Capital Home Mortgage Spokane

Spokane FHA home loans

FHA Mortgage Lender Spokane Washington

FHA Home Loans In Spokane Washington

Have you ever contemplated purchasing a Spokane home? Are you concerned about your credit score? Do you need more funds? Spokane FHA loans could pave the way for you to realize your desire for home ownership. 

What is an FHA Loan?

A Federal Housing Administration (FHA) loan is a mortgage insured by the federal government and issued by an agency-approved bank or other lender. FHA loans require a lower minimum down payment than conventional loans, and applicants’ credit scores may be lower than is typically required. The FHA loan is intended to assist families with low to moderate incomes to become homeowners. They are especially well-liked among first-time buyers.

How Does an FHA Loan Work?

The FHA doesn’t give money for a mortgage. A bank or other financial company provides the loan that the FHA approves. That makes bank approval easier since the bank doesn’t have to worry about the loan going bad. Some people call it an FHA-insured loan.

What are FHA Loan Requirements?

Several criteria must be satisfied to qualify for an FHA loan in Spokane, Washington. Your lender will evaluate your qualifications for an FHA loan as it would for any other mortgage applicant, beginning with a verification that you have a valid Social Security number, are a legal resident of the United States, and are of legal age (according to state law).

  • Credit Score and Down Payment

FHA loans are especially popular with first-time home buyers because they require as little as a 3.5% down payment for borrowers with credit scores of 580 or higher. Borrowers with a credit score between 500 and 579 can still qualify for an FHA loan, but a 10% down payment is required.

  • Debt-to-Income (DTI) Ratio

FHA has established front-end DTI ratio requirements of 31% for housing-related debt and back-end DTI ratio requirements of 43% for total debt. This means up to 31% of a person’s income may be used for housing expenses, and up to 43% may be used to pay off all debts. However, these are general guidelines, and there may be exceptions in certain situations. In certain instances, lenders may permit a DTI ratio of up to 50% if compensating factors are present, such as a high credit score or substantial cash reserves.

  • Primary Residence

You must use the property as your primary residence. Second homes and investment properties are not allowed.

  • Income and Employment

Borrowers must have a steady income and a two-year verifiable employment history.

  • Property Standards

An FHA-approved appraiser must evaluate the house and meet specific property standards. An inspection is required for an FHA loan.

  • Loan Limits

Spokane’s FHA loan limits for 2023 are $472,030 for single-family homes, $604,400 for duplexes, $703,525 for triplexes, and $907,900 for four-family dwellings. Commercial properties with more than four units do not qualify for FHA financing. The borrower must occupy one of the units within 60 days of closing on the loan.

FHA Mortgage Insurance Premium

You must pay two types of mortgage insurance premiums (MIPs) with an FHA loan: an upfront MIP and an annual MIP paid monthly. The upfront MIP in 2023 is 1.75% of the base loan amount. The upfront MIP can be paid when closing or rolled into the loan. The yearly MIP is 0.55%, a significant drop from 0.85% last year.

Apply for a Spokane FHA Loan with Capital Home Mortgage Spokane

Due to their extensive understanding of the mortgage application process and the multiple benefits they provide, Capital Home Mortgage is a top choice for Spokane homebuyers looking for an FHA loan. Capital Home Mortgage provides first-time homebuyers with affordable interest rates, potentially saving them money over time. Capital Home Mortgage’s professional service, paired with the benefits of an FHA loan, makes it an excellent choice for Spokane homebuyers.

Call (509) 413-0502 to speak with one of our Spokane FHA Loan Specialists about your mortgage needs.

