Does anyone have a 10% down 30 year loan for purchase and construction/remodeling in WA?

Yes. Purchase you can put as little as 0-3% down and have NO Mortgage Insurance depending on the program. Construction depends on the amount of the remodel ect. If I can Help I own a local company here in Tacoma. Bayviewhomeloans.com253.460.6000Kyle

Yes.. this is a common loan product.. There are two types.. the First is an FHA 203K. and the other is the HomeStyle Renovation loan. Both loans have a maximum loan amount of $540,500. Of the 2, HomeStyle is the better program to use.. also, neither of these programs are used for the construction of a new home.. only the purchasing and remodeling of an existing home. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

The construction loan option with 10% down is more of a challenge than a renovation loan, requirements are typically pretty tight for a construction loan, especially with a 90% loan. The Fannie Mae HomeStyle mortgage works well as long as the cost of the repairs/improvements will not exceed 50% of the improved value of the home (appraised value when completed). Only 5% down required (primary residence, 10% 2nd home; 20% investment property) and of course you must meet other standard mortgage qualifications. pdumouchel@pimelending.com

From the excellent comments here you can have a pretty good notion of what is available in a home renovation or rehabilitation loan for little down payment.There is an FHA loan that actually allows for complete construction but it is tough to find a lender who does them. Most lenders do not wish to deal with the red tapeof becoming a full construction loan FHA lender. You will have to do some research to find a lender who offers the low down payment FHA construction loan as opposed to the standard FHA 203k rehab loan.