Bellingham WA Home Loan Rates and Tips

Bellingham WA Home Loan Rates and Tips

FHA & VA loan rates dropped by .25% this past week, while a conventional 15 year fixed rate loan dropped .125% and the Jumbo 30 year fixed rate increased that amount.  There isn’t much in that summary to complain about!

A financing tip from Sidney: 

FHA…or No FHA?  FHA loans (backed by the Federal Housing Administration) are popular because they require a down payment of as little as 3.5%, as compared to at least 20% for a conventional loan with a similar credit score.  There are some limits to keep in mind, however:  typically a home must meet somewhat higher condition standards, an FHA loan will cost a seller more money and a condo building must be FHA approved.  Most condo buildings in Whatcom County are not FHA approved, so before you fall in love with a unit, you might want to search for it on the list of  FHA-approved condos on the Department of Housing and Urban Development’s website at https://entp.hud.gov/idapp/html/condlook.cfm.  It could save you a letdown down the road.

Home loan rates as of Wednesday, May 12 are in the following table.  For more details, or a custom quote, contact SidneyStonecypher at People’s Bank, 360-676-4597 or sidney.stonecypher@peoplesbank-wa.com.  Remember that many variables come into play in determining the rate a lender will give a borrower.  If you are getting a rate quote from a lender who does not have all your information, that rate may not be real.  What with the low rates, it is still a great time to buy a house!

 If you have other questions about financing, don’t hesitate to contact us and we will get you the answer.  If you are wondering, other people probably are as well.  For general financing and market information, check out our website.

For more information on Bellingham Real Estate or to search for homes in the Bellingham and Whatcom County area visit www.JohnsonTeamRealEstate.com, your one stop Bellingham real estate and community information resource!