To buy a home in Washington you need a pre-approval before you write offers. As a mortgage broker, Team Kristen compares FHA, VA, conventional, USDA, jumbo and non-QM options across a network of wholesale lenders, then issues a pre-approval letter your agent can submit with an offer.
What a strong Washington offer needs
Sellers and listing agents look at three things beyond price: the strength of your pre-approval, how fast you can close, and how much risk your financing adds. A full pre-approval, with income, assets and credit reviewed up front, answers all three.
- Underwritten pre-approval. Income and assets are reviewed before you shop, so the letter means something.
- Clear cash-to-close. Down payment, closing costs and reserves are mapped before you write an offer.
- Appraisal planning. In multiple-offer markets, we plan for an appraisal gap before you commit to one.
Down payment minimums by program
| Program | Minimum down | Who it fits |
|---|---|---|
| VA | 0% with full entitlement | Eligible veterans, service members, some surviving spouses |
| USDA | 0% | Eligible rural areas, household income limits apply |
| Conventional 97 | 3% | At least one first-time buyer, or HomeReady/Home Possible income-eligible |
| FHA | 3.5% (580+ score) | Flexible credit, higher debt ratios with approval |
| Conventional | 5% (2–4 unit primary also 5%) | Most buyers with solid credit |
| Jumbo | Usually 10–20% | Loans above the county conforming limit |
Minimums are program maximums; individual lenders can require more. Your actual options depend on credit, income, assets and property.
Who pays what at closing in Washington
Washington's real estate excise tax (REET) is customarily paid by the seller, not the buyer. Buyers typically pay lender fees, title insurance for the lender, escrow fees, recording fees, prepaid interest and initial escrow deposits for property tax and homeowners insurance. Seller credits can cover many of these, within each program's limits.
Common questions
How much house can I afford in Washington?
It depends on your gross monthly income, monthly debts, credit score, down payment and the property's taxes, insurance and HOA dues. Most programs measure this with a debt-to-income ratio. Kristen calculates your exact range from your documents during pre-approval.
How long does pre-approval take?
With documents ready (pay stubs, W-2s or tax returns, and bank statements), a pre-approval is often issued the same or next business day.
Does the buyer pay excise tax in Washington?
No. Washington's real estate excise tax is customarily paid by the seller.