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Home Loans In Spokane, Washington

Home to the largest urban waterfall, Spokane is the largest city in Washington. It is home to the Northwest Museum of Arts and Culture. Spokane’s real estate has been one of the hottest markets in the country for many years. 

There are numerous advantages to being a homeowner. However, buying a home can seem like an impossible dream for many people, especially if you don’t make much money.

If you’re wondering whether or not your income is enough to qualify for a mortgage and buy a home, you’re not alone.

But while purchasing a home on a lower-than-average income can be difficult, there are various loan options and programs available to help make homeownership more attainable for people with average and low incomes.

Can I Buy A Home With My Income?

Though there is no minimum income requirement for purchasing a home, getting approved for a mortgage and buying a home can be difficult for those with middle to low incomes. It is frequently due to mortgage down payment requirements, debt-to-income ratio (DTI) limits, and other credit criteria.

However, with the assistance of specific loan types or programs, homeownership may be more accessible than you think.

Home Loan Programs For Moderate-Income Households

Let’s look at some mortgage programs designed to assist people with moderate incomes or marginal credit scores in purchasing a home.

  • USDA Home Loans 

A USDA Guaranteed Home Loan program by the United States Department of Agriculture that provides mortgages in qualified rural areas to low- to moderate-income households.

  • VA Home Loans 

An excellent no downpayment home loan option for those who have served or are currently serving in the military, as well as qualified surviving spouses.

  • FHA Home Loans 

FHA loans are popular government-backed mortgages by the Federal Housing Administration. These loans are designed to have more lenient income and credit score requirements.

State or Local Assistance 

Some state or local housing authorities may provide down payment assistance in grants or forgivable loans.

  • Home Possible and HomeReady

These loans allow buyers to finance up to 97 percent of their home purchase and put a down payment of as little as 3%.

  • Good Neighbor Next Door 

This HUD program assists law enforcement officers, teachers, firefighters, and emergency medical technicians in purchasing a home.

Tips for Buying A Home with Average or Moderate Income

Here are some tips to help you achieve your dream of becoming a homeowner.

  • Improve Your Credit Score

Having a good or excellent credit score can help increase your chances of getting a mortgage. If your current credit score isn’t the best, you can work to improve it by making on-time payments, paying down debt as much as you can, and keeping your credit utilization as low as possible.

  • Clear Your Debts

Reducing the total amount of debt will lower your DTI, improve your chances of mortgage approval, and increase your purchasing power.

  • Set A Budget

Knowing exactly how much you can afford to spend on housing each month will help you avoid taking on a larger mortgage than you can comfortably handle. Also, consider any additional costs you may have as a homeowner, like regular maintenance and repairs.

  • Put Money Aside For Down Payment

Unless you qualify for a no-money-down mortgage, you’ll need to calculate how much you’ll need to save for a down payment. If you are eligible for a loan with a low or no down payment option, you might be able to put down as little as 3.5 percent or 3 percent. However, you will need to save some more to cover closing costs.

  • Look into First-Time Home Buyer Programs

If you are a first-time homebuyer, there are several programs available at the national, state, and local levels to assist you in purchasing a home. Learn about some of the programs, loans, and grants available to you.

Spokane, Washington Mortgage Lender

You don’t have to be a high earner to become a homeowner. Capital Home Mortgage can assist you in exploring the various mortgage options available to you.

Capital Home Mortgage is a direct Spokane mortgage lender, which means we manage the lending process from start to finish and make all decisions, from application to funding. We process and underwrite mortgages in-house, enabling us to provide home loans to a diverse range of homebuyers while ensuring timely approvals and on-time closings at a lower cost.

Find the Right Home Loan for You!

At Capital Home Mortgage, we strive to make your home-buying experience as pleasant and easy as possible.

You can depend on our skilled and experienced loan officers to provide professional guidance and insight, as well as the assistance you need to become an informed and confident homebuyer. 

Why Spokane HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Control of the Loan from Application to Funding

Great Rates & Low Fees

Direct Lender Providing Competitive Rates and Low Fees

Exceptional Customer Service

7  Day a Week Support Application to Final Mortgage Payment

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

Spokane Mortgage Programs

Spokane Home Purchase

Thinking of Buying a Spokane Home?

Looking to Purchase a Home? We have the loan 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

Spokane renovation home loans

Looking to Rehab a Spokane Home?

What 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

Spokane FHA Home Loans

Great for 1st Time Spokane 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

Spokane VA Home Loans

100% Financing for Spokane 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

Spokane Conventional Home Loans

Flexibility for Spokane 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

Spokane Jumbo Home Loans

Spokane 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

Spokane USDA Home Loans

100% Spokane 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

Spokane Native American Home Loans

Spokane 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

Spokane Manufactured Home Loans

Great Alternative Spokane Housing

Manufactured Home Loans offer options to purchase an existing residence or build your dream home on your own land. Call today to speak to a Loan Officer.

  • Existing Purchase or Refinance
  • OTC Land/ Home Combo
  • Lock Rate Before Completion
  • FHA, VA, USDA, & Native Loans

Spokane reverse mortgages

Your Spokane 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

Spokane Non QM Home Loans

Making Spokane 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

Spokane One Time Close mortgages

Build Your Spokane 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

Spokane Refinance Mortgage Loans

Spokane 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

Spokane Cash-out Home mortgages

Spokane 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

Spokane Washington Mortgage Team

Kathy Rubin

Sr Loan Officer
NMLS 204449

Damon Embler

Sr Loan Officer
NMLS 882260

Matt Williams

Sr Loan Officer
NMLS 1945867

Dale Gremillion

Manager
NMLS 210325

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