Washington State Mortgages, Made Clear. Buying or Refinancing? Let's find the right loan together.
One of the most common questions I get from home buyers in Washington State is: how much should I put down? The short answer is: it depends. But the longer answer is actually pretty interesting — and knowing the tradeoffs can save you real money.
Let’s walk through how your down payment affects your loan, your rate, and your monthly payment. [Read more…]
What Mortgage Program Is Right for Me? A Plain-English Guide to Your OptionsIf you’ve been asking yourself “what mortgage program is right for me?” — you’re asking exactly the right question. The loan type you choose affects your down payment, your monthly payment, your interest rate, and how easy it is to qualify. And the options are more varied than most people realize.
This guide breaks down every major mortgage program in simple terms: who each one is designed for, what the key requirements are, and how to think about your own situation. If you’ve ever been told you don’t qualify — or you’re not sure where to start — keep reading. [Read more…]
First-Time Home Buyer Programs: Your Guide to Buying a Home in Washington StateBuying your first home can feel overwhelming—especially in a competitive market like Washington State. Between rising home prices, headlines about interest rates, and confusing mortgage terms, many first-time buyers wonder: Is homeownership even possible right now?
The good news? There are several first-time home buyer programs designed to make buying a home more accessible and affordable—often with low down payments, flexible credit guidelines, and even down payment assistance.
As a mortgage advisor with over 25 years of experience helping first-time buyers, I’m here to break down the most common programs, how they work, and how to decide which one may be right for you. [Read more…]
The USDA Rural Development Guaranteed Loan program is one of the last true zero-down mortgage programs available in the United States — and it serves far more of Washington State than most buyers realize. If you’re purchasing a home outside Seattle or Bellevue, you may be closer to eligibility than you think.
Unlike FHA or conventional loans, USDA doesn’t limit you by loan amount. Instead, the program is restricted by household income. Your entire household income — including everyone 18 and older living in the home — must fall under the limit for your county and household size.
EDITORS NOTE: Please check out our updated USDA Rural Home Loan Guide for Homes in Washington. Income limits and the guarantee fee have since changed since publishing this post.
USDA Rural Development loans offer financing of single family dwellings in rural areas to people who meet certain income limits. In King County, the current four-person household adjusted limit is $88,400 maximum income.
This program provides up to 100% financing with flexible underwriting guidelines. There is no mortgage insurance however, similar to a VA loan, there is an upfront fee of 2% of the loan amount (guarantee fee) that can be financed into the new mortgage.
If you’re interested in a USDA loan on property located in Washington State, please contact me.
