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Mortgage Lender Richland Washington

Home Loans In Richland, Washington

Richland is a vibrant city in Benton County, located in southeastern Washington. Known for its bustling downtown area filled with shops, restaurants, and entertainment venues, it is conveniently located close to Seattle and other major cities in the region.

The real estate market in Richland is somewhat competitive, with an average median price of $430k and a price per square footage of $240.

Home Loan Programs in Richland

With a median home price of $430k, Richland has various mortgage loan programs available for first-time homebuyers and seasoned buyers. The most prevalent mortgage loan is a Conventional loan, followed by FHA loans. Here are the most common home loan programs in Richland:

  • Conventional Loan

Any loan not that part of a specific government program is considered a conventional loan. They have strict qualification requirements compared to federally insured or guaranteed loan programs.

To qualify for a conventional loan, you will need a minimum credit score of 620 and a down payment of 5%. However, borrowers with credit scores of 740 or higher can make a lower down payment of 3% and are more likely to secure a better interest rate. Conventional loans require a good credit history with no significant adverse events, such as bankruptcy or missed payments.

Borrowers must demonstrate a steady income to cover the monthly mortgage payments adequately. A debt-to-income ratio of 43% or less is required on all conventional loans.

The conforming loan limit for 2023 in Benton county is $726,200. Those looking to buy a duplex are allowed $929,850. If you’re interested in a tri-plex, the maximum loan amount is $1,123,900, and $1,396,800 for a four-plex.

  • FHA Loan

FHA home loans are mortgages insured by the Federal Housing Administration (FHA) under the authority of the US Department of Housing and Urban Development (HUD). FHA loans are designed to help low and moderate-income borrowers qualify for a mortgage by offering lower down payments and less-restrictive credit requirements than conventional home loans. They are particularly popular with first-time homebuyers and can be used to buy a home, refinance a mortgage, or renovate a home.

To qualify for an FHA loan, borrowers need a minimum credit score of 580 and a down payment of 3.5%. However, borrowers with credit scores from 500 – 579 may still be eligible but must put in a minimum of 10% down payment, and certain restrictions will apply.

The Federal Housing Administration does not originate the loan. They are issued by private, FHA-approved lenders, such as banks, credit unions, and mortgage companies. The FHA loan limit for Benton County is $472,030 for a 1-unit property, $604,400 for a 2-unit, $730,525 for a 3-unit, and $907,900 for a 4-unit, respectively.

  • VA Loan

VA home loans are mortgage loans guaranteed by the US Department of Veterans Affairs (VA) and designed to help eligible veterans, service personnel, and their families purchase homes. The main benefit of VA home loans includes no down payment requirement, competitive interest rates, limited closing costs, and no mortgage insurance.  

You must meet the service requirements, have satisfactory credit, sufficient income, and a valid Certificate of Eligibility. VA loans are strictly for primary residence and must be occupied within 60 days of closing.

  • USDA Home Loan

A USDA Home Loan is a zero-down payment mortgage program designed to assist low-income applicants in obtaining decent, safe, and sanitary housing in an eligible rural area. The US Department of Agriculture guarantees these loans.

To qualify for a USDA loan, borrowers must have an adjusted gross income at or below the applicable income limit for Benton County. They must be without decent, safe, and sanitary housing. US citizens and legal permanent residents are eligible for USDA home loans. A credit score of 640 is typically required.

The maximum limit for USDA loans in Benton County for 2023 is $377,600.

Apply for a Home Loan in Richland

Capital Home Mortgage is a direct lender and servicer in Richland, Washington. Contact our home loan experts today to discuss your home loan requirements. 

To get started, call us at (509) 413-0502. You’ll be glad you did.

Home Loans In Richland, Washington

Finding a new home can be overwhelming, so you don’t start. Contrary to popular misconception, buying a home does not have to be unpleasant, daunting, or time-consuming.

How Long Does Buying a Home Take?

In today’s market, it will take a year to find and buy a property. You may spend most of that time finding a home.

Supply and demand favor sellers, making it difficult to find a home that meets your wants and budget.

Homebuying Timeline Mortgage Preapproval (One or Two Days)

Pre-approval is the first stage in getting a mortgage. Your lender checks your finances to see how much you can afford. Your lender will send a letter with a loan estimate if you qualify.

Homebuying (3 to 6 Months)

Finding a home takes the most time. In a hot real estate market, it may take months or a year to find the appropriate home.

A local real estate agent can speed up this phase.

Offering (Depending On How The Negotiations Go)

Your real estate agent can help you make an offer and write an offer letter when you find the perfect home.

Include a Proof of Funds letter with an all-cash offer. Attach your mortgage pre-approval letter to your offer to show the seller you’ve been pre-approved.

Closing Your Mortgage (About 1 Month)

After signing your purchase agreement, apply for a mortgage. Most lenders take 30–45 days to complete your loan. After an appraisal, your lender will underwrite your loan.

