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Federal Housing Administration (FHA) Mortgage Loan

Available in both fixed and adjustable-rate options.

An FHA mortgage is ideal for borrowers with little cash saved for a down payment. This program is also popular with first time homebuyers, as well as those with low to moderate incomes. Loans are insured by the Department of Housing and Urban Development (HUD). Ask about our fast and easy FHA refinance options as well.

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Features

  • Local loan decisions.
  • Flexible credit standards.
  • Competitive rates.
  • Owner-occupied, one-to-four unit properties (site built, condos and manufactured homes allowed).
  • Minimum down payment of 3.5%.
  • Gift funds from a family member are allowed for a down payment.
  • Up to 6% seller contributions allowed (to cover closing costs, including discount points).

The Peoples Bank Difference

Whether you’re in the market to buy your first home, dream home or vacation home, our goal is simple – let’s make it work.

There are countless reasons to choose Peoples Bank for your home loan – from local loan decisions and on-time closings to great rates and fair terms, but we think the best reasons are our people. Our best-in-the-business team of loan professionals is ready to assist you every step of the way.

 

Questions? We’re here to help!

Email us or call (800) 584-8859

Subject to credit approval. Available to owner-occupied, single-family residences. Hazard insurance on the subject property is required. If the property is located in a Special Flood Hazard Area, we will require you to obtain flood insurance. Additional underwriting may apply for FHA loans. FHA loans are subject to upfront and annual mortgage insurance. Upfront mortgage insurance may be financed into the loan amount; annual mortgage insurance is paid monthly in the total monthly housing payment.

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It’s easy and you’ll have a decision faster than you’d expect.

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Find a Home Loan Specialist

Contact a home loan specialist today for information on rates and the type of loan best suited for your needs.

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Loan Calculator

Should I buy a home or rent? How much would my monthly payment be? Our mortgage calculators can help you decide.

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FHA Loan Limits by County

The loan limits below are for one unit properties with FHA case numbers assigned on or after January 1, 2020. Loan limits vary for 2-4 unit properties. HUD may update the maximum FHA mortgage limits annually. The limits vary by county.

Single Family FHA Loan Limits for the Following Washington State Counties:

  • Chelan - $345,000
  • Douglas - $345,000
  • Island - $393,300
  • King - $741,750
  • San Juan - $497,950
  • Skagit - $373,750
  • Snohomish - $741,750
  • Whatcom - $411,700