FHA Loans in Washington
The FHA mortgage program has been a lifesaver for many Americans since its inception. The loan is insured by the Federal Housing Administration (FHA) and offered by mortgage lenders. Its popularity is fueled by its affordability coupled with relaxed qualification standards. If you are in Washington and thinking of buying a home it should be among your mortgage considerations. Moreira Team can help you apply for a Washington FHA loan and ensure that you qualify for it.
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FHA Loan Requirements in WA
Qualifying for a Washington FHA loan is not hard. You only need to make a down payment of 3.5% of the total loan amount and have a credit score of at least 640. Ideally you want your scores at 660 or higher so you can qualify for the best rate and the lowest payment. But that will depend on your credit history and other outstanding factors, something that Moreira Team can gladly help you with.
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Other than a good credit score and down payment requirements, Washington FHA loans also have fairly low-interest rates. In fact, the current market is more buyer-friendly than it has been in a long time. Plus the FHA allows sellers to pay up to 6% of the closing costs. Other loans have a maximum of 3%, so depending on how you negotiate with the seller, you can reduce the costs of your loan significantly.
In the majority of Washington Counties, the base maximum limit for FHA loans is $356,362 but there are counties with higher limits. In 2 counties, Chelan and Douglas, the FHA loan limit goes up to $371,450. In Clallam county it is a little higher at $384,100. Skagit and Thurston counties have a limit of $405,950, Island county comes in at $431,250, Kitsap county at $435,850, Whatcom county $442,750 and San Juan county at $497,950. Clark and Skamania counties have a limit of $517,500 and King, Pierce and Snohomish counties have the highest FHA loan limit of $776,250. No what county you are in, if you need help applying for a Washington FHA loan Moreira Team can help. Give us a call or apply today.