Mortgage Programs

Comparing loan types

There are plenty of different types of home loans to choose from, but you want a loan program that fits your exact needs and financial situation. Many loans are designed for borrowers in good financial standing with great credit and a hefty sum in their savings, but you don’t have to have either of these things to buy a home.

First-time homebuyers qualify for many special programs, as do low-income borrowers and veterans. Some special programs allow a low down payment or even no down payment at all. Others make allowances for borrowers with a less than perfect credit score. Depending on your level of financial need, you might even qualify for a grant program to help with closing costs.

1. Conventional loans: perfect for financially secure homebuyers

2. Conventional loans are what most borrowers are familiar with in the home mortgage market. These traditional loans generally require a good credit score and down payment, but also offer the most affordable interest rates. If this type of loan isn’t quite right for you, there are plenty of other programs, including guaranteed loans backed by the United States Government and those that encourage private lenders to look beyond credit reports and bank balances.

2. Getting a VA loan: what’s your military connection?

3. A VA loan is backed by the U.S. Department of Veterans Affairs and is available to active duty service members, veterans, and surviving spouses. A VA loan has a funding fee you’ll pay to help support the program, and may not require a down payment if you have decent credit. VA loans also have no loan limits aside from those imposed by lenders, making it easier to buy a home in an expensive area of the country.

3. USDA loans: guaranteed and direct loans

4. USDA loans are designed to encourage the purchase of houses in rural areas. They have a lot of benefits, and there are two avenues you can take; applying through a participating lender for a USDA guaranteed loan, or going directly to a local Rural Development Office and having the USDA itself act as the lender. Be aware that a USDA loan will have many restrictions, however, including maximum income limits, allowed zip codes, and even size limits on how much square footage a home can have to qualify. Direct loans are even more restricted.

Which loan program is right for you?

You need a home loan that takes your financial situation, ability to repay, and personal wants and needs for a home into account. You may be able to qualify for a loan program that provides you with financial assistance, including down payment assistance or closing cost assistance. You might be able to leverage a gift of cash from a family member to increase your down payment or negotiate the purchase price and closing costs with the seller.

You need a professional team to help you make the right decision and acquire the most effective mortgage loan and interest rate. Sammamish Mortgage loan officers give you mortgage advice that is based on your interests.

Competitive Mortgage Rates

Not only does Sammamish Mortgage offer a wide range of mortgage loan products, we also provide competitive rates for our customers. Finding a good mortgage rate is a critical part of the home buying process. A better rate can translate into large savings over the course of paying back your loan. When you shop for a mortgage loan, a good rate should be among your top priorities.

Mortgage Loans for the Pacific Northwest

Based in Bellevue, WA, Sammamish Mortgage has been in business since 1995, and we proudly serve customers in the Pacific Northwest region. Currently, we serve customers who are looking for homes in WA, ID, CO, OR & CA. If you’re currently in the market for a home in one of these states, or you’re thinking about buying a home, we’d love to hear from you. Our team of mortgage professionals has a detailed knowledge of the real estate markets of the Pacific Northwest and is able to help customers navigate these markets. View our Mortgage Loan Programs InfoGraphic!

FAQs

• What’s the difference between fixed-rate and adjustable-rate mortgages?

Fixed-rate mortgages have a constant interest rate, while ARMs start with a lower interest rate that periodically adjusts based on market conditions.

• How do I qualify for a mortgage?

Lenders assess your credit score, income, employment history, debt-to-income ratio, and down payment.

• What credit score do I need to get a mortgage?

Most conventional loans require a credit score of at least 620, while FHA loans may accept scores as low as 500 with a larger down payment.

• What’s the minimum down payment for a mortgage?

The minimum down payment amount depend son the exact loan type. For instance, conventional loans require at least 3%, FHA loans require a minimum of 3.5%, and VA loans are available with no payment.

• What is private mortgage insurance (PMI)?

PMI is insurance that is needed on conventional loans with down payments less than 20%, protecting the lender if you default.

• What are closing costs?

Closing costs are fees that are paid at the end of the mortgage process and are typically 2% to 5% of the loan amount. These costs cover things like appraisal, title, and legal fees.

• What’s the difference between interest rate and APR?

Unlike interest rates, the APR includes interest plus fees and other costs, which gives borrowers a more accurate picture of the actual total cost of the loan.

• Can I lock in my mortgage rate? 

Yes, most lenders allow you to lock your rate during the application process to protect against market fluctuations.

• What is escrow in a mortgage? 

Escrow is an account where your lender holds funds for property taxes and homeowners insurance, paid monthly with your mortgage.

• Can I pay off my mortgage early?

Yes, but check for prepayment penalties in your loan agreement.

• What documents do I need to apply for a mortgage?

Typically, you’ll need pay stubs, tax returns, bank statements, ID, and proof of assets.

• What is a home appraisal?

An appraisal is a professional assessment of the property’s market value to ensure it aligns with the loan amount.

• What is mortgage refinancing?

Refinancing involves replacing your current mortgage with a new one, often to lower your interest rate, change terms, or access equity.

Reach Out to Sammamish Mortgage Today

If you’re either looking or thinking about buying a home in WA, ID, CO, OR or CA, reach out to Sammamish Mortgage today. No matter what stage of the process you’re in, we can provide valuable information which can help you. Contact Us today to learn more, or View Rates to get a sense of what current mortgage rates look like. You can also get a Rate Quote personalized to your situation, or Apply Now to jump start the application procedure.