Federal Way Mortgage Lender

As an independent mortgage broker licensed in Washington, Bayview Residential Brokerage helps Federal Way buyers and homeowners shop the whole market instead of a single bank's rate sheet. Between Seattle and Tacoma, Federal Way is one of the more affordable cities in King County and a strong market for first-time buyers and military families. We match each borrower with the lender and program that fits, then handle the loan from pre-approval to closing.

Below is a plain-English guide to buying or refinancing in Federal Way in 2026: the market, King County loan limits, the programs available, down payment assistance, and the neighborhoods we serve.

The Federal Way housing market in 2026

Federal Way offers relative affordability in King County. As of 2026 the median Federal Way home price is around $615,000, essentially flat year over year, which keeps most homes well within the county's high-cost conforming limit of $1,063,750 and pairs well with FHA, VA and down payment assistance. Its location between Seattle and Tacoma, with easy access to Joint Base Lewis-McChord, keeps demand steady.

With an accessible price point and a large military community nearby, Federal Way is a strong market for VA and first-time buyer financing. The lender you are placed with drives your monthly cost, which is where shopping many lenders pays off.

Loan programs for Federal Way buyers

Conventional loans. The default for buyers with solid credit, with as little as 3% down for qualified first-time buyers.

FHA loans. A lower 3.5% down payment and flexible qualifying, popular with first-time and credit-building buyers. The 2026 FHA limit in King County is $1,063,750 for a single-family home.

VA loans. Federal Way sits between Seattle and Tacoma near Joint Base Lewis-McChord, so VA loans are especially relevant here for eligible service members and veterans. Zero down payment and no monthly mortgage insurance for those who qualify.

USDA loans. Zero-down financing for eligible rural communities near the area, for buyers within the income limits.

Jumbo loans. Financing above the conforming limit for higher-priced homes. In Federal Way jumbo is uncommon, as most homes fall well within the conforming limit.

Reverse mortgages. For homeowners 62 and older who want to convert equity into cash without a monthly mortgage payment.

Down payment assistance for Federal Way buyers

Washington offers help with the down payment through the Washington State Housing Finance Commission (WSHFC). Its Home Advantage program pairs a competitive first mortgage with down payment assistance, and additional House Key programs offer help for eligible buyers, including targeted options for veterans and specific communities. Eligibility depends on income, credit and a homebuyer education seminar. We help Federal Way buyers find and coordinate the right program with the loan.

Taxes and the cost of owning in Washington

Washington has no state income tax, which is a meaningful draw for many buyers and can leave more room in the budget for a mortgage. Property taxes are moderate and budget-based, with statutory limits on how quickly local levies can grow, which keeps them relatively predictable. When we prepare your pre-approval, we include realistic tax and insurance estimates so your monthly number is the real one.

Buying across Federal Way

Twin Lakes and the west side offer established neighborhoods, some near the water, the areas around Dash Point and Northeast Tacoma-adjacent provide scenic options, and central Federal Way offers affordable homes well suited to FHA, VA and down payment assistance. We match the loan to the neighborhood and property type.

How the process works with Bayview

1. Pre-approval. We review your income, credit and goals, then issue a pre-approval so you can shop with confidence and make strong offers.

2. Shop and compare. Once you are under contract, we shop your loan across our lender network and bring back the most competitive fit on rate and fees.

3. Underwriting. We manage document collection and work the file through underwriting, keeping you and your agent updated.

4. Closing. Most purchases close in about 30 days from contract. You sign, fund and get the keys.

Refinancing your Federal Way home

Already own in Federal Way? Refinancing can lower your rate or payment, shorten your term, or let you tap equity through a cash-out refinance for a remodel or to consolidate debt. With how much Washington home values have risen over the past several years, many local homeowners have significant usable equity. We run the numbers both ways and only recommend a refinance if it actually moves you forward.

Federal Way mortgage FAQs

What is the 2026 conforming loan limit in Federal Way?

Federal Way is in King County, a high-cost area, so the 2026 conforming limit is $1,063,750 for a single-family home. Most homes here fall well within it.

Do you offer VA loans in Federal Way?

Yes. With Joint Base Lewis-McChord nearby, VA loans are common here, and we offer zero-down VA financing for eligible service members and veterans.

Is Federal Way good for first-time buyers?

Yes. As one of the more affordable cities in King County, Federal Way pairs well with FHA loans and Washington down payment assistance.

What down payment assistance is available in Federal Way?

Washington's WSHFC Home Advantage and House Key programs, including veteran-focused options, can help qualified buyers.

Does Washington have a state income tax?

No. Washington has no state income tax, and property taxes are moderate and budget-based.

How long does it take to close in Federal Way?

Most purchase loans close in about 30 days once you are under contract.

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Nearby cities we serve

Kent  ·  Tacoma  ·  Renton  ·  Seattle
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Plan your numbers

Affordability calculator  ·  Mortgage calculator  ·  Refinance calculator