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Home Affordable Refinance Program (HARP)

The Home Affordable Refinance Program (HARP) provides an easier way to refinance your home.


Backed by the federal government, a HARP makes it easier for homeowners to refinance their homes at a lower rate. Even if your home has declined in value, a HARP loan can help you lower your payments or change to a more stable loan type.

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Home Affordable Modification Program

The Home Affordable Modification Program provides avenues for millions of responsible homeowners in difficult situations to stay in their homes and avoid foreclosure.

Current HomeStreet loan customers who reside in their home may qualify for a mortgage rate modification if they find themselves in any of the following situations:

  • They have experienced a significant drop in income.
  •  They have experienced a significant unaffordable increase in expenses.
  •  They have suffered a serious hardship.

For more information or to see if you qualify for a loan modification, please email or call our Loan Servicing department at 800-237-3194 or 206-623-4616 in the Seattle area.

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Doctor Loans

Is anyone here a doctor? Good. We’re talking to you.


New doctors have unique mortgage needs. Particularly when faced with student loan debt that might reduce your eligibility for traditional mortgages. So we offer a special loan just for doctors like you at the start of your career.


Some features of HomeStreet Doctor Loans include:

  • Loan amounts up to $750,000
  • Low down payments
  • Fixed-rate or ARM loans available
  • Income from future employment contract may be used as a basis for loan qualification
  • Student loan debt deferred 12 months or more and not included in debt-to-income ratio calculation
  • Available for purchases and refinances
  • Eligible properties include single-family homes, PUDs and Fannie Mae-approved condominiums
  • Program available to borrowers in Washington, Oregon, Idaho, California and Hawaii

You may qualify for a HomeStreet Doctor Loan if you are:

  • A medical or osteopathic resident, intern or fellow
  • A licensed medical or osteopathic physician who has completed residency, but has been in practice for five years or less
  • A dentist or oral surgeon who has been in practice for five years or less

If you fit one of these descriptions, contact a HomeStreet Loan Officer for more information.

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One-Step Construction Loans

Build a custom home or make a major renovation with HomeStreet Bank’s One-Step Construction loan program.

With this unique loan, construction costs, land purchase and permanent financing are rolled into one loan. You go through just one approval process and one loan closing, and avoid interest rate risk and fluctuation by locking your rate before construction begins. If you’ve dreamed of designing your home from the ground up, this loan program will help see your project through.

Features and benefits of our One-Step Construction loan program include:

  • Ability to lock your rate before construction begins to avoid interest rate risk and fluctuations
  • Financing available up to 90% based on the lesser of costs of construction or appraised value
  • Lot purchase or payoff may be included in loan
  • Finance your home’s construction instead of your builder putting up the funds
  • Loan amounts available up to $1,000,000
  • Major renovations also allowed, with a minimum renovation cost of $150,000
  • Take up to one year to complete construction and obtain your certificate of occupancy
  • One loan approval process, one closing and one appraisal — all upfront before construction begins

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Home Renovation Loans

HomeStreet offers a variety of home renovation loan programs, so we’ve got you covered regardless of whether your job is big or small.

Whether you're looking to finance the purchase and renovation of a new home, or want to remodel your present one, one of our programs will likely fit your unique needs.

In today's housing market, many shoppers are finding more homes in need of significant updates or basic repairs to make them livable. Some home buyers are purchasing bank-owned properties at attractive prices, but they sometimes need extensive work. Other homes must sell "as-is." Whatever the reason, an FHA 203(k) renovation loan can be a great solution for the buyer and the seller.

You can finance a wide variety of remodel and rehab projects to make the home more livable, including additions, system upgrades, weatherproofing or even solar energy equipment — and one loan finances both the home purchase and rehab costs. A HomeStreet Loan Officer can help guide you through the process of selecting a loan type and completing an application.

The following are among the types of renovation loans that we offer.

FHA 203(k) Renovation Loans

FHA 203(k) loans are available in two versions: the FHA 203(k) Streamline Renovation Loan, available for small projects, which even allows do-it-yourself work, and the FHA 203(k) Renovation Loan, which is a larger loan requiring the assistance of a general contractor. Both versions feature:

  • A single loan for both purchase and remodeling costs
  • The loan closes before the work begins
  • Down payments as low as 3.5% for purchase loans
  • Less stringent qualification requirements than some other renovation loans

For specific details of FHA 203(k) loans, visit or contact HomeStreet Home Loans.

Fannie Mae Renovation Loans

If you’re considering a renovation to a primary residence, a vacation home or an investment property, you may want to consider the Fannie Mae HomeStyle® Renovation Loan:

  • Customize a home to your specifications with substantial renovation work — expansion or improvement
  • One conventional, fixed-term renovation loan covers both your purchase or refinance and the renovation work
  • Take up to six months to complete the project
  • Loan closes before the work begins
  • Low down payment options available
  • No renovation cost minimum and renovation costs can be up to 50% of the “as completed” appraised home value
  • Available for single family residences, condominiums and multiplexes (1-4 units)

For more information on HomeStyle Renovation Loans, contact a HomeStreet Loan Officer.

One-Step Construction loans or Fannie Mae HomePath® loans may also be used for home renovation under certain conditions. Visit the appropriate sections to learn more about these specialized programs.

(Disclaimer: HomeStyle® is a registered trademark of Fannie Mae and is not related to or affiliated with HomeStreet Bank. )

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USDA Rural Development Loans

A USDA Rural Development Loan is a unique government-insured financing program that can make home ownership possible for many low- to moderate-income families.

Qualified borrowers in selected areas can take advantage of the USDA Rural Development Loan program to get a fixed-rate home loan with zero down.

Some benefits of USDA loans include:

  • Finance up to 100% of the value of the home
  • No down payment required
  • Seller can pay up to 100% of the closing costs
  • No private mortgage insurance (PMI) required, reducing monthly payment amount
  • A Mortgage Credit Certificate may be used, provided requirements for both programs are met
  • Available for refinancing existing home loans

Please contact a HomeStreet Loan Officer to learn more about USDA Rural Development Loans and availability in your area.

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State Bond Programs

Many of the states where we do business offer special State Bond Loans, which typically provide eligible borrowers with a below-market interest rate.

The many benefits of State Bond Loans include:

  • Below-market interest rates — often .5 to .75 of a percentage point reduction
  • Lower monthly house payments or increased purchasing power for eligible borrowers
  • More reasonable loan fees when compared to other programs
  • Often can be combined with down payment assistance programs to further benefit the borrower

Generally, State Bond Loans are available to first-time buyers or those who have not owned a home in the past three years, but there may be “target areas” where this requirement is waived. Buyers need to meet the applicable income and maximum purchase price limits for the area in which the property is being purchased. State Bond Loans also require that the home be owner-occupied as the borrower’s primary residence.

Requirements and availability of State Bond Loans change frequently, so please contact a HomeStreet Loan Officer to learn about current availability in your area.

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Manufactured Home Financing

Finding the right financing for a manufactured home can present challenges to buyers.

As experts in all types of home financing, HomeStreet Bank will work with you to find the best financing solution for your manufactured home. Options for financing of manufactured homes on land include FHA, VA and conventional mortgages. Some features of these loans include:

  • Increased loan limits and easier qualification criteria, making FHA loans a good option for many buyers of manufactured homes
  •  Down payments as low as 3.5% for FHA loans
  • FHA 203(k) renovation loan program may be available for necessary repairs
  • Zero-down VA loans may be available for active-duty military and veterans
  • Conventional financing available with as little as 5% down

Contact a HomeStreet Bank Loan Officer for more information about options for financing your manufactured home.

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