Supporting Homeownership Since 1906
For over a century, we have diligently worked to help our community achieve homeownership. In today’s fast-paced market, housing values continue to rise, making affordability a growing challenge for many households. To help eliminate barriers, we created a special affordable home loan program.
Potential borrowers with gross earnings at 80% or less of the median household income levels in Thurston and Mason counties are eligible. The maximum loan amount for this program is $362,000*. The median and maximum household income to qualify for this program are:
| Income Levels | Thurston County | Mason County |
|---|---|---|
| Median Income | ||
| Median Income | $102,500 | $86,000 |
| Maximum Income | ||
| Maximum Income | $82,000 | $68,800 |
The special incentives and discounts noted below combine to help reduce the out-of-pocket expenses for the borrower, while also keeping their overall monthly payment more affordable.
The program eliminates barriers to homeownership with the following benefits:
- Borrowers who qualify for this program receive a discounted interest rate based on current market rates. [Today’s Rates]
- In addition, qualifying borrowers also receive a reduced loan origination fee, from the typical 1% to a flat fee of $800.00.
- Applicants can borrow up to 97%** of the purchase price of a home and all but $1,000 of the down payment may come from a family gift or down payment assistance program. In addition, seller-paid closing costs are allowed.
- Loans with less than 20% down will require Private Mortgage Insurance (PMI). We have negotiated a reduced PMI premium for qualifying borrowers to help further lower their monthly payment.
THURSTON COUNTY SAMPLE HOME LOAN PAYMENT CALCULATION:
Calculation based on $362,000.00 conventional loan with 3% down payment (purchase) or equity position (refinancing). Payment calculations are principal and interest only and do not include taxes, insurance or Private Mortgage Insurance (PMI), which may increase your monthly payment.
Interest Rate: 4.000%
Annual Percentage Rate (APR): 4.059%
Loan Fee: $800
Number of Payments: 360
Monthly Payment: $1,728.24
Total Interest Paid: $260,772.08
One-Time Private Mortgage Insurance (PMI) Premium Not included in Loan to Value. Rates subject to change. Current Rates. Rates effective April 18, 2024 and subject to change at any time.
MASON COUNTY SAMPLE HOME LOAN PAYMENT CALCULATION:
Calculation based on $304,000.00 conventional loan with 3% down payment (purchase) or equity position (refinancing). Payment calculations are principal and interest only and do not include taxes, insurance or Private Mortgage Insurance (PMI), which may increase your monthly payment.
Interest Rate: 4.000%
Annual Percentage Rate (APR): 4.068%
Loan Fee: $800
Number of Payments: 360
Monthly Payment: $1,451.34
Total Interest Paid: $217,977.40
One-Time Private Mortgage Insurance (PMI) Premium Not included in Loan to Value. Rates subject to change. Current Rates. Rates effective April 18, 2024 and subject to change at any time.
This program is designed to help current homeowners with affordable options for possibly lowering their payment, consolidating debt and/or making needed home improvements.****
Key features include:
- Borrowers who qualify for this program receive a discounted interest rate based on current market rates. [Today’s Rates]
- Borrowers also have the option to reduce the term of their loan, possibly reducing the overall interest paid over the life of the loan.
- Borrower are exempt from paying an origination fee.
- Borrowers may be eligible to receive a lender credit to offset closing costs and their property may qualify for an expense reducing property evaluation in lieu of a formal appraisal.
- Borrowers who qualify can take cash out to make needed home improvements or consolidate debt at a lower interest rate***.
- Borrowers, who qualify and choose to do a non-cash out refinance, may do so up to 95%** LTV with a special reduced Private Mortgage Insurance (PMI) premium.
This owner-occupied construction program is designed to help create more affordable housing opportunities at a time when today’s purchase market has a limited inventory of options. Benefits include:
- Borrowers who qualify for this program receive a discounted interest rate based on current market rates.
- In addition, qualifying borrowers also receive a reduced loan origination fee, from the typical 1% to a flat fee of $800.00.
- Applicants can borrow up to 95%** of the cost of the home and all but $1,000 of the down payment may come from a family gift or down payment assistance program.
- Loans with less than 20% down will require Private Mortgage Insurance (PMI). We have negotiated a reduced PMI premium for qualifying borrowers to help further lower their monthly payment.
