Washington First Time Home Buyer Loans
If you’re a first-time home buyer in Washington, you may feel excited and overwhelmed by the process of securing a mortgage loan. Fortunately, the LBC Mortgage team is here to help you. Whether you’re just starting to save for a down payment or you already have a house in mind, we can help you get your keys to your first home. We have a wide variety of loan programs for first-time home buyers, and we’ll do our best to find the best one for your needs. Our team of experts is always available to offer support and answer your questions. So take advantage of all we have to offer – and let us help you make the most of the biggest investments you’ll ever make.
In Washington state, there are several programs available to help first-time home buyers purchasing their first house. Read the details below to understand all your options before making a decision.
Government-backed loans for first-time home buyers in Washington
Government-backed loans are a great choice for first-time home buyers who can afford a monthly payment but wants to save money on a down or has a lower credit score.
FHA loans are a popular choice for first-time homebuyers with limited resources or credit history. These government-sponsored loans offer low down payments and flexible credit requirements, making them an accessible option for many borrowers. While FHA loans offer many benefits, it’s important to be aware of the requirements before applying.
FHA program is available to first-time home buyers with a minimum credit score of 580 and can be used to finance up to 96.5% of the purchase price of a home.
Borrowers must provide proof of employment and income, as well as a current bank statement and tax return.
VA programs are available to eligible veterans and can be used to finance up to 100% of the home price. To qualify for a VA loan, veterans and active duty service members must meet the following requirements:
- At least 90 days of active duty during wartime, or 181 days of active duty during peacetime, and discharged from the military under honorable conditions
- Must have a satisfactory credit history
- Must prove income and employment history
The US Department of Agriculture (USDA) offers loans to help with the purchase of rural property. These loans can be a great option for those looking to buy a home in a less populated area, as they often come with lower interest rates and down payment requirements.
To qualify for a USDA loan, applicants must have a credit score of 640 or higher and an income that does not exceed 115% of the median income for the area.
Additionally, the property must be located in a designated rural area, and the buyer must show that they are unable to obtain financing from another source.
All of these Washington government-backed loans offer competitive interest rates, flexible underwriting guidelines, and low down payment options that make them attractive options for most first-time home buyers.
Conventional Loans For First Time Home Buyers in Washington
A conventional loan is a mortgage that is not insured or guaranteed by the federal government. These loans are available with a variety of terms and repayment options, giving borrowers the flexibility to choose the loan that best fits their needs. While conventional loans may not offer the same level of protection as government-insured loans, they can still be a great option for those looking to purchase a home in Washington.
With careful research and planning, LBC Mortgage can find a conventional loan that meets your needs and helps achieve your homeownership goals.
Work with a leading mortgage broker in Washington
The process of buying your first home can be stressful. There’s a lot to think about, from finding the right property and securing financing, to negotiating the purchase price and dealing with all the paperwork. That’s why we have a variety of tools and resources to help you through the experience.
We’ll help you get prepared for your mortgage journey and do the efficient financial planning. The amount you can borrow will depend on factors like your income, debts, and the type of loan you choose. In most cases, first-time home buyers can borrow up to 97% of the purchase price of their home. And our team will consider all these factors to do the right calculations for your future investment, and give you an estimate of mortgage monthly payments.
LBC Mortgage professional loan officers can help you look into assistance programs and gauge your eligibility. They will provide guidance on what type of mortgage will be best for you, considering your goals.
Let us help you to start the process of becoming a homeowner with confidence. Contact Washington mortgage broker to learn more about our first-time home buying programs in Washington!