The Best Mortgage Lenders in Riverside, WA
Compare verified mortgage lenders serving Riverside, Washington. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Riverside
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a top-rated lender known for its exceptional customer service and competitive rates, with a strong presence in Eastern Washington. They specialize in a wide range of loan products and have consistently high customer satisfaction ratings, making them a reliable choice for homeowners in Riverside and surrounding areas. Their local Spokane office ensures personalized service and quick response times.
Loan Types:
New American Funding
New American Funding
New American Funding is highly regarded for its diverse loan options and commitment to underserved communities, with a solid reputation in the Spokane area serving Riverside. They offer competitive rates and have a track record of excellent customer service, including bilingual support. Their focus on technology and efficiency makes the mortgage process smooth and accessible for clients in rural and urban settings alike.
Loan Types:
Caliber Home Loans
Caliber Home Loans Inc.
Caliber Home Loans provides reliable mortgage services with a strong emphasis on customer satisfaction and flexible lending solutions. They have a significant presence in Washington and serve Riverside through their Spokane office, offering personalized advice and competitive rates. Known for their streamlined processes and experienced loan officers, they are a trusted option for both first-time homebuyers and refinancing clients in the region.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Riverside, WA
What are the current mortgage rates like in Riverside, WA, and how do they compare to the state average?
Mortgage rates in Riverside, WA, are generally aligned with national and state averages, but can be slightly influenced by the local market's competitiveness and the rural nature of Stevens County. As of recent trends, rates for a 30-year fixed mortgage in the area are often comparable to or slightly above the Washington state average due to factors like lower population density and property types. It's crucial to shop around with both local community banks and larger lenders to find the best available rate for your specific financial profile.
Are there any down payment assistance programs specifically for homebuyers in Riverside, WA?
Yes, homebuyers in Riverside can access the Washington State Housing Finance Commission's (WSHFC) programs, which are available statewide. Key options include the Home Advantage DPA, which offers a deferred-payment second loan for down payment and closing costs, and the House Key Opportunity DPA for first-time buyers. Eligibility is based on income and purchase price limits, which are adjusted for Stevens County and can make homeownership more accessible in Riverside's market.
How does the appraisal process work for a home in a rural area like Riverside, WA?
Appraisals in Riverside can be more complex due to its rural setting. Appraisers must often use "comparable" sales from a wider geographic area, which may include properties in Colville, Kettle Falls, or other parts of Stevens County, potentially leading to longer turnaround times. Unique property features, well and septic systems (common in Riverside), and land value are heavily scrutinized, so it's wise to work with a lender experienced in rural properties to ensure a smooth process.
What should I know about property taxes and insurance when getting a mortgage in Riverside?
Property taxes in Stevens County, where Riverside is located, are generally lower than in more urban parts of Washington, which can positively impact your monthly mortgage payment. However, you must budget for and secure adequate homeowners insurance, which can be influenced by wildfire risk in this forested region. Your lender will require an escrow account to pay these bills, and it's important to get accurate estimates early in the homebuying process.
Are USDA loans a common and good option for mortgages in Riverside, WA?
Absolutely. Given Riverside's location, many properties qualify for USDA Rural Development loans, which offer 100% financing (no down payment) for eligible borrowers and properties. This is one of the most advantageous programs for the area, as it targets rural communities. To qualify, your household income must meet certain limits for Stevens County, and the home must be located in an eligible rural area, which nearly all of Riverside is.
Why Choose a Mortgage Lender in Riverside?
Local Market Knowledge
Lenders who understand Riverside'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 Riverside and get competitive rates on your home loan.