Loan programs
One list of programs. Three states.
Core loan programs
Programs available across Washington, Oregon and Idaho
- ConventionalFannie Mae and Freddie Mac loans with as little as 3% down for qualified buyers.
- VAZero-down purchases, IRRRL refinances and assumptions for veterans, service members and eligible spouses.
- FHAFlexible credit guidelines and 3.5% down, insured by HUD.
- USDANo-down-payment loans for eligible rural and small-town properties.
- JumboLoan amounts above the conforming limit for higher-priced homes.
- DSCRInvestor loans qualified on the property's rent instead of your tax returns.
- Non-QMBank-statement, asset-based and other options for self-employed and non-traditional borrowers.
- Renovation / RehabBuy or refinance and finance the improvements in one loan (FHA 203(k), conventional renovation).
Frank finances these too
Specific Programs & Property Types
- First-Time HomebuyersLoan options and guidance to help buyers purchase their first home.Financing options
- Manufactured HomesFinancing options for eligible manufactured homes.Financing options
- CondominiumsFinancing options for eligible condos.Financing options
- Second HomesFinancing for vacation homes and other qualifying second homes.Financing options
- Investment PropertiesFinancing options for rental and investment properties.Financing options
- Rehab / Renovation LoansOptions to finance a home purchase or refinance along with eligible improvements and repairs.Financing options
Conventional
Fannie Mae and Freddie Mac loans with as little as 3% down for qualified buyers.
- Who it fits
- Buyers with solid credit and a steady income who want the widest choice of lenders, terms and property types, including second homes and investment properties.
- Down payment
- As little as 3% for first-time buyers and 5% for others on a primary residence; 10% for second homes; 15% to 25% for investment properties.
- Mortgage insurance
- Private mortgage insurance (PMI) when the down payment is under 20%. It can be removed once you reach 20% equity and drops automatically at 78% loan-to-value.
- Good to know
- Loans up to the conforming limit follow Fannie Mae and Freddie Mac guidelines; fixed and adjustable terms from 10 to 30 years. Condominiums must be warrantable.
Sources: Fannie Mae Selling Guide (opens in a new tab); Freddie Mac Single-Family Seller/Servicer Guide (opens in a new tab); FHFA: Conforming loan limit values (opens in a new tab).
VA
Zero-down purchases, IRRRL refinances and assumptions for veterans, service members and eligible spouses.
- Who it fits
- Veterans, active-duty service members, National Guard and Reserve members with qualifying service, and eligible surviving spouses.
- Down payment
- None required with full entitlement, and no VA loan limit. With partial entitlement, a down payment covers any guaranty shortfall.
- Mortgage insurance
- None. Instead, a one-time VA funding fee (financeable) that is waived for veterans receiving VA disability compensation and certain others.
- Good to know
- Sellers may pay all normal closing costs plus up to 4% in concessions. VA uses residual income alongside debt ratios. The IRRRL streamline refinance and VA assumptions are unique benefits.
Sources: VA.gov: VA home loans (opens in a new tab); VA.gov: VA funding fee and closing costs (opens in a new tab); VA Lenders Handbook (VA Pamphlet 26-7), benefits.va.gov (opens in a new tab).
FHA
Flexible credit guidelines and 3.5% down, insured by HUD.
- Who it fits
- First-time and repeat buyers with modest down payments or thinner credit histories, and buyers of 2 to 4 unit homes they will live in.
- Down payment
- 3.5% with a credit score of 580 or higher; 10% between 500 and 579 (lender minimums are usually higher).
- Mortgage insurance
- An upfront premium (financeable) plus an annual premium paid monthly; with under 10% down the annual premium lasts the life of the loan, so many borrowers refinance to conventional later.
- Good to know
- FHA appraisals enforce minimum property standards. Loan amounts are capped by county FHA limits. Condominiums need FHA project or single-unit approval. FHA 203(k) adds renovation funds.
Sources: HUD.gov: FHA loans for home buyers (opens in a new tab); HUD Single Family Housing Policy Handbook 4000.1 (opens in a new tab); HUD.gov: 203(k) Rehabilitation Mortgage Insurance (opens in a new tab).
USDA
No-down-payment loans for eligible rural and small-town properties.
- Who it fits
- Moderate-income buyers purchasing a primary residence in a USDA-eligible rural or small-town area, which includes much of Bonner County and rural Kitsap, Spokane and Oregon counties.
- Down payment
- None required. The upfront guarantee fee can be financed.
- Mortgage insurance
- An upfront guarantee fee and a lower annual fee in place of mortgage insurance.
- Good to know
- Both the address and the household income (all adults in the home) must qualify. Check USDA's maps and income limits early; they change. Property must meet condition standards.
USDA Single Family Housing Guaranteed eligibility tools
These official USDA tools provide an initial eligibility check only: enter an address to see whether the property is in an eligible area, and your household details to see whether income is within the limit. Frank confirms eligibility with the lender before you rely on it.
