The Best Mortgage Lenders in Paterson, WA
Compare verified mortgage lenders serving Paterson, Washington. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Paterson
Featured Mortgage Lenders
Mike Hergert
Guild Mortgage - Tri-Cities
Mike Hergert with Guild Mortgage is one of the highest-rated mortgage professionals serving the Paterson area through the Tri-Cities market. With over 125 excellent reviews and a 4.9-star rating, he specializes in helping rural and agricultural property buyers throughout Benton County. Guild Mortgage has been in business since 1960 and offers a comprehensive range of loan programs including specialized rural lending options perfect for the Paterson area. His team is known for exceptional communication, competitive rates, and expertise with USDA and VA loans that are popular in Eastern Washington.
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Travis Phelps
Guaranteed Rate - Tri-Cities
Travis Phelps with Guaranteed Rate serves the entire Tri-Cities region including Paterson and has built an outstanding reputation with nearly 90 reviews and a 4.8-star rating. Guaranteed Rate, founded in 2000, is a national leader in digital mortgage solutions while maintaining strong local presence. Travis specializes in first-time homebuyer programs and rural property financing, making him an excellent choice for Paterson residents. His expertise with the unique property types found in Eastern Washington and commitment to competitive pricing make him a top choice for the area.
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Numerica Credit Union Mortgage Team
Numerica Credit Union
Numerica Credit Union has been serving Eastern Washington communities since 1937 and maintains a strong presence throughout the Tri-Cities area including Paterson. With over 215 reviews and a 4.7-star rating, their mortgage team offers exceptional service and highly competitive rates to members. As a community-focused credit union, they understand the unique needs of rural property buyers in areas like Paterson and offer specialized construction and land loans. Their local decision-making process and member-focused approach make them a top choice for personalized mortgage service in the region.
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Frequently Asked Questions
Common questions about mortgage lending in Paterson, WA
What are the typical down payment requirements for homes in Paterson, WA, given its rural setting?
In Paterson's rural market, many homes are eligible for USDA Rural Development loans, which require **0% down payment**. For conventional loans, a 3-5% down payment is common, but properties with larger acreage or unique characteristics may require 10-20% down. Local lenders are familiar with appraisals for rural properties, which can influence specific requirements.
Are there any special mortgage programs for first-time homebuyers in Benton County that apply to Paterson?
Yes, the **Washington State Housing Finance Commission (WSHFC)** offers several programs, like the Home Advantage Loan with competitive rates and down payment assistance, which is available in Paterson. Additionally, as part of Benton County, buyers may access local down payment assistance programs through participating lenders, often paired with WSHFC loans to make purchasing more affordable.
How does Paterson's location in a high-wind area affect the mortgage and insurance process?
Due to Paterson's exposure to Columbia River Gorge winds, lenders will require **wind/hazard insurance** as a condition of the loan. This insurance can be more expensive than in protected areas, which will be factored into your debt-to-income ratio. It's crucial to get insurance quotes early in the homebuying process to avoid last-minute hurdles with loan approval.
What should I know about well and septic inspections when getting a mortgage for a Paterson home?
Most rural Paterson homes use well and septic systems. Lenders will typically require a **potability test for wells** and a **septic inspection** to ensure they are functioning properly before approving a loan. These are additional upfront costs for the buyer (often $500-$1,000 combined) and any significant repairs needed can become a condition of the sale or require an escrow holdback.
How do mortgage rates in Paterson compare to the larger Tri-Cities area, and what factors influence them?
Mortgage rates in Paterson are generally aligned with national and regional averages, not hyper-localized. However, your specific rate can be influenced by the **property's rural classification**, which some lenders may view as having slightly higher risk, potentially affecting terms. Working with a lender experienced in rural Washington properties can help you secure the best available rate and understand any associated fees.
Why Choose a Mortgage Lender in Paterson?
Local Market Knowledge
Lenders who understand Paterson'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 Paterson and get competitive rates on your home loan.