Specialty Loan Programs
Special Programs to facilitate purchases
At HomeStreet Bank we recognize that sometimes it takes more than one loan to get into the home of your dreams. We facilitate purchase transactions with other lending products, secured either by the new home, or, in the case of a bridge loan, by your current owner-occupied property.
First and Second Mortgage Combination Loans – HomeStreet Bank “Purchase Money Second” Mortgage and “Purchase Money” HELOC programs. These are second loans that can be used in conjunction with our first mortgage when purchasing or refinancing your home to allow for a smaller or no down-payment.
Bridge Loans – If you own a home that you intend to sell, but need to buy your new home first, a bridge loan may provide the interim financing you need. This loan must be paid off within one year of the sale of your former home and can allow you to finance a portion of, or perhaps all, of the downpayment on your new home purchase. Talk with a HomeStreet Bank Loan Officer to help determine the right combination of loans for you.
Stated Income Loans and Other ‘No Doc’ Loans
"Stated income" and other loan programs requiring only limited documentation have recently been popular. Unfortunately due to current market conditions they are now restricted to self-employed borrowers. Rates and/or fees for this type of financing are typically higher than for other loan types, usually requiring borrowers to have higher than average credit scores. Talk to a HomeStreet Loan Officer to determine if this is the right type of financing for you.
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, please 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.

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