Current conventional guidelines, updated from one source.
Treat these as the program’s fixed points rather than an offer: the minimum down payment for a first-time buyer and for everyone else, the credit floor behind these pages, the leverage at which mortgage insurance begins and the points at which it ends, and the ratio an automated approval allows.
First-time buyer; 5% standard; 97% loan-to-value at the top
On a principal residence the down payment starts at 3% for a first-time buyer and 5% otherwise, the top leverage being 97% loan-to-value. Second homes and investment properties ask for more, as the leverage table shows, and the price of any leverage above 80% is mortgage insurance.
Priced on the score; no agency minimum with an automated approval
The wholesale programs behind these pages start at a 620 decision score. The agencies themselves set no minimum for an automated approval and ask for 620 on a manually underwritten fixed-rate loan and 640 on an adjustable; the score prices the loan and the insurance more than it gates them.
Required above 80% LTV; removed at 80% by request, 78% automatically
Private mortgage insurance applies above 80% loan-to-value, costs within a published range of 0.58%–1.86% a year depending on the score and the leverage, and ends: by request at 80% of the original value, automatically at 78%, and no later than the midpoint of the term.
With an automated approval; 36% to 45% on a manual file
An automated approval allows a total debt-to-income ratio up to 50%; a manually underwritten file is held to 36%, or 45% when the credit score and reserves meet the agencies’ matrix. The ratio is measured on the total housing payment plus every other monthly obligation against gross income.
| Purpose | Occupancy and program | Maximum LTV |
|---|---|---|
| Purchase | One-unit principal residence, first-time buyer (fixed rate) | 97% |
| Purchase | One-unit principal residence, standard | 95% |
| Purchase | HomeReady / Home Possible (income limits apply) | 97% |
| Purchase | Two- to four-unit principal residence | 95% |
| Purchase | Second home | 90% |
| Purchase | Investment property, one unit | 85% |
| Purchase | Investment property, two to four units | 75% |
| Refinance | Limited cash-out (rate-and-term), one-unit principal residence | 95% |
| Refinance | Cash-out, one-unit principal residence | 80% |
| Refinance | Cash-out, two to four units, second home or investment | 75% |
| Combined LTV | Maximum contribution |
|---|---|
| above 90 percent | 3% of the sales price |
| 75.01 to 90 percent | 6% of the sales price |
| 75 percent or less | 9% of the sales price |
| investment property (any) | 2% of the sales price |
| Event | Waiting period |
|---|---|
| Chapter 7 or 11 bankruptcy | four years from discharge or dismissal (two years with documented extenuating circumstances) |
| Chapter 13 bankruptcy | two years from discharge; four years from dismissal (two with extenuating circumstances) |
| Multiple bankruptcy filings | five years when more than one filing within the past seven years |
| Foreclosure | seven years (three with extenuating circumstances, then limited to a principal residence or second home at 90 percent LTV, purchase or limited cash-out) |
| Deed-in-lieu, short sale or mortgage charge-off | four years (two with extenuating circumstances) |
Mortgage insurance: Fannie Mae reports that private mortgage insurance typically ranged from 0.58%–1.86% of the loan amount a year; the premium on a specific loan is priced by the insurer on the score, the leverage, and the coverage, and is never quoted here. Gifts from relatives may fund the entire down payment on a one-unit principal residence. HomeReady and Home Possible lend to 97% with income at or below 80% of the area median; HomeOne lends to the same leverage with a first-time buyer and no income limit.
Current conventional snapshot · updated October 1, 2026 · principal residences occupied within sixty days, second homes, and one- to four-unit investment properties · conforming limits apply by county and are confirmed by a Lendmire loan officer · above the limit, see the jumbo program · no prepayment penalty · Lendmire is a broker, never the lender.
This page describes program parameters, not an offer. The down payment minimums, the credit floor, the insurance thresholds, and the ratios are agency guidelines and lender overlays, subject to change without notice and to full underwriting; the appraisal, the credit report, the property, the occupancy, and the conforming limit decide every file. Lendmire is a broker, not a lender. Licensed in sixteen states for consumer mortgages. NMLS #2371349.
What a conventional loan is — and how the file is qualified.
The difference between a conventional loan and a government loan is who stands behind it. No agency insures a conforming loan; a private insurer covers the top slice above the threshold, and the agencies buy the loan on their rules. That structure explains each of the four pieces below for a Spokane buyer.
For the program overview, see Lendmire’s conventional loan program, or the statewide guide at Conventional Loans in Washington; for the mortgage insurance cancellation rules, see the CFPB.
Leverage by occupancy and buyer
Who the buyer is matters as much as what the home is. A first-time buyer, meaning no ownership interest in a home for three years, qualifies for the smallest down payment on a principal residence; a repeat buyer starts a little higher; and HomeReady, Home Possible, and HomeOne open the top leverage to buyers who meet their conditions.
