Mortgage Loan Programs Available to Home Buyers in the Pacific NW

September 30, 2019
Last updated:
April 22, 2022
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In This Article

This infographic below will detail what each of these home loan programs are and the key components of each. It will also go over important mortgage terms that all homebuyers in Washington, Oregon, Colorado, or Idaho should be familiar with, including Private Mortgage Insurance (PMI) and conforming vs. jumbo loans.

Mortgage Loan Programs

Fixed-Rate Mortgages

These types of mortgages come with a fixed interest rate that does not change over the term of the mortgage. When you lock in a rate, it will remain at that rate despite what may be happening to rates in the open market. Whether rates rise or fall, your rate will remain the same.

Adjustable-Rate Mortgages (ARM)

Unlike fixed-rate mortgages, these home loans come with a rate that will fluctuate at different intervals. The initial rate offered may be lower than the going fixed rate, but it will change over regular intervals over the life of the loan. These are better suited for those who believe rates will decrease in the near future or who may want to sell their home before the lower-rate introductory period is over.

FHA Loans

These loans are backed by the FHA and may be easier to qualify for because of their less stringent criteria when it comes to the credit score needed to get approved. They’re attractive to borrowers who may have trouble qualifying for conventional loans.

VA Loans

Members of the military and their families may be eligible for VA loans that do not require a down payment (with certain exceptions). This is one of the biggest perks of a VA loan.

Conforming Loans

These loans are under the size limit imposed by government sponsored entities (or GSEs).

High-balance conforming loans. These loans are those that do not exceed loan limits for the high cost of living location that it is formed in.

Conventional Loans

These mortgages are not backed by the government and are better suited for borrowers with a decent credit score. If a down payment of less than 20% is made, then Private Mortgage Insurance (PMI) will need to be paid.

Jumbo Loans

These are home loans that exceed the loan limits set forth in the particular area they are taken out in.


Private Mortgage Insurance is required on loans where the borrowers put down less than 20% towards the purchase price of the home.

Read on to find out all you need to know about the different mortgage programs out there to help you choose which is best for you. We currently provide services in WA, ID, OR, and CO. If you’d like to learn more, Contact Us today. You can View Rates, and even Apply Now to begin the application process and start your journey toward becoming a homeowner. We look forward to hearing from you in the near future!

Need a Mortgage?

If you’re in need of a mortgage, Sammamish Mortgage is here to help. We are a mortgage company serving the Pacific Northwest region including Washington, Idaho, Colorado, and Oregon. We have been providing mortgage programs with flexible qualification criteria to borrowers since 1992. Please contact us if you have any questions or are ready to apply for a home loan.

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