Seattle and Tacoma FHA Loans

Right now is a great time to apply for an FHA loan if you are planning to move to Seattle or Tacoma. Housing prices have typically been much higher in these cities than elsewhere in Washington, but with an FHA loan the entire loan process is much more affordable and simple compared to conventional loans. The Federal Housing Administration (FHA) has been helping Americans afford new homes for over seventy years, and today the advantages are greater than ever.

Advantages of FHA Loans

One major advantage of FHA loans is the low down payment feature. When you apply for an FHA loan, you will be able to finance up to 96.5% of the total cost of the house. This low down payment of 3.5% is much more reasonable than the 20% you would be expected to pay for a conventional loan. You also won’t have to pay any private monthly mortgage insurance and will be offered a really competitive interest rate. Plus, approval is quite lenient, so even if you have less than perfect credit, it is still possible to be approved for a new loan in Seattle or Tacoma.

Eligible Houses

For a standard FHA loan, properties that are eligible include one to four-unit houses that are below your county’s loan limits. Be sure to check out the website for the US Department of Housing and Urban Development (HUD) to find out what these limits are. There are also loans available for homes that need a lot of rehabilitation work done to it, and houses that require energy efficiency upgrades. Discuss all the different types of mortgages with your lender to find one that perfectly suits your needs.

How to Apply

In order to apply for an FHA loan in Seattle or Tacoma, you will need to find a lending institution that participates in the FHA home loan program. This lender can be a mortgage company, savings and loans association or bank. When you apply, you will be required to provide credit scores, bank balances, employment history and debt-to-income ratio. Your lender will be able to help you gather all this information during the loan process.

Get Pre-approved Today!

Getting pre-approved for a Seattle or Tacoma FHA loan is incredibly easy when you take a minute to fill out our secure online form. Pre-approval is fast, secure, simple and completely free.

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