What credit score do I need for usda loans in Spokane, WA?
For usda loans in Spokane, Spokane County, most lenders typically require a minimum credit score of 620 for conventional loans, 580 for FHA loans, and no minimum for VA loans. However, better rates are available with scores above 740. Our loan officers in Spokane can help you find the best options for your credit profile.
How long does it take to close on usda loans in Spokane?
In Spokane, WA, the average closing time for usda loans is typically 25-35 days, depending on the loan type and property. We work with local lenders familiar with Spokane County to expedite the process and help you close faster.
What's the average down payment for usda loans in Spokane?
With median home prices around $295,000 in Spokane, a typical 20% down payment would be approximately $59,000. However, many usda loans options require as little as 3% down ($8,850), and VA/USDA loans may require 0% down.
What are current usda loans rates in Spokane, WA?
Current usda loans rates in Spokane are averaging around 7.05% APR, though your actual rate depends on credit score, down payment, and loan type. We work with multiple lenders in Spokane County to secure you the most competitive rates available.
Are there first-time home buyer programs in Spokane, WA?
Yes! Spokane and WA offer several programs for first-time buyers, including down payment assistance, lower interest rates, and tax credits. As a Spokane resident, you may qualify for state and county-specific programs. Contact us to learn which programs you're eligible for.
What are property taxes like in Spokane County, WA?
Property tax rates in Spokane County vary by municipality, but we can help you estimate your monthly PITI payment (Principal, Interest, Taxes, Insurance) for any Spokane property. Your usda loans payment will include these taxes in escrow for convenience.
Is now a good time to buy in Spokane, WA?
The Spokane market is currently growing. Current market conditions may present opportunities for buyers in Spokane. Our local experts can help you navigate the Spokane real estate market.
What documents do I need for usda loans in Spokane?
For usda loans in Spokane, you'll typically need: pay stubs (last 30 days), W-2s (last 2 years), bank statements (last 2 months), tax returns (if self-employed), and ID. Spokane County county may have specific requirements - we'll guide you through the entire documentation process.