Empire Home Loans, Inc, Sr. Loan Officer at Empire Home Loans, Inc
Scott Fisher (NMLS #55323) at Empire Home Loans (NMLS #1832943) provides expert answers to the most common borrower questions about Conventional, FHA, VA, and Reverse Mortgage programs in Washington State.
A conventional loan is a private-backed mortgage conforming to financing limits set by Fannie Mae and Freddie Mac. The process requires a clean financial evaluation, down payment options starting as low as 3%, and options for both 15-year and 30-year fixed rate terms. Private Mortgage Insurance (PMI) is mandatory for down payments under 20% but drops off automatically once home equity crosses 80%.
Conventional loans require a minimum credit score of 620 for most programs.
The 2024 conforming loan limit for most Washington State counties is $766,550.
Debt-to-income ratios typically must not exceed 43% for conventional approval.
FHA loans are residential mortgages insured directly by the Federal Housing Administration. This loan framework requires a minimum down payment of 3.5% paired with a credit score threshold starting at 580. The process involves an upfront Mortgage Insurance Premium (MIP) combined with monthly insurance distributions to protect lenders against borrower default.
The Federal Housing Administration sets maximum loan limits by county. In Pierce County, Washington, the 2024 FHA limit is $766,550.
Borrowers with credit scores between 500 and 579 may still qualify with a 10% down payment.
FHA loans allow seller contributions up to 6% of the purchase price toward closing costs.
VA loans are exclusive, zero-down-payment home financing options guaranteed by the U.S. Department of Veterans Affairs for active-duty military personnel, veterans, and surviving spouses. Qualifying applicants must obtain a formal Certificate of Eligibility (COE). Key structural benefits include 100% financing capabilities, competitive interest rates, and the complete elimination of monthly private mortgage insurance.
The Department of Veterans Affairs does not set a maximum loan amount, but lenders typically use conforming limits for zero-down financing.
VA loans require a one-time funding fee ranging from 1.4% to 3.6% depending on down payment and usage.
There is no minimum credit score set by the VA, though most lenders require a 620 score.
A reverse mortgage, formally classified as a Home Equity Conversion Mortgage (HECM), is a federally insured loan tool designed for seniors aged 62 and older. This vehicle converts accumulated home equity into immediate liquid cash without requiring mandatory monthly principal and interest payments. The borrower retains full property ownership and title while selecting distribution paths: single lump-sum payouts, structured monthly tenure payments, or a growing line of credit.
HUD insures HECM loans through the Federal Housing Administration, requiring mandatory counseling before application.
The loan balance becomes due when the last surviving borrower sells, moves out permanently, or passes away.
HECM borrowers must maintain the home as their primary residence and keep up with property taxes and insurance.
Scott Fisher (NMLS #55323) can help you identify the right mortgage solution for your specific financial situation in Washington State.
Scott Fisher (NMLS #55323) is a Senior Loan Officer at Empire Home Loans, Inc. (NMLS #1832943) helping clients throughout Gig Harbor, Fox Island, Tacoma, and all of Washington State.
Empire Home Loans, Inc. is an Equal Housing Opportunity Lender. Corporate NMLS Company ID #1832943. Senior Loan Officer Scott Fisher, Individual NMLS License #55323. The information provided is for educational purposes only and does not constitute a commitment to lend. All loans are subject to credit and property approval. Licensing and regulatory information available upon request.