If you are self-employed, have had a recent credit event, or a first-time homebuyer with minimal credit history, the uphill battle to find a home loan with fair terms is likely even greater. However, at Griffin Funding, we don’t believe that should be the case. To accommodate the modern homebuyer, 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 get the process started today.
Areas We Serve
We serve customers throughout all of Washington State, including the following Evergreen State cities:
- Gig Harbor
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.
What Are the Best Programs for First-Time Buyers?
If you are a first-time homebuyer in Washington State, there are several programs that you may qualify for:
Our Washington Loan Options
- FHA Loans for First-Time Buyers: This type of loan is provided through a lender, but insured by the U.S. Federal Housing Administration. FHA loans 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: USDA loans in Washington are well-suited for individuals who are considered low income. These loans are designed to help low-income homebuyers purchase property in rural development areas with 0% down.
- Home Ready
- Home Possible
- Conventional Loans (5% down)
How Do I Apply for an FHA Loan in Washington State?
To apply for an FHA loan, you’ll need official documentation regarding your:
- Employment: Tax returns, W2s, etc.
- Savings: Bank statements, statements for 401k, mutual funds, etc.
- Credit History: Most recent statements from bill, landlord information, etc.
- Personal information: Driver’s license, social security, etc.
To qualify for an FHA loan, you should typically have a credit score of 580 or higher.
Buying a house in Washington State but not a first-time buyer? We have several other options for you.
What Other Homes Loans Are Available in Washington State?
At Griffin Funding, we pride ourselves on the diversity of our mortgage programs to help customers in varying financial situations make their dream of homeownership or real estate investment a reality. In addition to FHA loans, some of our most sought after home loans in Washington State include:
Popular Home Loans in Washington
- Bank Statement Loans in Washington State: Bank statement loans allow borrowers to qualify for a mortgage with an alternative method of verifying income. Instead of W2s and tax returns, borrowers can use bank statements to prove their income. This is often an ideal solution for self-employed individuals.
- VA Home Loans: Backed by the U.S. Department of Veterans Affairs, VA home loans are federally guaranteed with no down payment required. These loans are available to current and veteran service members who want to purchase, build, improve, or refinance a home.
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.
House Prices in Washington State
The median listing for house prices in Washington State is currently $419,000 while the median selling price is $375,200. Though Washington State is not among the least expensive places in the U.S. to buy a home, it is more affordable than some other coastal states like California.
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:
- A minimum credit score (typically 620 or higher)
- A certain income level (and have a reasonable debt-to-income ratio)
- A sufficient down payment (20% is often the standard)
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 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.
How Much Is the Down Payment for a House in Washington State?
The generally accepted rule for a down payment is 20%. However, depending on the type of home loan you have qualified for, you may be able to put down less.
Do not let these factors dissuade you from buying a house in Washington State, there are many options for prospective homeowners in nearly all financial circumstances.
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.
Call us today at (855) 394-8288 to speak with a loan officer about your options or submit an application online today.