Washington FHA Loans

Housing prices in Washington State have always been a bit higher than in other parts of the county because of the beautiful landscape and popularity of the cities. Fortunately, the FHA offers really great loans for eligible applicants in Washington. The Federal Housing Administration (FHA) started a home loan program in 1934 and since then it has helped millions of American become proud new homeowners. This has been made possible by offering loans with very little down payments required at great, low interest rates. Here are a few of the current mortgages the FHA offers.

FHA Home Loan

The basic FHA home loan is perfect for people looking to purchase one to four-unit properties that do not need any repairs. This loan only requires a 3.5% down payment and you will not be required to purchase private mortgage insurance (PMI). Plus, because FHA loans are so secure, you will be able to take advantage of really competitive interest rates. The other benefits of a Washington FHA loan include easy approval, streamline refinancing and flexible repayment plans.

203(k) Mortgage

The 203(k) mortgage was designed for individuals who want to purchase homes that need a lot of repair work done to it. With conventional loans, you would be required to take out a separate loan for the acquisition, repair work and final value of the home. These loans generally have high interest rates and low amortizations. With the 203(k), all three loans are rolled into one mortgage.

Energy Efficiency Mortgage

The Energy Efficiency Mortgage (EEM) helps people who want to upgrade their homes to be more energy efficient. The loan includes the cost of the house plus any upgrades to be completed. These can be anything from installing solar panels to weatherproofing to buying low-energy appliances.

Home Equity Conversion Mortgage

For homeowners over the age of 62, there is the Home Equity Conversion Mortgage (HECM) which allows the homeowner to borrow cash against the house’s equity. This cash does not need to be repaid until the borrower moves or passes away.

Get Started Today!

We have a team of FHA specialists who would love to help you get started on the road to homeownership today. Fill out our online form and you’ll be pre-approved for a Washington FHA loan instantly!

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