Home Loans in Washington State

If you are self-employed, have had a recent credit event, or a first-time home buyer with minimal credit history, you may face challenges when seeking out a mortgage. At Griffin Funding, we don’t believe that should be the case. To accommodate the modern home buyer, we offer a variety of mortgage programs with competitive interest rates and flexible underwriting terms.

Learn more about our customer-oriented Washington home loans and find the right financing for your needs.

Areas We Serve

We serve customers throughout all of Washington State, including the following cities:

As far as mortgage lenders in Washington State go, Griffin Funding is committed to providing the highest level of customer service with a streamlined process, knowledgeable loan officers, and competitive mortgage rates.

How Do Home Loans Work in Washington State?

Home loans in Washington State work the same as in other states. For many prospective homeowners, a mortgage is necessary to make a purchase. In order to apply for a mortgage, you need to take the following steps:

Home Loan Application Steps:

Step 1: Submit an application for a mortgage.

Step 2: Come to an agreement on terms.

Step 3: Provide any additional documentation requested by the lender.

Step 4: Schedule an appraisal and pest inspection.

Step 5: Obtain loan approval.

Step 6: Final loan document signing.

Step 7: Receive loan funding.

Once the loan process is complete, you can move forward with purchasing a home. At Griffin Funding, we strive to complete loan approval within 30 days to make your search for a home easier.

Our Washington Mortgage Options

Below are some of the different mortgage loans that we currently offer in Washington State:

• Bank Statement Loans in Washington: If you are self-employed, a bank statement mortgage loan may be your best option. These loans use your bank statement deposits instead of W-2s and tax documents for proof of income. Bank statement loans are popular among business owners, freelancers, and more when it comes to self employed mortgage loan options in Washington State.
• DSCR Loans in Washington: These real estate investment loans enable the home buyer to use the rental income the property generates to qualify for the mortgage instead of tax returns and income. A DSCR loan is one type of loan product available to Washington investors. There are several other Washington investment property loans to choose from as well.
• Asset-Based Loans in Washington: Instead of using income to qualify for a home loan, an asset utilization loan enables retirees and high-net-worth borrowers to qualify based on assets and not employment or W-2s.
• Washington VA Loans: You could qualify for a VA loan as an active-duty service member or military veteran. These government-backed loans do not require a down payment and allow borrowers to access highly competitive mortgage rates in Washington State.
• FHA Loans for First-Time Washington Home Buyers: This type of loan is provided through a lender, but insured by the U.S. Federal Housing Administration. FHA loans in Washington are meant to serve low-to-moderate income borrowers who are looking to purchase their first home. With an FHA loan, you may be able to put as little as 3.5% down.
• USDA Loans in Washington: These loans are designed for lower-income home buyers and allows them to purchase property in rural development areas with 0% down.
• Washington Home Equity Loans: Homeowners often find themselves in need of cash. To pay off other debt, make home improvements, or for other life events. A home equity loan enables borrowers to access the equity in their home while maintaining the existing mortgage rate on the first home loan. Washington home equity lines of credit (HELOCs) are another option for homeowners in search of a revolving line of credit.
• ITIN Loans in Washington: An ITIN loan can help foreigners purchase a home in Washington State without a Social Security Number, or SSN.
• Conventional Loans in Washington: Conventional loans are a very common option for those buying a house in Washington, as they offer fixed- and adjustable-rate options and very competitive rates.
• Private Money Loans in Washington: A private money loan in Washington is a short-term, asset-backed loan provided by private lenders rather than traditional banks. Commonly used by real estate investors, these hard money loans allow for quick access to funding, with approval based on the property’s value instead of your credit score. While interest rates tend to be higher with this type of financing, the speed and flexibility make private money loans a useful tool for those looking to expand their Washington real estate portfolio.

Not sure which mortgage program is right for you? Speak with one of our knowledgeable loan officers today by contacting us online or calling (855) 394-8288.

Buying a House in Washington State

While home prices in Washington State may be lower, buying a home here will present similar challenges as other states. For example, you will need to meet certain requirements to buy a house in Washington State, including:

• Income level: In order to secure a mortgage, borrowers must demonstrate consistent and sufficient income to repay the loan. While many lenders typically require tax returns as proof of income, we offer several alternative lending options that allow borrowers to prove income using bank statements, assets, and more.
• Employment: In many cases, borrowers will need at least two years of stable work history in order to qualify for a mortgage. If you’re self-employed or freelance, we also offer a variety of mortgages that can accommodate your unique circumstances.
• Credit score: In order to secure competitive terms with most loan types, you should have a credit score of at least 620. With certain loan types, we can work with borrowers who have credit scores as low as 500. However, having a good credit score will help you get the best mortgage rates when buying in Washington State.
• Down payment: Most loans require a minimum down payment from borrowers, ranging from 3% to 30%, although VA loans and USDA loans present no down payment mortgage options for qualifying borrowers.
• Debt-to-income ratio: Your debt-to-income (DTI) ratio measures your current income against your debt obligations. For most loan types, you will have trouble getting approved with a DTI ratio exceeding 43%, as lenders want to ensure that your other debts won’t prevent you from paying your mortgage.

What Credit Score Is Needed to Buy a House in Washington State?

Generally speaking, lenders require a minimum credit score of 620. However, you may be able to qualify for an FHA loan or VA loan with a credit score of 580 or even 500.

The most important thing to keep in mind when it comes to your credit score and mortgage is that the lower your credit score, the higher your mortgage rate will typically be.

What Is the Minimum Down Payment for a House in Washington State?

While many buyers think they need to put down at least 20% to buy a home, this isn’t always the case. You can get a conventional loan with a down payment as low as 3%, an FHA loan with a down payment as low as 3.5%, and a VA loan or USDA loan with no down payment.

Buying a house in Washington State with a low down payment can help lower upfront costs. At the same time, keep in mind that a low down payment can lead to a higher rate, less upfront equity, and the need for private mortgage insurance (PMI), all of which can increase your monthly mortgage payment.

Programs for First-Time Home Buyers in Washington State

Washington State offers several first-time home buyer programs that can make buying a home in Washington State more affordable:

• House Key Opportunity First Mortgage Loan Program: Offered by the Washington State Housing Finance Commission (WSHFC), this program provides reduced-interest loans to qualifying first-time buyers. In order to participate, you must complete a home buyer education course and meet income and property cost limits. This loan can also be combined with various down payment assistance programs for added support.
• Home Advantage Program: This program provides a 30-year fixed-rate mortgage with options to combine with down payment assistance up to 4% of the loan amount. The criteria is straightforward: you must have a minimum of 620 credit score, a maximum debt-to-income ratio of 50%, and annual income under $180,000. This is aimed at those with low to moderate income and does not require buyers to be first-time homeowners.
• EnergySpark Program: The EnergySpark program offers lower interest rates for energy-efficient homes or homes undergoing energy-saving upgrades. This program, offered by the Washington State Housing Finance Commission, encourages environmentally friendly practices and helps reduce long-term utility costs. Buyers interested in purchasing a property with energy-efficient features or planning improvements can qualify for this special loan rate

Apply for a Home Loan in Washington State

Buying a house in Washington State is simple when you work with a lender that makes finding a mortgage straightforward and accessible. Griffin Funding offers a variety of home loans in Washington State suited for a broad spectrum of buyers. In addition, we offer tools like the Griffin Gold app, which can help you manage your finances, compare mortgage options, monitor your credit, and learn more about home financing opportunities.

Call us today at (855) 394-8288 to speak with a loan officer about your options or get started online today.