Mortgage Center

Obtaining a Mortgage for Tri-Cities Real Estate

Buying a home with a loan requires research and effort on your part but knowing your options before you buy can help you make a more informed decision.financing Tri-City real estate


A conventional loan is one of the most common types of home loans. If you are selling one property to buy another this may be the best option for you as many times there is enough equity in the previous home to put down a substantial amount on the next. Most conventional loans require some type of down payment and typically the minimum is 10%. These loans have lower interest rates and no mortgage insurance. Many times a better credit score is also encouraged when applying for a conventional loan.


An FHA loan requires a 3% down payment which makes it better for first time buyers that may not have a lot of funds built up yet. This type of loan also requires mortgage insurance for at least the first two years to cover the cost of resell in case of default. This insurance does not automatically go away though once the home is under the 80% loan to value ratio. You must call your lender as ask the payment be removed.


This is for military service persons buying a home. This can only be used once maybe twice in the life of the buyer so be cautious in when you use it. The benefit is there may be a zero down loan and the seller must pay all the closing costs. The home must be in a certain livable condition as well so short sales and foreclosures are typically not in this bracket.


This is an off-shoot of a conventional loan in that it's a zero down loan but the home must meet some requirements for it's condition. The loans are also good for first time home buyers but there are stricter limits on finances, debt and home choice.

No matter what loan you choose you will need certain documents for your application such as:

  • W-2's
  • Pay Stubs
  • Bank Statements
  • Child Support Statements
  • Alimony Statements
  • Assets and Liabilities
  • Any excess debt

Depending on the loan and the home these may or may not be all you need. Check with your lender for more specifics.

Your lender should issue you a letter of pre-approval for a loan which you can present to sellers when submitting an offer. This informs the seller you have done your homework and are ready to buy this house.

We would love to offer you options in buying Tri-City real estate including lenders, mortgage brokers and insurance options. Feel free to give us a call anytime. Check out more tips for calculating a mortgage.

Andrew Payne

Office Phone: 509-430-8373
Cell Phone: 509-430-8373
Fax: 509-967-9496

5736 Gray St
West Richland, WA 99353