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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 $410,000*. The median and maximum household income to qualify for this program are:

Income Levels Thurston County Mason County
Median Income
Median Income $103,500 $79,600
Maximum Income
Maximum Income $82,800 $63,680

 

 

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.

Three Great Loan Options

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 $410,000.00 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: 2.750%
Annual Percentage Rate (APR): 2.794%
Loan Fee: $800
Number of Payments: 360
Monthly Payment: $1,673.79
Total Interest Paid: $193,033.37

One Time Private Mortgage Insurance (PMI) Premium Not included in Loan to Value. Rates subject to change. Current Rates


MASON COUNTY SAMPLE HOME LOAN PAYMENT CALCULATION: 
Calculation based on $315,000.00 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: 2.750%
Annual Percentage Rate (APR): 2.805%
Loan Fee: $800
Number of Payments: 360
Monthly Payment: $1,285.96
Total Interest Paid: $148,306.25

One Time Private Mortgage Insurance (PMI) Premium Not included in Loan to Value. Rates subject to change. Current Rates

Welcome mat that reads Home Sweet Home

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.

Marque sign that reads You Got This

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.*****

Bright and colorful interior in a small home

 

Below is a sample calculation for a construction project in Thurston County to demonstrate a breakdown of project costs, total costs to close, and monthly payments.

The calculation is based on $410,000.00 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.

Home, Land and Site Development Total Cost: $431,578

  • Home: $273,678
  • Site & Development Costs: $65,000
  • Property/Land Cost: $92,900

Mortgage Loan Details:

  • Loan Type: 30 year fixed rate
  • Monthly Loan Payment: (P&I) $1,673.79
    (Taxes & Insurance Not Included)
  • Down Payment: 5% |  $21,578.90
  • Max Loan Amount: $410,000.00
  • Interest Rate: 2.750%
  • Annual Percentage Rate: 2.818%
  • Loan Term: 30 Year
  • Loan Fee: $800
  • Total Interest Paid: $198,201.07

One Time Private Mortgage Insurance (PMI ) Premium Not included in Loan to Value. Rates subject to change. Current rates

Custom built home under construction in the Evergreens.

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 or start your loan application online.

Employees in main branch lobby in Olympia WA

 

Many More OlyFed Advantages

We know both a solid foundation for your home, and your financial future starts by working with someone you trust, and who has the experience to deliver on your vision.

  • What starts at OlyFed stays at OlyFed: We don’t sell our loans to third parties – that’d be like selling our relationship with you! We assure top-quality service by providing it ourselves.
  • Everyone Gets the Same Great Rate: No risk-based pricing with our home loans, you’ll get our advertised rate regardless of credit score.
  • People, Not computers, Decide: We click “delete” on automated underwriting with our construction loans. We believe actual humans make better lending decisions.
  • You’ll Always Get the Best Deal Before Closing: We hold your rate at application, but if a better number comes along, no worries; it’s yours.
  • Noncommissioned Loan Officers: Our team of noncommissioned Loan Officers incentivized to serve not sell. Our team lives and works 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 residential real estate community. 
  • Accountable to You : As a mutual bank we are accountable to you, our depositors and borrowers, not far-away shareholders. Equipped with our “Better Fedder” training and a compassionate and caring attitude, we nurture relationships that put people above the bottom line. 
  • Giving Back to Move Our Communities Forward – Each year we donate more than 10% of our profits to our community and our employees contribute hundreds of volunteer hours. 

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, along with any current listings.

HABITAT PROGRAM DETAILS CURRENT HABITAT LISTINGS

 

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.

Get Started Today!