Washington State Mortgages, Made Clear. Buying or Refinancing? Let's find the right loan together.
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:
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.
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.
UPDATE: Please check out our updated FHA guide for current information for FHA mortgages for homes in Washington state.
A few weeks ago, HUD announced a new program created for first time home buyers which rewards them with reduced mortgage insurance premiums after they participate in home buyer education and one-on-one housing counseling. HAWK or Homeowners Armed with Knowledge is a pilot program set be released in two phases on a limited basis.
UPDATE: Please visit our updated FHA guide for current information on FHA and 203(k) loans for homes located in Washington state.
An FHA 203k rehab mortgage is great for fixing up a home that you’re considering buying and may even be used to make improvements to your primary residence with an FHA 203k refi. Many lenders offer the “FHA streamlined 203k rehab” loan which limits the amount of funds that can be used for the rehab project. Unlike a streamline 203k, the rehab process is allowed to take up to six months to complete. I’m very pleased that Mortgage Master Service Company is now offering the FULL FHA 203k program.
EDITORS NOTE: This post was written in 2014 and some of these programs are either no longer available or the guidelines have changed. Please visit our First Time Homebuyer Guide and Washington State Down Payment Assistance Programs for current information.
Home buyers have so many options today for selecting a mortgage today. We have several mortgage programs designed to help people buy a home who want to use less down payment. Many of these programs do not require the borrower to be a first time home buyer. Home buyers should compare all possible options before making a decision on what program is best suited for their personal financial scenario.
The Washington State Housing Finance Commission offers several mortgage programs with various types of down payment assistance for home buyers. In order to qualify for the program, home buyers need to have household income of $97,000 or lower and attend a WSHFC sponsored home buyers class.