- Call us at (360) 754-3400 and we’ll connect you with a loan officer that will be happy to assist. You can also visit one of our 8 branch locations or start your loan application online.*****
THURSTON COUNTY SAMPLE CONSTRUCTION CALCULATION:
Calculation based on $362,000.00 conventional loan with 5% down payment. Payment calculations are principal and interest only and do not include taxes, insurance or Private Mortgage Insurance (PMI) which may increase your monthly payment.
- Loan Type: 30 year fixed rate
- Monthly Loan Payment: (P&I) $1,728.24
(Taxes & Insurance Not Included) - Down Payment: 5%
- Max Loan Amount: $362,000.00
- Interest Rate: 4.000%
- Annual Percentage Rate: 4.087%
- Loan Term: 30 Year
- Loan Fee: $800
- Total Interest Paid: $267,408.78
One-Time Private Mortgage Insurance (PMI) Premium Not included in Loan to Value. Rates subject to change. Current rates. Rates effective April 18, 2024 and subject to change at any time.
MASON COUNTY SAMPLE HOME LOAN PAYMENT CALCULATION:
Calculation based on $304,000.00 conventional loan with 5% down payment. Payment calculations are principal and interest only and do not include taxes, insurance or Private Mortgage Insurance (PMI) which may increase your monthly payment.
- Loan Type: 30 year fixed rate
- Monthly Loan Payment: (P&I) $1,451.34
(Taxes & Insurance Not Included) - Down Payment: 5%
- Max Loan Amount: $304,000.00
- Interest Rate: 4.000%
- Annual Percentage Rate: 4.103%
- Loan Term: 30 Year
- Loan Fee: $800
- Total Interest Paid: $224,564.10
One-Time Private Mortgage Insurance (PMI) Premium Not included in Loan to Value. Rates subject to change. Current rates. Rates effective April18, 2024 and subject to change at any time.
WE’RE HERE TO HELP
Contact us and we’ll connect you with a loan officer that will be happy to assist. You can also visit one of our 8 branch locations, get pre-qualified or start your loan application online.
Proud Partner of South Puget Sound Habitat for Humanity
At OlyFed, we are proud to partner with South Puget Sound Habitat for Humanity (SPSHFH) to provide local individuals and families with access to affordable homeownership options. This includes providing direct mortgage financing for both new build and purchase loans to Habitat approved clients.
Periodically, Habitat will have homes in their neighborhood communities come available for purchase. Clients looking to purchase a Habitat home must meet certain pre-approval criteria and earn between 60% to 80% of area median income. Below is a link to Habitat’s website with program details and homeownership application.
Homebuyer Education from MGIC
We are proud to collaborate with our partners at MGIC (Mortgage Guaranty Insurance Corporation) to offer a comprehensive homebuyer education program called ReadyNest. This unique online resource provides convenient, easy-to-understand, no-cost tutorials that break down the home-buying process, including understanding credit, budgeting, getting a mortgage and being a successful homeowner. This no cost program also provides affordability calculators, worksheets and other tools along with engaging stories, videos and infographics with valuable and relevant information.
Homeownership Above the Bottom Line
When OlyFed was founded in 1906, there were few options for buying or building a home, outside of paying cash. At that time, some insurance companies offered mortgages, but they were very different from the home loans we’re familiar with today…
Get Started Today
Our team of noncommissioned Loan Officers live and work in this shared place we all call home, which means they know the ins and outs of our area market and are well-connected with our local builder community. Consider speaking with a Loan Officer to set you on the road that’s right for you.
Program Disclosures
* Maximum loan amount dependent on location and current Federal Financial Institutions Examination Council’s (FFIEC) county family median income data.
** All loans subject to approval. Loans with less than 20% down will require Private Mortgage Insurance (PMI). OlyFed has negotiated a discounted PMI premium for qualifying borrowers to help further lower their monthly payment. Approval from Private Mortgage Company required.
† Borrowers wanting to refinance with cash out or for debt consolidation can be at maximum 75% Loan to Value (LTV). All loans subject to approval.
‡ Refinance loans available to borrowers after they have owned their home for a minimum of 24 months. All loans subject to approval.
§ For Construction Loan Financing, we recommend that you meet with one of our knowledgeable Loan Officers prior to starting the application process.
