Sammamish Mortgage

Sammamish Mortgage Review

Sammamish Mortgage is offered by Sammamish Mortgage Company (NMLS #118653), a direct lender founded in 1992 and based in Bellevue, WA. Sammamish Mortgage are available in 4 states across the USA.

Key Takeaways

• 3 different mortgage programs offered. Sammamish Mortgage offers FHA, VA, jumbo, conforming, and conventional mortgages.
• Financing for a variety of property types. Offers home loans for manufactured, single, and multi-family homes.
• Standard interest rates types. Sammamish Mortgage offers adjustable-rate mortgages and fixed-rate mortgages.
• Considers personal use and investment properties. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
• Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
• No origination fee. Sammamish Mortgage does not charge a fee for processing your application on some loan options.
• Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Sammamish Mortgage.
• Fair credit accepted. Borrowers with a credit score as low as 620 may qualify for Sammamish Mortgage.
• High maximum DTI ratio. Sammamish Mortgage has a maximum debt-to-income ratio of 45%. This ratio includes all your monthly debts, not just your proposed mortgage payment. Typically, lenders have a maximum DTI of 43% or lower.

Sammamish Mortgage Pros & Cons

Sammamish Mortgage FAQ

How much can you borrow via Sammamish Mortgage Company?

Sammamish Mortgage allows borrowers to apply for loan amounts of up to $891,250. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.

What is the maximum loan term you can get with Sammamish Mortgage?

Sammamish Mortgage offers mortgages with terms ranging from 10 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does Sammamish Mortgage Company offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

Does Sammamish Mortgage charge an application fee?

No, they don't charge an application fee. However, the cost of the loan process is most likely included elsewhere in the closing costs.

Do they charge mortgage origination fees?

No, Sammamish Mortgage does not charge a mortgage origination fee.

Some lenders charge an origination fee for processing, underwriting, and funding a mortgage. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

What mortgage programs are available?

Besides conventional mortgages, Sammamish Mortgage offers the following mortgage types:

• FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
• Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency ($726,000 as of 2023).
• VA loans: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses. VA loans offer competitive mortgage rates, and don't have a minimum credit score. However, the mortgage lenders that offer them will typically require a credit score of at least 640.

What property usage types does Sammamish Mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Sammamish Mortgage allows the following property usage types: 

• Primary home
• Secondary homes and vacation properties
• Investment properties and house flipping projects

What is the customer service phone number?

The customer service number for Sammamish Mortgage is (425) 401-8787.

What is the support contact email?

The support contact email for is loan@sammtg.com.