FAIL (the browser should render some flash content, not this).
Live Chat

Washington Conventional Loans

What are Conventional Loans and Conforming Loans?
By definition, a Conventional Loan is any mortgage that is not guaranteed or insured by the federal government. A conventional loan is generally referring to a mortgage loan that follows the guidelines of government sponsored enterprises (GSE's) like Fannie Mae or Freddie Mac. Conventional loans may be either "conforming" and "non-conforming". Conforming loans follow the terms and conditions set by Fannie Mae and Freddie Mac. Nonconforming loans don't meet Fannie Mae or Freddie Mac guidelines, but they are also considered conventional.


What factors determine if I am eligible for a Conventional Conforming Loan in Washington?
To be eligible for a Conforming Loan in Washington, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. At least a 620 FICO credit score is generally required to obtain a conventional conforming loan approval. You must also have enough income to pay your housing costs plus all additional monthly debt.

What is the maximum amount that I can borrow?
The maximum amount for a Conventional Loan in Washington is determined by:

Maximum Loan Amount: The maximum loan amount allowed for a Conventional Conforming Loan varies from county to county. The highest maximum Conventional Conforming right now is $729,750. The lowest maximum Conventional Mortgage amount available in any county is $417,000. To see what the limit is in the county in which you're interested, visit the following site https://www.efanniemae.com/sf/refmaterials/loanlimits/. This site lists U.S. territories as well as states.

Maximum financing: In Washington, the maximum Conventional Mortgage amount will be 80% - 95% of the appraised value of the home or its selling price, whichever is lower.

How much money will I need for the down payment and closing costs?
Conventional Home Mortgage Loans require the home buyer to invest at least 5% - 20% of the sales price in cash for the down payment and closing costs. If the sales price is $100,000 for example, the home buyer must invest at least $5,000 - $20,000.

What property types are allowed for Conventional Conforming Mortgages?
Conventional Mortgage Guidelines allow you to purchase warrantable condos, planned unit developments, modular homes, manufactured homes, and 1-4 family residences. Conventional Loans can be used to finance primary residences, second homes and investment property.

Learn more about Conventional Mortgages.

View Home Loan Comparison.

What types of refinance programs do Conventional Loans offer in Washington?
There are two main types of Conventional Refinance loans available in Washington.

Conventional Rate/Term Refinance
Conventional Rate/Term Refinancing Loans are for borrowers who currently have conventional fixed rate homeowner loans or ARM mortgages and wish to refinance into a Conventional Mortgage. This program helps borrowers who wish to have a stable, Conventional insured fixed rate mortgage.

Cash-Out Refinance
An Conventional Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.


What factors determine if I am eligible for a Conventional Refinance Loan?
To meet Conventional refinance loan requirements in Washington, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. You must be able to cover closing costs and have enough income to pay your monthly debt.

More information about Conventional Refinance

Complete Online Application

Additional lender offers.

