Capital Home Mortgage Spokane

Spokane USDA Home Loans

USDA Mortgage Lender Spokane Washington

USDA Home Loans In Spokane Washington

What is a USDA Home Loan?

A USDA home loan, also referred to as a USDA Rural Development Housing Loan, is a mortgage option offered by the United States Department of Agriculture (USDA) to assist low-to-moderate-income consumers in rural and suburban areas that qualify. The program’s primary objective is to make homeownership more accessible to individuals who cannot make a sizable down payment or secure conventional financing.

Types of USDA Loans in Spokane

The United States Department of Agriculture (USDA) Home Loan Program in Spokane, Washington, consists of a suite of programs designed to provide rural Americans with homeownership opportunities and home renovation and repair programs. These programs aim to support low- to moderate-income families in acquiring secure, affordable housing in rural areas.

There are multiple varieties of USDA loans, each with a distinct emphasis:

  • Section 502 Direct Loan Program

This program helps low- and very-low-income applicants obtain adequate, safe, and sanitary housing in eligible rural areas by increasing their ability to repay their mortgage loans. The family’s income determines the quantity of assistance after adjustments. To apply for this loan, applicants must meet specific requirements and apply directly to their nearest USDA regional office.

  • Section 502 Guaranteed Home Loan

The Single Family Housing Guaranteed Loan Program assists approved lenders in providing low- and moderate-income households in eligible rural areas with the opportunity to own adequate, modest, decent, secure, and sanitary primary residences. The program provides 100% financing and a 90% loan note guarantee to approved lenders, reducing the risk of extending 100% loans to qualified rural homebuyers.

This mortgage loan was designed to encourage home ownership among low- and middle-income families. The loan features no down payment and the option to finance closing costs. USDA-approved lenders offer this program.

  • Section 504 Home Repair Program

This program provides loans to homeowners with very low incomes to repair, enhance, or modernize their homes. It also grants to elderly homeowners with very low incomes to eliminate health and safety hazards.

  • Rural Housing Site Loans

These provide two categories of loans for low- and moderate-income families to purchase and develop housing sites. Section 523 financing may only be used to acquire and develop sites for Self-Help housing construction. Section 524 loans may be used to acquire and develop land for low- or moderate-income families, regardless of the construction method.

Eligibility Requirements for USDA Guaranteed Home Loan

The USDA (United States Department of Agriculture) Guaranteed Home Loan program in Spokane has the following eligibility requirements:

  • Applicant Eligibility

They must be a U.S. citizen, national of the United States, or Qualified Alien. In addition, the applicant must have a reliable source of income, demonstrate creditworthiness, typically with a credit score of at least 640, and be willing to repay the mortgage.

  • Household Income

Applicants must satisfy the income eligibility requirements, which cannot exceed 115% of the area’s median income. In Spokane County, if you reside in a household with one to four people, your annual household income cannot exceed $73,600. Spokane County has a maximum annual household income of $ 97,150 for households with 5 to 8 members.

  • Residential Requirements

The applicant must agree to occupy the property as their principal residence. The property must be a primary residence in an eligible rural area. The USDA’s Eligibility Site can be used to determine rural eligibility.

  • Property Eligibility

The USDA offers eligible applicants 100 percent financing, allowing them to purchase, build, rehabilitate, enhance, or relocate a home in a rural area without making a down payment. Although these loans are commonly associated with helping low-income families purchase a property in rural or suburban areas, they are also available to moderate-income households.

Apply for a USDA Guaranteed Home Loan in Spokane

Capital Home Mortgage Spokane provides numerous advantages to homebuyers searching for USDA-guaranteed mortgages. These loans, made available through the Section 502 Guaranteed Loan Program, assist low- to moderate-income households in rural areas in achieving homeownership by providing 100 percent financing, thereby alleviating the financial burden of down payments. This program is accessible in Spokane, making it an attractive option for rural homebuyers in the city’s vicinity. The Capital Home Mortgage team simplifies the home loan process by guiding homebuyers from home search to mortgage financing, thereby rendering a process that would otherwise be complex straightforward and efficient.

Call our Spokane USDA Home Loan Specialists at (509) 413-0502 if you have any questions about USDA loans in Spokane Washington.

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 Mortgage 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 USDA Mortgage 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.

  • Guaranteed by US Depart of Agriculture
  • Rural Properties Only
  • 100% Financing
  • No Restrictions on Seller Concessions
  • Low Monthly Mortgage Insurance
  • Acreage Up to 30% of Total Value
  • FHA/USDA Certified Appraisers only
  • Guarantee Fee May be Rolled In
  • New Manufactured Home Only
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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