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)

 

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Testimonials

Thank you for taking the time to talk to me and put my heart at rest! I look forward to working with you to stay in our home.  I have an appointment with a housing counselor your referred us to and I will give you an update once that occurs.  Again, it meant so very much to me that you took the time to give me hope.
A. F.
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There are no words to say how much you did for us and how much you helped us, you basically saved us.
B. A.
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I want to say a huge thank you.  It feels a million times better knowing where we will be living, that we don't have to move, and I can actually afford to live here.  My life is no longer on hold, and we have been able to make plans for the first time in ages. There is no more black cloud of uncertainty hanging over my head always, waiting for the bank to dictate so much of my life. Thank you, thank you, thank you!
C. K.
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