To discover any hidden issues, consider a house inspection.

Loan Closure (A Week or Less)

Closing occurs once your appraisal is approved and your lender completes underwriting.

Your lender will issue a Closing disclosure before closing, detailing your loan terms. Read it in three days.

Lenders schedule closing meetings after three days. Sign your loan documents, make your down payment and closing charges, and move in here.

Richland, WA Mortgage Lender

Richland homebuyers: Capital Home Mortgage can help you decide. We offer conventional, government-backed, and jumbo home loans for every buyer.

Capital Home Mortgage, a top Washington mortgage lender, offers flexible underwriting, low fees, and competitive interest rates. We help first-time homebuyers, veterans, and seasoned buyers.

Richland Home Loan Application Now!

Capital Home Mortgage strives to make homebuying enjoyable. Real estate transactions require speed. We use technology and resources to accelerate loan application, underwriting, and funding.

We’ll finish your mortgage application swiftly and on time.

We look forward to serving you at (253) 528-4417.

Why Richland HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

Direct Lender with Competitive Rates & Low Fees

Exceptional Service

7  Day a Week Support Application to Final Payment

Richland Mortgage Rates

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates are calculated using several factors.

  • Demand for mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Richland Mortgage Programs

Richland Home Purchase

Thinking of Buying a Richland Home?

Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.

  • Primary, Secondary, Investment
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo, Non QM
  • Reverse, Renovation, Manufactured

Richland renovation home loans

Looking to Rehab a Richland Home?

Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not look at a renovation loan?  Purchase the Perfect Home and make it your own. Call today.

  • Remodel, Renovate or Repairs
  • FHA 203K Streamline or full
  • fannie mae homestyle reno
  • freddie mac home choice reno

Richland FHA Home Loans

Great for 1st Time Richland Homebuyers

FHA Home Loans are great for first time home buyers, buyers with less than perfect credit, or buyers needing less out of pocket.   Call today to get started.

  • Smaller Down Payment
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores OK

Richland VA Home Loans

100% Financing for Richland Veterans

Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.

  • Simply Qualifying for Veterans
  • No Down Payments Requirements
  • Lower Credit Scores Accepted
  • Manual Underwriting Allowed

Richland Conventional Home Loans

Flexibility for Richland Homebuyers

Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a Loan Officer.

  • Primary, 2nd Home, Investment
  • Great Rates & Low Fees 
  • Single Family and Multi-Family
  • Renovation Loan Programs

Richland Jumbo Home Loans

Richland Non Conforming Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits.  Call today to speak to a loan officer.

  • Primary Residence and 2nd Homes
  • Higher Loan Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines

Richland USDA Home Loans

100% Richland Rural Home Loans

USDA Loans are a great option for families wanting to live outside of the city.  Call today to speak with a loan officer to discuss your personal loan options.

  • Rural Properties Only
  • Primary Residence Only
  • Geographic Restrictions
  • Income REstrictions

Richland Native American Home Loans

Richland HUD 184 Home Loans

HUD 184 Home Loans are solely for Native American and offer a variety of benefits.  Call today to speak with a loan officer to find out more.

  • Primary Residence Only
  • Manual Underwriting for All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed

Richland Manufactured Home Loans

Great Alternative Richland Housing

Richland reverse mortgages

Your Richland Home at Work

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.

  • primary residence only
  • simple qualifying – equity based
  • credit scores not applicable
  • Minimum age 62

Richland Non QM Home Loans

Making Richland Mortgages Possible

Looking for Non Traditional Home Mortgage Loan?  Contact a Loan Officer Today to discuss the alternative mortgage options currently available.

  • Purchase, Rate and Term & Cash-out
  • Primary, Secondary and Investment
  • Full Doc & Bank Statements Programs
  • Corporations OK

Richland One Time Close mortgages

Build Your Richland Dream Home

Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan.  Call today to see how a OTC loan works.

  • Primary Residence Only
  • Close Once
  • Lock Rate at Contract
  • Traditional Final Mortgage

Richland Refinance Mortgage Loans

Richland Rate & Term Refinance

Refinancing can be a hard decision and the payback can sometimes be confusing.  Call today and let our Loan Officers walk you through the process.

  • Reduce Mortgage Term
  • Lower Monthly Payments
  • Appraisal Waivers
  • Streamline Options Available

Richland Cash-out Home mortgages

Richland Equity Mortgage Loans

Cash-Out Mortgage Loans make use of the equity in your home by allowing you to refinance the current mortgage and access this equity to use as you see fit.

  • Debt Consolidation
  • Investment Opportunities
  • Home Improvement
  • Vacation or Education

Richland Washington Mortgage Team

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Sam Klaburner

Sr Loan Officer
NMLS #140132

Richland Mortgage Company Reviews

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