Seattle’s spring 2024 inventory sits at 0.9 months—well below the balanced 4-6 month benchmark—pushing median prices up 4% year-over-year to approximately $840,000 within city limits. Condos trade lower, around $525k median, while West Seattle and Shoreline single-family homes breach $900k. Multiple offers are the norm: 63% of April sales closed above list price, with escalation clauses averaging 8.7%. Tech hiring freezes have cooled some luxury segments above $1.5M, but Amazon’s return-to-office mandate and the $1.6B waterfront redevelopment keep demand tethered to the city.

• Days on market: 9 citywide, 6 for homes under $750k
• List-to-sale ratio: 103.8%
• Share of all-cash deals: 22%, down from 28% last fall

Interest-rate volatility has actually helped FHA and VA buyers: sellers value certainty over top dollar, so a fully underwritten NMHL pre-approval carries competitive weight.

Washington State Housing Finance Commission (WSHFC) pairs below-market rates with down-payment assistance—2024’s rate is running 5.75% vs. 7.0% conventional when you use the House Key program. Income caps range from $120k for a 1–2 person household in King County up to $180k in high-opportunity census tracts. Seattle’s Office of Housing layers the Homebridge forgivable second: 0% interest, 20% forgiven each year you occupy as a primary residence. Combine both and a median-income teacher buying a $650k Wedgwood bungalow could receive $90k in assistance, bringing total cash-to-close under $5,000.

NMHL is a WSHFC Preferred Participating Lender and can lock your assistance concurrently with your first-mortgage rate, eliminating the last-minute scramble that kills deals.

With 18% of Seattle’s workforce holding 1099 or RSU-heavy comp, NMHL built the Emerald Flex suite: 12-month personal bank statements, 24-month business statements, or 1-year P&L with CPA letter. Loan amounts to $1.5M at 90% LTV with 700 score; 85% LTV to $2M. We average gross-deposit calculations instead of net-income, then apply a 15–25% expense factor depending on industry—tech consultants get 15%, rideshare 25%. Reserves can be satisfied with vested stock options at 70% of current market value, a lifeline for Amazon employees whose base salary looks modest beside equity.

Debt-service-coverage-ratio (DSCR) investor loans are also hot for Seattle’s in-city rentals—qualify using 100% of projected rent verified by an NMHL underwriter, no personal income required, at rates starting 150 bps above prime.

Western Washington hosts 64,000 active-duty and 113,000 veterans; Joint Base Lewis-McChord is 45 minutes south, Naval Station Everett 30 minutes north. Seattle’s median VA purchase last year: $720k with 0% down, funding-fee rolled. NMHL’s VA Elite program offers up to $1.5M with 0% down at a 1.25× county loan-limit high-balance, so a Lake City duplex at $1.05M still qualifies with full entitlement. We also front the VA Escape IRRRL: reduce your rate by 75 bps with no appraisal, no income docs, and close in 10 days—perfect for those underwater on a 2022 rate spike.

King County VA buyers using NMHL skip the 1.1% funding fee if they’re Purple-Heart recipients or 10% disabled; we advance the disability paperwork for free.

Seattle’s combined 2024 levy rate is $8.75 per $1,000 of assessed value, but new waterfront and transit LID assessments can add $0.90–$1.30 more. A $900k townhome in South Lake Union might pay $9,100 total, or $758 monthly into escrow. King County re-assesses at sale, so budget on the purchase price, not the previous owner’s basis. Homes in Special Taxing Districts—like portions of Capitol Hill and Roosevelt—carry voter-approved school levies that phase out after 6 years; NMHL’s loan estimate breaks these line items out so your debt-to-income is accurate.

Earthquake insurance isn’t mandatory, but lenders will include $300–$500 annual premiums in qualifying ratios if the property sits within a liquefaction zone (SoDo, parts of West Seattle). We pre-qualify you with those figures so you don’t lose earnest money later.

Rainier Beach & Skyway: Light-rail extension slated for 2026 has median prices at $635k, up only 2% YoY—an entry point for FHA buyers. NMHL closed 14 purchases here last quarter, averaging 2.8% over ask.

White Center: Unincorporated pocket where $625k buys 1,400 sq ft; USDA eligible until the area crosses 35k population, giving 0% down options inside Seattle’s ring.

Bitter Lake & Lake City: Mid-century ramblers trading near $750k, but still $100k under Ballard comps. Multiple-offer but sellers accept 5% escalation when paired with NMHL 21-day close.

Georgetown & South Park: Industrial-turned-artsy, condos from $425k. FHA-approved buildings include Via6 Georgetown and Duwamish Lofts; expect $350 HOA dues baked into qualifying ratios.

West Seattle (Admiral & Alaska Junction): Bridge reopening boosted values 6%; median $890k. Bridge toll talk could add commuter cost but improve inventory, giving patient buyers leverage.