Sources: USDA Rural Development: Single Family Housing Guaranteed Loan Program (opens in a new tab); USDA: Property eligibility map (opens in a new tab); USDA: Single Family Housing Guaranteed income eligibility (opens in a new tab).
Jumbo
Loan amounts above the conforming limit for higher-priced homes.
- Who it fits
- Buyers of higher-priced homes whose loan amount exceeds the conforming limit, common on Bainbridge Island, Sandpoint lakefront and other premium markets.
- Down payment
- Typically 10% to 20%, varying by lender. Larger down payments unlock better pricing.
- Mortgage insurance
- Usually none at 20% down; some lenders offer lower down payments with mortgage insurance or a piggyback second lien.
- Good to know
- Jumbo rules are set by each lender rather than Fannie Mae or Freddie Mac, so credit score, reserves and income documentation requirements vary widely. This is where shopping lenders pays off most.
Sources: FHFA: Conforming loan limit values (opens in a new tab); CFPB: Loan Estimate explainer (opens in a new tab).
DSCR
Investor loans qualified on the property's rent instead of your tax returns.
- Who it fits
- Real estate investors buying or refinancing a rental property who prefer to qualify on the property's income rather than personal tax returns.
- Down payment
- Typically 20% to 25%. Pricing improves with a higher debt service coverage ratio and more equity.
- Mortgage insurance
- None; pricing is adjusted instead.
- Good to know
- DSCR = monthly rent divided by the full payment (principal, interest, taxes, insurance and HOA). Ratios of 1.0 or higher are generally required, 1.25 or higher opens up the most competitive terms. Short-term rental income may be accepted with documentation. Lender requirements vary; Frank compares DSCR lenders for you.
Sources: Fannie Mae Selling Guide B3-3.1-08: General Rental Income Information (opens in a new tab); CFPB: Mortgages consumer tools (opens in a new tab).
Non-QM
Bank-statement, asset-based and other options for self-employed and non-traditional borrowers.
- Who it fits
- Self-employed borrowers with heavy write-offs, buyers with substantial assets but modest taxable income, recent credit events, or foreign nationals.
- Down payment
- Typically 10% to 25% depending on the program and credit profile.
- Mortgage insurance
- None; rates are higher than conventional to account for the flexibility.
- Good to know
- Includes bank-statement loans (12 or 24 months of deposits), asset-depletion qualifying, 1099-only programs and interest-only options. These are legitimate loans with full disclosures; the trade-off is price. Often a bridge until you can refinance into conventional.
Sources: CFPB: Mortgages consumer tools (opens in a new tab); CFPB: Loan Estimate explainer (opens in a new tab).
Renovation / Rehab
Buy or refinance and finance the improvements in one loan (FHA 203(k), conventional renovation).
- Who it fits
- Buyers of homes that need repairs or updates, and owners who want to finance a remodel into their mortgage at one closing.
- Down payment
- FHA 203(k): 3.5% of the purchase price plus renovation cost. Conventional HomeStyle and CHOICERenovation: 3% to 5% of the as-completed value.
- Mortgage insurance
- Follows the underlying program (FHA MIP or conventional PMI).
- Good to know
- The loan is based on the after-improved value; funds are held in escrow and released to licensed contractors as work is inspected. Bids are required before closing, and timelines are longer. Limited 203(k) handles smaller projects without structural work.
Sources: HUD.gov: 203(k) Rehabilitation Mortgage Insurance (opens in a new tab); Fannie Mae Selling Guide (opens in a new tab); Freddie Mac Single-Family Seller/Servicer Guide (opens in a new tab).
Program rules summarized from agency guidelines; lenders add their own requirements, and rules change. This page is education, not a loan offer. Not a commitment to lend.
Questions people ask about loan programs
Are these loan programs available in all three states?
Yes. Every program listed is offered across Washington, Idaho and Oregon through Frank's wholesale lender network. Loan limits and some fees vary by county, not by state.
How do I know which program is right for me?
Frank prices your scenario across several programs and lenders and shows the monthly payment, cash to close and long-term cost side by side. The right fit depends on your down payment, credit, the property and how long you plan to keep the loan.
Does a broker cost more than going straight to a bank?
Broker compensation is paid by the lender or the borrower and is disclosed on your Loan Estimate. Banks, mortgage bankers, and credit unions offer their own loans. A mortgage broker shops the market, and the comparison is the point: you see what several lenders offer before you choose.
Can I combine down payment assistance with these programs?
Often. Washington (WSHFC), Idaho (IHFA) and Oregon (OHCS) housing finance agencies offer assistance that pairs with conventional, FHA, VA and USDA first mortgages, subject to income limits and homebuyer education.
What about construction, land or acreage loans?
They are not covered on this site right now. Ask Frank directly about options for building or buying land; the programs above cover existing homes, including homes on acreage and manufactured homes on owned land.
Not sure which program fits? That is the first question Frank answers.
Tell Frank what you’re trying to do. He’ll shop 35+ wholesale lenders and show you the options side by side.