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Last updated: Feb 24, 2024
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

Washington Mortgage Overview

Washington is home to 7.8 million people and is known as the Evergreen state because of its vast amount of evergreens. The average home price in Washington is $339,000 and the average mortgage payment is around $1,800.

If you're ready to buy a home in Washington, here are your loan options.

Washington conventional loans

Conventional financing is traditional financing. You don't need a 20 percent down payment. You can get a loan with 3 percent down as a first-time homebuyer or 5 percent if you've owned a home before. You'll need a 660 credit score and low debt to income ratio of around 36 percent to qualify. Conventional loans charge PMI but only until you owe less than 80 percent of the home's value.

Washington FHA loans

FHA loans are for borrowers with less than perfect credit. You can get an FHA loan with a 3.5 percent down payment with a credit score as low as 580. You can even get a loan with a 500 - 579 credit score with a 10 percent down payment. You may use down payment assistance in some cases, but some lenders require you to invest your own funds too. FHA loans have mortgage insurance for the life of the loan.

Washington VA loans

VA loans are for veterans. If you served 90 days during wartime or 181 days during peacetime, you may be eligible. VA loans offer 100 percent financing and only require a 620 credit score. VA loans have flexible debt ratio guidelines, allowing debt ratios up to 50 percent. VA loans don't require mortgage insurance but do have an upfront funding fee.

Washington USDA loans

USDA loans are for borrowers who don't qualify for other financing options, including low to moderate-income families. You'll need a 640 credit score and a max 41 percent debt ratio. You must live within the USDA boundaries, but the USDA has loose guidelines regarding what's rural.

First-Time Homebuyer Programs in Washington

Home Advantage

The Home Advantage program offers low mortgage rates and flexible terms for first-time homebuyers. You can combine it with the down payment assistance program for even more help buying a home.

Home Advantage Down Payment Assistance

If you use the Home Advantage loan program, you can secure the DPA too. Your household income must be less than $145,000 and you need a 620 credit score. Most homebuyers can obtain up to $10,000 in down payment assistance.

The House Key Opportunity Program

This program is for low to moderate-income families. Each county has a separate loan limit and loan requirements. All eligible borrowers must attend homebuyer education courses to qualify.

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