Specialty Loan Programs

Programs Requiring Low or No Down Payment

Some homebuyers lack a large down payment.  While traditionally a down payment of 20% or more has been required for conventional financing, today’s market offers several low down payment alternatives.

Below is a quick overview of some of the loan programs available at HomeStreet Bank for borrowers who need to put a minimum down on their new home.  FHA and VA loans are becoming increasingly popular due to recent changes in loan limits and underwriting criteria.  Be sure to ask your HomeStreet Loan Officer for details.

FHA Loans – FHA loans aren't just for first time borrowers, but are often the best choice for a variety of home buyers and sometimes even for refinancing.  In many cases they allow for a 3.5% down payment, which can come from a variety of sources, including gifted funds.  They have competitive interest rates and fees with easier qualification standards than many conventional loans

VA Loans – Available only to qualified military veterans, Veteran Administration (VA) loans allow for 100% financing.

Reverse mortgages

If you or a family member are a senior homeowner who either owns their home outright, or has a lot of equity in their home , a Reverse Mortgage may be a way to get additional cash or eliminate monthly payments.  Your home can provide an income for you while you maintain ownership, live in, and enjoy what you have worked years to achieve. You make no monthly payments, but a Reverse Mortgage is repaid when you sell, transfer your interest, or no longer occupy the home as a primary residence. No credit or income qualifying is required for a Reverse Mortgage. To qualify for a Reverse Mortgage, you must:

• Be at least 62 years old (both you and  your co-borrower)
• Occupy the home as a primary residence
• Own your home free and clear, or nearly so

To find out more about HomeStreet Bank Reverse Mortgages, visit our Reverse Mortgage page, fill out an information request form to contact one of our Reverse Mortgage Specialists, or call (800) 515-8040 today.

HomeStreet’s Hispanic Initiative – Nuestro Barrio

HomeStreet Bank, in partnership with El Centro de la Raza in Seattle and Open Door Counseling Center in Portland, is proud to present a series of events designed to help you learn about the home buying process. Classes are held in both the greater Seattle and Portland areas.   Visit the Nuestro Barrio page for more information.

Remember, whatever your individual financing needs, a HomeStreet Bank Loan Officer can help you find the financing option that's right for you.  If you want to get started right away, apply online now.