The Best Mortgage Lenders in Friday Harbor, WA
Compare verified mortgage lenders serving Friday Harbor, Washington. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Friday Harbor
Featured Mortgage Lenders
San Juan Credit Union
San Juan Credit Union
As the primary local financial institution serving San Juan County for over seven decades, San Juan Credit Union offers exceptional personalized mortgage services with deep community roots. Their mortgage specialists have extensive knowledge of the unique San Juan Islands real estate market and provide competitive rates with flexible terms. Members consistently praise their local decision-making process, personalized service, and understanding of island-specific property considerations like septic systems, wells, and ferry access.
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Peoples Bank
Peoples Bank
With a strong physical presence in Friday Harbor since 1974, Peoples Bank offers comprehensive mortgage solutions backed by nearly a century of banking experience. Their local loan officers provide personalized service with quick decision-making and competitive rates. The bank specializes in understanding the unique challenges of San Juan Islands properties and offers specialized construction and lot loans perfect for the area's real estate market. Customers consistently rate them highly for their responsive service and local expertise.
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Guild Mortgage Company
Guild Mortgage Company - Anacortes Branch
Guild Mortgage's Anacortes branch actively serves the entire San Juan Islands region with specialized expertise in waterfront and island properties. With over 60 years in business, they offer a comprehensive range of mortgage products and are particularly skilled at handling the unique aspects of San Juan County real estate transactions. Their loan officers have extensive experience with properties requiring specialized appraisals, septic systems, and other island-specific considerations. They receive high marks for their competitive rates and exceptional customer service throughout the mortgage process.
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Frequently Asked Questions
Common questions about mortgage lending in Friday Harbor, WA
Are mortgage rates in Friday Harbor, WA, typically higher than the national average?
Yes, rates in San Juan County can be slightly higher due to its designation as a "non-contiguous" county, which some lenders consider a higher-risk area. This can affect loan pricing. However, working with a local lender familiar with the island market is key to finding competitive rates and understanding which national lenders are comfortable lending in the San Juans.
What special considerations are there for getting a mortgage on an island property in Friday Harbor?
Lenders will pay close attention to property type, especially regarding water and septic systems, as many homes are not on municipal sewer. Appraisals can be more complex and costly due to the limited number of comparable sales. Additionally, some lenders may have stricter requirements for properties accessible only by private ferry or with unique easements common in the islands.
Are there any local or state down payment assistance programs accessible for buyers in Friday Harbor?
Yes, the Washington State Housing Finance Commission (WSHFC) offers several programs, like the Home Advantage and House Key Opportunity programs, which are available in San Juan County. These can provide down payment assistance and competitive interest rates for first-time and repeat buyers who meet income and purchase price limits, which are adjusted for the county's higher home values.
How does the seasonal economy and tourism in Friday Harbor impact mortgage approval for self-employed individuals?
Lenders will typically require two years of documented self-employment income, and they may average your income if it fluctuates seasonally. Being prepared with thorough profit-and-loss statements, tax returns, and business bank statements is crucial. Some lenders may apply additional scrutiny to ensure the income is stable enough to cover year-round mortgage payments.
Is it difficult to get a loan for a vacation rental or investment property in Friday Harbor?
Financing for vacation rentals is more challenging and often requires a larger down payment (typically 20-25% minimum) and higher interest rates. Lenders will heavily scrutinize the property's rental income history via platforms like VRBO or Airbnb. For a primary residence with an accessory dwelling unit (ADU), which is common, it's easier to use potential rental income to help qualify if you have a signed lease.
Nearby Cities
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Why Choose a Mortgage Lender in Friday Harbor?
Local Market Knowledge
Lenders who understand Friday Harbor's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Washington.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Friday Harbor and get competitive rates on your home loan.