Washington Mutual Online Banking

Here at Savings Accounts 411, we keep track of Washington Mutual Online Banking, including mortgage loans and other aspects now that the bank has been bought out by JP Morgan Chase.

First, what is an FHA loan and why would you consider a Washington Mutual FHA loan?

Most Federal Housing Administration loans are made to people who have little equity in their existing home (for refinance) or don’t have much of a down payment, but have good enough credit to qualify for a home mortgage. The FHA doesn’t actually make the loan, but gives insurance on the mortgage to the lender (the bank).

So if you have an existing home you’d like to modify or refinance or are looking to purchase a home, but don’t have a large enough down payment for many lenders, then a Washington Mutual FHA mortgage might be your answer.

Most WaMu FHA loan rates are dependent on your having at least 3.5% in down payment, but the FHA process allows this to come from sources other than your own savings (as a gift or grant, for instance).

If you are already in a home and looking for a Washington Mutual FHA loan to refinance to avoid foreclosure or other problems, there is also help. Those at risk of losing their home to foreclosure can usually use FHA to work with the bank to refinance and avoid negative action.

If you are interested in what WaMu FHA loan rates can do for you, talk to a financial adviser about your situation and see if a Washington Mutual FHA mortgage can help you.