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HomeStreet Bank is a leading home lender with outstanding expertise. We have been making great things happen for our customers for more than 90 years. Whether you’re buying your first home, moving up or refinancing, we have a program for you. Our local decision-making and underwriting help streamline the process. Applying is easy, and many loans are pre-approved at the time of application, subject to final underwriting approval. So take a deep breath — we’ll be right beside you every step of the way.

Loan Programs


Fixed Rate Loans

Fixed-rate loans are very popular and among the most conservative loans available.


Fixed-rate loans are available for various terms — you can pick the one that suits you best. A fixed rate means that your principal and interest payment won’t change during the life of the loan. If your payments include reserves for taxes and insurance, these amounts may adjust year to year, due to fluctuations in your tax and insurance rates, but the principal and interest rate will always remain constant. If you plan on being in your home for a long time, or simply prefer the peace of mind that comes with knowing that your principal and interest payments won’t change, a fixed-rate loan may be a good option for you. A HomeStreet Loan Officer can show you how a fixed-rate loan compares to an adjustable-rate loan, so you can make an informed decision concerning these options.

A wide variety of loan programs are available at fixed interest rates. In fact, FHA, VA and conventional loans all can be either fixed or adjustable rate. HomeStreet Bank offers FHA and VA loans as fixed-rate loans, VA 3/1 ARMs and FHA one year, 3/1 and 5/1 ARMs. Conventional loans have a wide variety of fixed-rate, adjustable-rate and even interest-only options. Consult with a HomeStreet Loan Officer for the right loan program for you.

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Adjustable Rate Mortgages (ARMs)

Adjustable-rate mortgages or ARMs appeal to some borrowers who plan to be in their homes for only a few years, anticipate significant pay increases or believe that interest rates will trend down over time.


An ARM may also help you qualify for a larger loan than a fixed-rate mortgage. Popular ARMs currently have their payments fixed for an initial period of between one and 10 years. Adjustments may be made every year after the initial period, with the new rate based on an index and margin. Most ARMs provided by HomeStreet Bank use the LIBOR index. ARMs have interest rate caps, per adjustment and lifetime.


For further details on HomeStreet Bank’s adjustable rate mortgages, talk to a HomeStreet Loan Officer , or check out our online resources.


FHA, VA and conventional loans are all available with either a fixed rate or an adjustable rate. HomeStreet Bank offers FHA and VA loans as fixed-rate loans, VA 3/1 ARMs and FHA one year, 3/1 and 5/1 ARMs. Conventional loans have a wide variety of fixed-rate, adjustable rate and even interest-only options. Consult with a HomeStreet Loan Officer for the right loan program for you.

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Conventional Loans

A conventional mortgage is a private-sector loan, not guaranteed or insured by the U.S. government.


In almost all cases, a conventional loan from HomeStreet will be made according to agency underwriting standards set by Fannie Mae and Freddie Mac. Conventional mortgages usually require a minimum down payment of 5% to 20%, while some government programs require smaller, or in some cases, zero down payment. While the down payment requirement is higher than that of the government-backed programs, a conventional mortgage usually requires less paperwork and may have lower costs. A conventional mortgage may require a higher credit score to qualify for the best interest rates and fees.


For borrowers with available down payment funds and high credit scores, a conventional loan will often be the best option, provided the loan size falls within conforming loan limits. To find out about loan limits by location, check the table found here.

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FHA Loans

An FHA loan, backed by the Federal Housing Administration, may be a good option for borrowers with a smaller down payment or lower credit score than those required for a conventional loan.


The Federal Housing Administration provides government backing to these loans, which are available as fixed or adjustable-rate loans. HomeStreet Bank has been continuously producing FHA insured loans since 1937. It would be safe to say that we have more experience and expertise in processing and closing FHA loans than many lenders.

Government-insured loans increased in popularity in the wake of the recent financial crisis and became more mainstream, rather than being thought of as an option just for first-time buyers. FHA loan limits increased, down payment requirements lowered and changes were made to the qualifying criteria, making them a good alternative for more borrowers than in the past. In short, for more and more home buyers, an FHA loan may be the best choice.

Some features of FHA loans include:

  • Down payments as low as 3.5%
  • Easier qualification guidelines than those of conventional mortgages
  • FHA loan limits competitive with conforming loans, in most areas
  • Parents able to co-borrow with a child earning minimal or no income without being an occupant of the home
  • FHA 203(k) loans provide funds for renovation along with the home purchase or refinance

Your HomeStreet Loan Officer will help you determine if an FHA loan is the right option for you.

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VA Loans

Veterans Affairs (VA)-backed loans have been around for a long time and may be a good option for active-duty military and veterans.

Qualified borrowers can borrow up to current VA limits with zero down, and roll the VA funding fee right into their loan. No other loan today can offer this claim. Most active-duty service member and veterans are eligible for VA loan benefits.

The many advantages of VA home loans include:

  • No down payment
  • May have easier qualification requirements than other types of loans
  • Does not require private mortgage insurance, regardless of down payment amount
  • The seller can pay off buyer’s debt to help them qualify, up to 6% of the loan amount
  • The buyer can finance the VA funding as part of the loan
  • Closing costs are comparable to those of other loan types, and may even be lower
  • Special concessions available for disabled veterans

Contact a HomeStreet Loan Officer to learn more about VA loans and find out if they’re the right option for you. Thank you for your service .

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Portfolio Loans

Do you have a borrowing situation that doesn’t fit traditional mortgage underwriting standards? If so, a HomeStreet Bank Portfolio Loan might be a good option for your needs.


As a direct lender, HomeStreet has the option of offering a Portfolio Loan to borrowers with unique needs. A Portfolio Loan is one that’s not backed by an agency or government program, but instead is made from HomeStreet’s own funds. Our deposit product base provides us with the resources to offer Portfolio Loans when necessary — something you won’t find with mortgage brokers or lenders that are not associated with a full-service bank.


Since we make the loan from our own portfolio and keep it on our books (thus the name “Portfolio Loan”), we can be more flexible with this type of loan. As part of the process of working with you to find the right loan, we’ll evaluate all the available programs to see if one fits. If not, we may offer you a Portfolio Loan, based on your needs and qualifications.

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Condo Loans

Most home loan programs are also available for condominium or PUD purchases, although the eligibility requirements may differ from those for traditional single-family homes.


One of the biggest challenges faced with condominium financing is that Fannie Mae, FHA and VA loans require special project approvals. However, HomeStreet Bank has a streamlined condo approval process, which means a faster loan approval and closing for you and your purchase! Contact a HomeStreet Loan Officer to learn more.

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Refinancing Your Loan

Once you own your home, we are here to help you with your continuing financial needs. As your home is often your largest financial asset, you may be able to put the equity in your home to work for you.


There are as many reasons for refinancing your home as there are reasons for buying a home:

  • If your goal is to own your home free and clear, you may be able to shorten the term of your loan by raising your payment a little to reach your goal sooner than you thought possible.
  • You may find that refinancing your home is a good way to obtain some cash for home improvements, an investment or even to purchase a vacation home.
  •  If rates are low, you may be able to lower your payment and improve your cash flow.
  • If you currently have an adjustable rate mortgage (ARM), you may gain peace of mind by refinancing into a fixed-rate loan.
  • If your future plans are changing and you may not be in your home as long as originally thought, refinancing from a fixed-rate loan to an ARM could reduce your monthly payments significantly.

Contact a HomeStreet Loan Officer to help you find the best refinance choice for meeting your goals.

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