Why Spokane 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

Spokane Washington 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

Spokane FHA Home Purchase Loans

FHA Purchase Mortgage Lender
  • Simple Qualifying
  • Smaller Down Payment
  • Seller Paid Closing Costs
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores Allowed
  • Manufactured Housing OK

Spokane FHA Refinance Home Loans

FHA Refinance Mortgage Loans

FHA Standard Refinance

  • Appraisal Required
  • 97.75% Max Loan to Value
  • Closing Costs Can Be Rolled In
  • 80% Max Loan to for Cash-out
  • Cash-out Option Available
  • County Loan Limits Apply

FHA Streamline Refinance

  • FHA to FHA
  • No Income Qualification
  • No Appraisal Required
  • Closing Costs Cannot Be Rolled In
  • No Lates on Mortgage in Last Year
  • Payment Must Drop on Fixed Rates

Spokane FHA Renovation Home Loans

FHA 203K Mortgage Loans

FHA 203K is a great option for makes cosmetic changes to an older home.  It allows a FHA buyer to update out of date cosmetics of a home as part of purchase or refinance.  Make that old home new with a Streamline 203K renovation.

  • Purchase & Refinance Options
  • Primary Residences Only
  • Single, Multi Family & Condo’s
  • As-Is Improved Renovated Value
  • 203K Streamline
  • Less < 35K, Cosmetic Repairs Only
  • 203K Full Rehab
  • Greater > 35K, No Restrictions
Spokane Mortgage Programs

Spokane Home Purchase loans

Looking to Purchase a Spokane 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, 2nd Home, Investment
  • Low Rates & Fees, No fee Options
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo & Renovation
  • Manufactured, Construction, Reverse

Spokane Renovation Home Loans

Looking to Rehab a Spokane Home?

Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not a renovation loan? Purchase the Perfect Home and make it your own.
  • Remodel, Renovate or Repairs
  • FHA 203K Streamline 
  • FHA Full Documentation Rehab
  • Fannie Mae Homestyle Reno
  • Freddie Mac Home Choice Reno

Spokane FHA Home loans

Great 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 Payments
  • Flexible Underwriting Guidelines
  • Higher Debt to Income Allowed
  • Lower Credit Scores – Down to 500
  • Down Payment Gifts Allowed

Spokane va Home Loans

100% Financing for Spokane Vets

Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.
  • No Mortgage Loan Limits
  • Simple Qualifying
  • Higher Debt to Income Allowed
  • Lower Credit Scores – Down to 500
  • 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 Properties
  • Single and Multi-Family Properties
  • Variable Mortgage Insurance Options
  • Low Rates & a Variety of Mortgage Terms
  • Renovation Programs Available

Spokane Jumbo Home Loans

Spokane Non-Confirming Home Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits. Call today.
  • Primary & 2nd Homes
  • Variety of Mortgage Programs
  • Simple Qualifying for Veterans
  • Investor Specific Guidelines
  • Credit Score Minimums

Spokane USDA Home loans

100% Rural Spokane 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.
  • Primary Residences
  • No Down Payment Required
  • New Manufactured Homes Allowed
  • Closing Costs / Repairs Rolled In
  • Geographic and Income Limits Apply

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
  • Purchase, Refinance, and Renovation

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
  • New Construction
  • One Time Close Land/Home Combo
  • Lock at Contract
  • FHA, VA, USDA, Native American

Spokane Reverse Mortgage Loans

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
  • No Credit Score Requirements
  • Minimum Age 62
  • Purchase, Refinance, and Cash-Out

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, Refinance & Cash-out
  • Primary, Secondary, Investment Properties
  • Full Doc Programs
  • Alt Doc Programs
  • Corporations OK

Spokane One Time Close Home Loans

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 Residences Only
  • One Time Close
  • Lock Rate at Closing
  • Traditional Final Mortgages
  • No Payments During Construction

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.
  • Lower Monthly Payment
  • Shorten Mortgage Term
  • Streamline Options Available
  • Appraisal Waivers Allowed
  • VA IRRRL’s

Spokane Cashout Mortgage Loans

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
  • Dream Vacation
  • Higher Education

Spokane Washington Mortgage Team

Dale Gremillion

Sr Loan Officer
NMLS #210325

Conor Hayhurst

Branch Manager
NMLS #743506

Sam Klaburner

Sr Loan Officer
NMLS #140132

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