Conventional loans are categorized as loans that meet guidelines set forth by Fannie Mae or Freddie Mac, who provide a secondary market for mortgages. The underwriting guidelines are tighter than other types of mortgages, but the short and long term costs can be significantly lower to the burrower(s).

If you have good credit, have not had any major derogatory credit events in the past 7 years, and can afford to put at least 3% down, a Conventional loan may be the right choice. Your monthly payment could be much more affordable compared to other programs such as FHA.

  •  Minimum Down Payment
3.00%

  • Terms (Years)
30, 25,20,15 Fixed and Adjustable

  • Gift Funds Allowed
Yes

  • Eligible Homes
Single & Multi-Family, Manufactured, Condo

  • Seller Paid Closing Costs
Up to 3% of the Sales Price

  • Loan Limits
$417,000 Most US Counties / $625,500 AK & HI

  • Max DTI
43% (Higher DTI’s May Be Allowed Up To 45% Max)

  • Minimum Credit Score
620 Mid-Score

  • Availability
All US States, Owner Occupied, 2nd Home, Investment

Due to their relatively low Down Payment and less strict underwriting guidelines compared to Conventional Loans, FHA mortgages are a very popular loan product. But they are not for everyone.

If you have mild credit issues, recent short-sales/bankruptcies/or foreclosures, or want a loan with a smaller down payment than other popular programs, and FHA Loan may be a good choice to buy your next home.

  •  Minimum Down Payment
3.50%

  • Terms (Years)
30, 25,20,15 Fixed and Adjustable

  • Gift Funds Allowed
Yes

  • Eligible Homes
Single & Multi-Family, Manufactured, Condo

  • Seller Paid Closing Costs
Up to 6% of the Sales Price

  • Loan Limits
Varies by County (Spokane, WA $271.050)

  • Max DTI
31/43 (Higher DTI’s Allowed in Some Cases)

  • Minimum Credit Score
FHA None (Most Lenders Require 600+)

  • Availability
All US States, Owner Occupied Only

The HomeReady Loan program is offered by Fannie Mae, and designed for creditworthy, low to moderate-income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster impacted  communities.

If you have good credit, low to moderate income for your area, and want a loan with a low down payment, a HomeReady loan may be the perfect solution. In addition to a lower down payment than most other loan programs, HomeReady also has reduced mortgage insurance to make your payment even more affordable.

  •  Minimum Down Payment
3.00%

  • Terms (Years)
30, 25,20,15 Fixed and Adjustable

  • Gift Funds Allowed
Yes

  • Eligible Homes
Single & Multi-Family, Manufactured, Condo

  • Seller Paid Closing Costs
Up to 3% of the Sales Price

  • Loan Limits
$417,000 Most US Counties / $625,500 AK & HI

  • Max DTI
45% (Higher DTI’s May Be Allowed Up To 50% Max)

  • Minimum Credit Score
620 Mid-Score

  • Availability
All US States, Owner Occupied Only

VA Loans are available to eligible Active, Separated, Reserves, and some National Guard Veterans of the US Military. This program offers our nation’s military service people a No Down Payment loan option, with no Monthly Mortgage Insurance, and Flexible Underwriting Guidelines. Each loan is insured by the Department of Veteran Affairs.

A VA Loan is a great option for most eligible veterans looking to purchase a home, however not always the best choice. If you are in active duty and could be transferred, or non-active and plan to move in the first 5 years, a VA loan might not be for you.

  •  Minimum Down Payment
0.00%

  • Terms (Years)
30, 25,20,15 Fixed and Adjustable

  • Gift Funds Allowed
Yes

  • Eligible Homes
Single & Multi-Family, Manufactured, Condo

  • Seller Paid Closing Costs
Up to 4% of the Sales Price

  • Loan Limits
Varies by County (Spokane, WA $417,000)

  • Max DTI
41% (Higher DTI’s Allowed in Some Cases)

  • Minimum Credit Score
VA None (Most Lenders Require 600+)

  • Availability
All US States, Eligible Veterans & Owner Occupied

The USDA RD Loan is a great profram to purchase a home with no down payment, and typically lower payment than other popular loan programs. The home must be in an eligible rural area defined by the USDA. These are typically rural unincorporated areas with under 50,000 inhabitants.

If you and your family make less than the maximum income for your area and family size, you would get into a home with no money down, and the home is in an eligible area, this program is a great opportunity.

Income limits and eligible areas change everywhere so its very important to talk to a loan expert about this option.

  •  Minimum Down Payment
0.00%

  • Terms (Years)
30, 25,20,15 Fixed Only

  • Gift Funds Allowed
Yes

  • Eligible Homes
Single & Multi-Family, New Manufactured Homes

  • Seller Paid Closing Costs
Up to 6% of the Sales Price

  • Maximum Loan Amount
Determined by Income and DTI

  • Max DTI
29%/41% (Higher DTI’s Allowed In Some Cases)

  • Minimum Credit Score
600 Mid FICO

  • Availability
All US States, Only USDA Eligible Areas, Owner Occupied

We have a large range of loan options! Call us to get in contact with a Mortgage Consultant today for more information on which loan suits you best!

* Other restrictions and guidelines apply. Please contact lender for full program details.