Washington Conventional Mortgage Limits by County
Updated 05/05/2009
County Name MSA Name        
Single
   Duplex      Triplex     Fourplex
ADAMS, WA NON-METRO $417,000 $533,850 $645,300 $801,950
ASOTIN, WA LEWISTON, ID-WA (MSA) $417,000 $533,850 $645,300 $801,950
BENTON, WA KENNEWICK-PASCO-RICHLAND, WA (MSA) $417,000 $533,850 $645,300 $801,950
CHELAN, WA WENATCHEE, WA (MSA) $417,000 $533,850 $645,300 $801,950
CLALLAM, WA PORT ANGELES, WA (MICRO) $417,000 $533,850 $645,300 $801,950
CLARK, WA PORTLAND-VANCOUVER-BEAVERTON, OR-WA (MSA) $417,000 $533,850 $645,300 $801,950
COLUMBIA, WA NON-METRO $417,000 $533,850 $645,300 $801,950
COWLITZ, WA LONGVIEW, WA (MSA) $417,000 $533,850 $645,300 $801,950
DOUGLAS, WA WENATCHEE, WA (MSA) $417,000 $533,850 $645,300 $801,950
FERRY, WA NON-METRO $417,000 $533,850 $645,300 $801,950
FRANKLIN, WA KENNEWICK-PASCO-RICHLAND, WA (MSA) $417,000 $533,850 $645,300 $801,950
GARFIELD, WA NON-METRO $417,000 $533,850 $645,300 $801,950
GRANT, WA MOSES LAKE, WA (MICRO) $417,000 $533,850 $645,300 $801,950
GRAYS HARBOR, WA ABERDEEN, WA (MICRO) $417,000 $533,850 $645,300 $801,950
ISLAND, WA OAK HARBOR, WA (MICRO) $417,000 $533,850 $645,300 $801,950
JEFFERSON, WA NON-METRO $417,000 $533,850 $645,300 $801,950
KING, WA SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION $506,000 $647,750 $783,000 $973,100
KITSAP, WA BREMERTON-SILVERDALE, WA (MSA) $417,000 $533,850 $645,300 $801,950
KITTITAS, WA ELLENSBURG, WA (MICRO) $417,000 $533,850 $645,300 $801,950
KLICKITAT, WA NON-METRO $417,000 $533,850 $645,300 $801,950
LEWIS, WA CENTRALIA, WA (MICRO) $417,000 $533,850 $645,300 $801,950
LINCOLN, WA NON-METRO $417,000 $533,850 $645,300 $801,950
MASON, WA SHELTON, WA (MICRO) $417,000 $533,850 $645,300 $801,950
OKANOGAN, WA NON-METRO $417,000 $533,850 $645,300 $801,950
PACIFIC, WA NON-METRO $417,000 $533,850 $645,300 $801,950
PEND OREILLE, WA NON-METRO $417,000 $533,850 $645,300 $801,950
PIERCE, WA TACOMA, WA METROPOLITAN DIVISION $506,000 $647,750 $783,000 $973,100
SAN JUAN, WA NON-METRO $483,000 $618,300 $747,400 $928,850
SKAGIT, WA MOUNT VERNON-ANACORTES, WA (MSA) $417,000 $533,850 $645,300 $801,950
SKAMANIA, WA PORTLAND-VANCOUVER-BEAVERTON, OR-WA (MSA) $417,000 $533,850 $645,300 $801,950
SNOHOMISH, WA SEATTLE-BELLEVUE-EVERETT, WA METROPOLITAN DIVISION $506,000 $647,750 $783,000 $973,100
SPOKANE, WA SPOKANE, WA (MSA) $417,000 $533,850 $645,300 $801,950
STEVENS, WA NON-METRO $417,000 $533,850 $645,300 $801,950
THURSTON, WA OLYMPIA, WA (MSA) $417,000 $533,850 $645,300 $801,950
WAHKIAKUM, WA NON-METRO $417,000 $533,850 $645,300 $801,950
WALLA WALLA, WA WALLA WALLA, WA (MICRO) $417,000 $533,850 $645,300 $801,950
WHATCOM, WA BELLINGHAM, WA (MSA) $417,000 $533,850 $645,300 $801,950
WHITMAN, WA PULLMAN, WA (MICRO) $417,000 $533,850 $645,300 $801,950
YAKIMA, WA YAKIMA, WA (MSA) $417,000 $533,850 $645,300 $801,950


More Information on Conventional Mortgages and Conventional Refinance

Complete Online Application

Additional lender offers.

Mortgage, CD, Car Loan and Savings Account Rates by RateZip.


Select Type of Loan:


Select Your State:


What is Your Credit Profile:




 Why choose a Conventional Loan?

  • Washington Conventional Mortgages are likely the best home loan for borrowers with excellent credit and a substantial down payment.
  • There are no prepayment penalties for a Conventional Conforming Mortgage.
  • A Conforming Loan can be used in Washington for the purchase of a Primary Residence, Second Home or Investment Property.
  • A Conventional Mortgage is available all areas of Washington, provided a market exists for the property and the home meets minimum property standards.
  • A Conforming Loan may be used to purchase or refinance a new or existing one to four family home in urban and rural areas of Washington, including manufactured homes on permanent foundations.
  • A Conventional house loan can be offered at terms of 10, 15, 20, 25, 30 and 40 years. The terms of 15 and 30 years often carry the lowest interest rates.



. What types of Conventional Mortgages are available in Washington?

Fixed Rate Mortgage
Most Conventional Mortgages are fixed-rate mortgages. In a fixed rate mortgage, your interest rate stays the same for the entire loan period. With a fixed rate Conventional Mortgage, you always know exactly how much your monthly payment will be. Contact us for today's free Conventional mortgage rates.

Adjustable Rate Mortgage
With a conventional adjustable rate mortgage (ARM), the initial interest rate and monthly payments are low, but these may change during the life of the loan. Conventional Loans mainly use the Constant Maturity Treasury Index (CMT) or the London Interbank Offered Rate Index (LIBOR) to calculate the changes in interest rates. Conventional ARMS are offered with initial fixed rate periods of 3 years, 5 years, 7 years and 10 years.

 Conventional Refinance Programs

Conventional Rate/Term Refinance
Conventional Rate/Term Refinance Mortgage Loans are for for borrowers who currently have a conventional fixed rate or ARM mortgage. This program helps those who are refinancing a loan and wish to refinance into a stable, Conventional Mortgage.

Cash-Out Refinance
Conventional Cash Out Refinance loans are perfect refinancing home equity loans for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.




Home   |    FHA Mortgage Loans   |   CONVENTIONAL LOANS   |   JUMBO LOANS   |   VA LOANS   |   USDA LOANS   |   APPLY NOW

Copyright © 2009 - 2011 LOANS-101.com. All Rights Reserved
Privacy Policy | Loan Limits By State | Home Loan Blog | Resources | Site Map | Contact Us
Loans-101.com is not a lender or broker and does not offer mortgages. Loans-101.com provides information about mortgages and home loans. Loans-101.com does not offer mortgages or home loans directly or indirectly. Loans-101.com is not responsible for the accuracy of information and/or interest rates, APR or mortgage information posted by brokers, lenders, banks or other advertisers.