Choosing A Mortgage Professional & A Mortgage
Selecting a mortgage professional to assist you with your mortgage is an important decision. This is the person who will assist you in navigating the mortgage process. Lending professionals go by many names such as Loan Officer, Mortgage Consultant, Mortgage Banker, etc. just to name a few. In the State of Washington, the lending professional you select is required to be licensed.
Lending professionals offer a variety of loan programs for buying or refinancing a home. Your selection of a lending professional can be based on several factors such as:
- Are they licensed to do business in the State of Washington?
- Do they have the ability to originate a conventional, VA, FHA or USDA loan on my behalf?
- Are they aligned with the non-profit I am working with to secure down payment assistance?
- Do I feel comfortable talking to them and asking questions?
Choosing a Mortgage
General Lending Guidelines
- Credit Requirements
- Debt & Maximum Debt Ratios
- Income History Requirements
- Down Payment Requirements
| Loan Type | Minimum Credit Score Requirement | Down Payment Required | Income History Requirement | Maximum Debt Ratios |
| Conventional | Varies | 3% | 1-2 years | 28% / 41% |
| Conventional | Varies | 5% | 1-2 years | 33% / 41% |
| Conventional | Varies | 20% | 1 year | 33% / 45% |
| FHA | Varies | 3.5% | 1 year | 29% / 41% +2% each |
| VA | Varies | 0 | 1 year | 41% - 45% |
| USDA | Varies | 0 | 1 year | 29% / 41% |
| Section 184 aka Tribal 184 | No Minimum | 2.25% | 1 year | 41% |
| Portfolio | Varies | 2% | 1 year | 42% |
Down Payment Assistance Programs
Down payment assistance programs available to you will vary depending on where you live in Washington State. Some of these programs specifically serve low/moderate income households; specific careers (such as Teachers), Native Americans and/or households that have a person with a disability.
To get connected with organizations in your area that administer these programs, please click here and we will help you take the next step.
Closing on Your Purchase
You have found your home, have a signed around purchase & sale agreement and your lender has underwritten your loan. It is time to close the transaction and move in.
Consumer’s Guide to Title & Escrow – Washington Department of Financial Institutions (pdf)
