This is part of an ongoing series that explains the different types of mortgage loans used by home buyers and homeowners in Washington State. Today, we’ll talk about the benefits of buying a home in Washington with a 30-year fixed-rate mortgage.'
Down payment percentages are based on the home price. So, a more expensive property will result in a larger upfront investment, with all other things being equal.'
Right after the housing crisis over a decade ago, mortgage underwriting tightened a great deal. They have loosened a great deal since then, making it somewhat easier for buyers to secure mortgages to buy a home in Washington.'
VA loans are popular among veterans thanks to their zero down payment options and more lax eligibility requirements. And Pierce County, WA is one of the hottest markets in the US for these types of loans, which we will discuss in greater detail in this article.'
Your credit score plays a key role in your ability to secure a mortgage. But what credit score do you need? And what is the average credit score among residents of Washington State? '
If buying a home in Washington State is on the agenda this year, you may want to consider getting in the market sooner rather than later before the spring season heats up.'
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