First-Time Homebuyer Guide for Washington

You may be able to buy a home in Puyallup with as little as 3% down using certain conventional loans, 3.5% down with an FHA loan, or no down payment with an eligible VA loan. For a $500,000 home, a 3% down payment equals $15,000, while 3.5% equals $17,500. Closing costs are additional, although qualifying buyers may have access to down payment or closing-cost assistance.

FHA financing generally allows a 3.5% down payment with a credit score of at least 580, subject to lender requirements. Many conventional loan programs use a 620 credit-score benchmark, although eligibility can vary by program and underwriting system. VA loans have no VA-mandated minimum credit score, but individual lenders may establish their own requirements.

Yes. Many buyers in Pierce County purchase homes with substantially less than 20% down through FHA, conventional, and VA financing. Eligible buyers may also qualify for assistance through programs offered by the Washington State Housing Finance Commission. A smaller down payment may increase monthly costs or require mortgage insurance, depending on the loan program.

Mortgage preapproval generally involves reviewing your income, employment, credit, assets, and existing debts to estimate how much you may qualify to borrow. You may need recent pay stubs, W-2s, tax returns, bank statements, and identification. I can help Washington borrowers evaluate financing options before they begin making offers.

Home affordability depends on your income, monthly debt obligations, available down payment, credit profile, and current mortgage rates. Your total housing budget should account for principal, interest, property taxes, homeowners insurance, mortgage insurance when applicable, and HOA dues. Mortgage rates and APR vary and are subject to credit approval; any estimate is not a commitment to lend.

FHA loans may appeal to borrowers with lower credit scores or smaller down payments, while conventional loans may offer advantages for borrowers with stronger credit or those seeking cancellable private mortgage insurance. FHA loans generally require mortgage insurance, whereas conventional private mortgage insurance may eventually be removed when eligibility requirements are met. The better option depends on your finances, property, and long-term plans.

Yes. Self-employed borrowers can qualify for mortgages using documented business income, personal and business tax returns, and other financial records. Some alternative loan programs may use bank statements or other permitted income documentation, depending on lender guidelines. Consistent earnings, adequate reserves, credit history, and manageable debts can strengthen an application.

Many mortgage purchases in Washington close approximately 30–45 days after a purchase agreement is accepted, although some transactions take longer. The timeline depends on appraisal scheduling, documentation, underwriting, title review, and contractual deadlines. Preparing financial documents before making an offer may reduce avoidable delays.

Look for a mortgage professional licensed in Washington who can explain available loan programs, closing costs, and financing requirements. I work with NEXA Lending, LLC, NMLS #1660690, and serve borrowers throughout Pierce County and King County. Borrowers should compare written Loan Estimates and verify licensing through NMLS Consumer Access.