Seattle FHA Loans funded by local experts

As home prices begin to stabilize the FHA loan will become an even more popular source of financing for home buyers and homeowners alike. Seattle has been lucky. For the most part the city has been able to weather the recent downturn in property values by having a diverse economy and a fairly insulated residential real estate market. In select neighborhoods of the city home prices have remain fairly flat while other areas have dropped by 15-20%, far less than the national average. As the economy begins to recover many Seattle home buyers will seize the opportunity to pick up low priced properties using FHA homes loans with very competitive rates.

Seasoned home buyers know that a Seattle FHA Loan allows for a 96.5% Loan to Value (LTV). This means that the borrower only needs to come to closing with 3.5% of the purchase price of the property. For example let’s say you’re buying a home in Ballard for $300,000, with a Seattle FHA loan you would only need to come up with a $10,500 down payment. On the other hand a standard convention loan would require a down payment between 10-20%. For borrowers who don’t want to put a lot of money down, but still want to the benefits of owning a home, a Seattle FHA loan becomes one of their ideal options.

Many borrowers ask if Seattle FHA loan rates are competitive to the rates offered by other programs. The answer is Yes, very much so. At high LTV, typically above 80%, conventional interest rates begin to increase dramatically. A Seattle FHA loan on the other hand still offers the same great rates at higher LTV amounts.

Current homeowners looking to refinance their properties can also take advantage of the flexibility found in a Seattle FHA loan. For instance, cash our refinances are allowed under the Seattle FHA loan program up to 85% LTV, with rates that are very competitive. Many of our clients have used FHA Cash Out Loan to loan to payoff credit card debts, pay for college, or make upgrades to their homes.

Borrowers will find that there is also a creative side to the Seattle FHA loan program. With FHA 203k loan borrower can finance up to $35,000 of home repairs into the mortgage. This allows home buyers to purchase properties that need work and removes the burden of having cash upfront to complete the repairs.

One of the main advantages of a Seattle FHA loan is that its underwriting guidelines are more flexible than a conventional loan. With a Seattle FHA loan credit challenged borrowers can still obtain financing as long as their credit score is 640 or above. Borrowers who have had a bankruptcy that has been discharged for at least 3 years can also obtain financing.

Northwest Mortgage Experts is team of professional who understand every facet of FHA lending. If a Seattle FHA home loan sounds like an option for you, give us a call to discuss the details further. We will take the time to get to know you and your financial objectives so that we can present the most relevant loan products at the most aggressive rates in the market. Our approach to mortgage lending is customer focused, we are committed to you and your home, and we are motivated by building clients for life. Call us directly at 206 303 8526 or email us Ray@nwmortgageexperts.com