Home Purchase Financing Made Simple

Home purchase financing helps you secure the funds needed to buy a home, typically through a mortgage loan that’s repaid over time with interest.

Begin by getting pre-approved. This helps you understand your budget and shows sellers you’re a serious buyer. Then, you can shop for homes with confidence and move quickly when you find the right one.

Pre-approval gives you a clear idea of how much you can afford, helps you set realistic expectations, and strengthens your offer in a competitive market.

Common loan options include Conventional, FHA, VA, Jumbo, and USDA loans. Each has unique requirements and benefits, depending on your financial situation and eligibility.

Down payments vary by loan type. Conventional loans often require as little as 3%, while VA and USDA loans may allow 0% down for qualified borrowers.

Most lenders prefer a minimum score of 620 for conventional loans. However, FHA loans can be available with lower scores, and a higher credit score can qualify you for better rates.

In addition to your down payment, you’ll have closing costs (typically 2–5% of the loan amount), which include fees for the appraisal, title insurance, and loan origination.

Yes. You’ll need to provide income documentation such as tax returns, business financials, or bank statements to verify your ability to repay the loan.

Pre-qualification is an estimate based on self-reported information, while pre-approval involves a deeper review of your credit and finances—making it more reliable when making an offer.

Your loan officer will evaluate your credit, income, down payment, and long-term goals to recommend the best program for your situation.

Yes, many loan programs allow gift funds from relatives to be used toward your down payment or closing costs—documentation will be required.

Once your offer is accepted, your loan goes into underwriting, your home is appraised, and final loan approval is issued before you sign closing documents and get your keys.

You can reach out to Sammamish Mortgage anytime. Our team proudly serves borrowers in Washington, Oregon, Idaho, Colorado, and California with expert, family-style service.