All branches are operating from 9:00 a.m. to 5:30 p.m. We also offer assistance through scheduled appointments.

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 $340,000*. The median and maximum household income to qualify for this program are:

Income Levels Thurston County Mason County
Median Income
Median Income $90,200 $67,300
Maximum Income
Maximum Income $72,160 $53,840

 

 

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

PURCHASE

The program eliminates barriers to home ownership 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 cost 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.

SAMPLE HOME LOAN PAYMENT CALCULATION: 
Calculation based on $340,000.00 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): 2.802%
Loan Fee: $800
Number of Payments: 360
Monthly Payment: $1,388.02
Total Interest Paid: $159,687.17

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

REFINANCE

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

CONSTRUCTION

This owner-occupied construction program is designed to help create more affordable housing opportunities at a time where today purchase market has 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

 

SAMPLE CONSTRUCTION BUDGET
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 $340,000.00 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: $357,900.00

  • Home: $200,000
  • Site & Development Costs: $65,000
  • Property/Land Cost: $92,900

Mortgage Loan Details:

  • Loan Type: 30 year fixed rate
  • Monthly Loan Payment: (P&I) $1,388.02
    (Taxes & Insurance Not Included)
  • Down Payment: 5% |  $17,895.00
  • Max Loan Amount: $340,000.00
  • Interest Rate: 2.750%
  • Annual Percentage Rate: 2.832%
  • Loan Term: 30 Years

Totals

  • Down Payment: $17,895.00
  • Estimated Closing Costs & Pre-Paids: $5,000
  • Total Estimated To Close: $22,895.00
  • Total Interest Paid: $164,362.17

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. 

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…

Read Story  WATCH VIDEO

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.