Capital Home Mortgage Spokane

Spokane Home Loans

Apply Now in Minutes
Refinance Now and Save

Spokane Mortgage Lender

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 is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Spokane Rates / Low Fees

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Spokane Customer Service

7  Day a Week Support from Application to Final Mortgage Payment. 

Spokane Mortgage Rates

Capital Home Mortgage is dedicated to offering great Washington Mortgage Rates and Low Fees all while providing exceptional customer service.  Our mortgage professionals are focused solely on home mortgage lending to make your experience smooth with an on time closing.  Call today to speak with a mortgage officer or request a no obligation quick rate quote.

Spokane Mortgage Team

Spokane Mortgage Programs

Spokane Home Purchase

Buying a Spokane Home?

  • Primary, 2nd Home, Investment
  • Low Rates & Low Fees
  • Conventional, FHA, VA, USDA
  • Jumbo, Renovation, Manufactured

Spokane Renovation Home Loans

Spokane Rehab Loans

  • Remodel, Renovate or Repairs
  • FHA 203K Streamline or Full
  • Fannie Mae Homestyle Reno
  • Freddie Mac Home Choice Reno

Spokane FHA Home Loans

1st Time Spokane Homebuyers

  • Smaller Down Payment
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores – Down to 500

Spokane VA Home Loans

100% Loans for Spokane Veterans

  • Simply Qualifying for Veterans
  • No Down Payments Requirements
  • Credit Scores Down to 500
  • Manual Underwriting Allowed

Spokane Conventional Home Loans

Flexibility for Spokane Buyers

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

Spokane Jumbo Home Loans

Great Spokane Rates

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

Spokane USDA Home Loans

Spokane Rural Properties

  • Rural Properties Only
  • Primary Residence Only
  • New Manufactured Homes Allowed
  • Closing Costs Can Be Rolled In

Spokane Native American Loans

Spokane HUD 184 Loans

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

Spokane Manufactured Home Loans

Spokane Mobile Home Loans

  • Existing Purchase or Refinance
  • One Time Close Combo Land & Home
  • Lock Rate Before Completion
  • FHA, VA, USDA, & Native Loans

Spokane Reverse Mortgages

Your Spokane Home at Work!

  • Primary Residence Only
  • Simple Qualifying – Equity Based
  • Credit Scores Not Applicable
  • Minimum Age 62

Spokane Cash-Out Refinance

Spokane Equity Refinance

  • Reduce Mortgage Term
  • Lower Monthly Payments
  • Debt Consolidation
  • Streamline Options Available

Spokane Mortgage Refinance

Spokane Rate & Term Refinance

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

Spokane Mortgage Company Reviews

Washington Cities

Seattle Home Loans

Spokane Home Loans

Tacoma Home Loans

Vancouver Home Loans

BellevueHome Loans

Everett Home Loans