The Best Mortgage Lenders in Cheney, WA
Compare verified mortgage lenders serving Cheney, Washington. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Cheney
Featured Mortgage Lenders
Spokane Teachers Credit Union (STCU)
Spokane Teachers Credit Union
STCU is one of the most highly-rated financial institutions serving the Cheney area, with exceptional customer satisfaction ratings and deep community roots. As a member-owned credit union, they offer competitive mortgage rates and personalized service. Their mortgage team specializes in first-time homebuyer programs and offers comprehensive digital mortgage tools. With multiple branches throughout the Spokane metropolitan area including service to Cheney residents, STCU provides local decision-making and extensive home loan expertise backed by nearly 90 years of community banking experience.
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Clearwater Mortgage Partners
Clearwater Mortgage Partners
Clearwater Mortgage Partners is a highly-rated local mortgage broker serving Cheney and the entire Spokane region with exceptional customer reviews. They specialize in finding the best loan products from multiple lenders, offering borrowers more options and competitive rates. Their team has extensive experience with VA loans, making them an excellent choice for military families and veterans in the Cheney area. The company is known for responsive communication, transparent processes, and navigating complex financing situations successfully. Their local expertise and commitment to customer service have earned them numerous five-star reviews.
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Guild Mortgage Company
Guild Mortgage Company - Spokane Branch
Guild Mortgage is a nationally recognized lender with a strong local presence in the Spokane/Cheney market, offering comprehensive mortgage services with excellent customer satisfaction ratings. They operate as a direct lender with in-house underwriting, allowing for faster loan decisions and closings. Guild specializes in various loan programs including their exclusive Zero Down Payment option and numerous first-time homebuyer programs. Their Spokane-based loan officers have extensive knowledge of the Cheney housing market and provide personalized service throughout the entire home financing process, backed by six decades of mortgage lending experience.
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Frequently Asked Questions
Common questions about mortgage lending in Cheney, WA
Are there any special first-time homebuyer programs available specifically for Cheney, WA?
Yes, the Washington State Housing Finance Commission (WSHFC) offers several programs, like the Home Advantage and House Key Opportunity programs, which provide competitive interest rates and down payment assistance. These are available statewide, including in Cheney, and can be particularly helpful for buyers at Eastern Washington University or those working in Spokane County. It's also wise to check with local Cheney credit unions for any additional community-specific offers.
How does Cheney's status as a college town impact the mortgage and housing market?
Cheney's housing market is significantly influenced by Eastern Washington University (EWU), creating consistent rental demand which can make investment properties appealing. For primary residence buyers, this can mean more competition for single-family homes near campus but potentially more inventory during summer months. Lenders in the area are familiar with this dynamic and may have specific guidelines for financing properties with rental potential or for faculty/staff programs.
What are typical property taxes like in Cheney, and how do they affect my mortgage payment?
Property tax rates in Cheney, within Spokane County, are generally moderate for Washington state. As of recent data, the combined rate is typically around $10-$12 per $1,000 of assessed value. Your lender will factor this into your total monthly payment (PITI), and it's a key reason to get a precise estimate during pre-approval, as taxes can vary between neighborhoods and impact your overall affordability.
Are USDA rural housing loans a viable option for buying a home in Cheney, WA?
Absolutely. Cheney is eligible for USDA Rural Development loans, which offer 100% financing (no down payment) for qualified buyers and properties. This is a major advantage for eligible buyers with moderate incomes looking in Cheney, as it can significantly lower the barrier to entry. A local mortgage lender can confirm if a specific property address meets the USDA's eligibility criteria.
How do mortgage rates in Cheney compare to nearby Spokane, and should I shop locally?
Mortgage rates are generally set on a national and regional basis, so you'll find similar rates in Cheney and Spokane. However, working with a local Cheney or Spokane County lender provides crucial advantages: they understand the local appraisal process, are familiar with area-specific programs, and can better navigate the nuances of the Cheney market, including transactions involving older homes or properties with accessory dwelling units (ADUs).
Why Choose a Mortgage Lender in Cheney?
Local Market Knowledge
Lenders who understand Cheney's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Washington.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Cheney and get competitive rates on your home loan.