. [Read more…]

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Washington State Down Payment Assistance Programs and Grants

June 18, 2014 by 18 Comments

down payment assistance and grants washingtonUPDATE: This was published in 2014. Please be sure to check out our updated Down Payment Assistance Guide and First-Time Home Buyers Programs Guide for more up-to-date information.

Washington State home buyers have several various down payment assistance programs available, and they’re not just limited to first time home buyers.  These funds can go towards closing cost and the down payment of primary residence.

Here’s an updated list of what I have available.

[Read more…]

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The 10/1 ARM (Adjustable Rate Mortgage)

June 16, 2014 by 1 Comment

A 10/1 ARM is an adjustable rate mortgage where the interest rate is fixed for the first 10 years and then may adjust at the 121st payment (after the 10 year “fixed period” is over).

After the first adjustment on the 121st month, the rate will adjust annually on the anniversary of the first adjustment date.

[Read more…]

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