Credit scores and automated underwriting
Conventional credit is priced more than it is gated. The agencies set no minimum score for a loan their automated system approves, the wholesale programs set a floor, and above the floor the score sets the loan-level price adjustments and the mortgage insurance premium. A Spokane buyer with a stronger score pays less on both lines.
Mortgage insurance that cancels
Above the leverage threshold a private insurer covers the lender’s top-slice risk, and the borrower pays for it in the monthly payment. The premium is priced on the score and the leverage, which is why two Spokane buyers at the same price can pay very different amounts, and it is temporary: cancellable at the request point and ended automatically at the termination point on the original value.
Ratios, reserves, and the DU finding
Total debt-to-income is the ratio that counts: the full housing payment, insurance included, plus every monthly obligation, against gross income. Automated approvals reach the higher ceiling in the snapshot; manual files are held to the lower pair, with the higher of the two needing the matrix’s credit and reserve criteria.
The calculator runs this on a Spokane scenario and adds the piece most calculators skip: the month on the amortization schedule when the balance reaches the request and automatic-termination thresholds, so the payment after the insurance ends is visible beside the payment before.
Where Spokane buyers borrow — and how a conforming loan fits.
Start with the market, then the file. The Spokane figures below set the backdrop for a conventional purchase: who owns, what homes are worth on the latest estimate, and what households earn, which together decide what a first-time buyer’s down payment and payment look like locally.
Read the figures as backdrop. Read the figures as ranges, not predictions. The lender appraises one home, documents one income, and lets the automated system read one credit file.
Data sources: U.S. Census Bureau — ACS 5-Year (2024) housing and population estimates, including tenure, home values, gross rents, and household income.
Distinct Spokane neighborhoods, distinct conventional files.
Six Spokane neighborhoods, six versions of the same program: the cards below describe the housing stock, the price range, and the conventional question that comes up most often in each.
Condominiums and townhomes
Much of Spokane’s entry-level stock is attached housing, and a conventional loan finances it whenever the project is warrantable under the agencies’ review. The dues go into the ratio, and the first-time buyer’s minimum applies as it would on a house. Median household income in Spokane sits near $70,064 on the latest Census estimate.
Two-to-four-unit homes
The owner-occupied multi-unit Spokane file is a conventional specialty with its own leverage, its own rent-counting rules, and its own reserve requirement. The buyer in one unit qualifies on the combined picture. On a home at Spokane’s median value, the first-time buyer’s minimum down payment comes to about $10,900 and the standard minimum to about $18,200 — before closing costs, and before the mortgage insurance that comes with either.
Established close-in neighborhoods
An older Spokane house is a routine conventional purchase; the appraisal is lighter on condition than a government appraisal, which is one reason buyers of older homes often choose this program. The value against the contract price is the usual question. Spokane counts a population near 230K within the Spokane-Spokane Valley, WA area.
Investor and second-home purchases
A second home in Spokane, occupied part of the year and never run as a rental business, is a conventional file at the second-home leverage with deeper reserves and part of the down payment from the buyer’s own funds. Roughly 57,325 Spokane households own their homes on the latest Census estimate — 59% of all households, the pool a conventional purchase joins.
Newer infill and recent construction
On recent construction in Spokane the appraisal is usually uneventful and the arithmetic decides: whether the loan fits under the conforming limit, and whether the ratio carries the price once the insurance is added at the leverage chosen. About 41% of Spokane’s households rent — roughly 40,121 renter households on the latest Census estimate.
Higher-value homes
A high-value Spokane purchase can still be a conforming loan when the loan amount fits under the county limit, and a high-cost county’s higher range extends that reach; above it, the jumbo program takes the file with its own leverage and reserves. The median owner-occupied home value in Spokane runs near $363,500 on the latest Census estimate.
Each Spokane submarket has its own property story, and the appraisal and the project review are where that story is told. The leverage limits, the cancellation rules, and the automated finding are the constants.
Four ways Spokane buyers put a conforming loan to work.
Because the agencies buy loans on principal residences, second homes, and investment property alike, the conventional loan is a program a Spokane household can use for every home it owns. Four examples follow.
Buy a second home
A second home in Spokane is a conventional file with its own leverage and reserve rules: more down than a principal residence, the payment on the existing home counted in the ratio, and a property the owner occupies part of the year rather than rents full time.
Buy a condominium in a warrantable project
The condominium file adds the project review to the house file. Once a Spokane project clears it, the first-time buyer’s minimum, the insurance rules, and the ratio ceiling are exactly what they would be on a single-family home.
Buy an investment property
The rental purchase is inside the conventional program at a lower leverage than a principal residence: a Spokane buyer uses the agencies’ rules for counting rental income, shows reserves for every property financed, and accepts loan-level adjustments that reflect the occupancy.
Buy a first home at the first-time-buyer minimum
For a Spokane first purchase, the conventional route pairs the agencies’ lowest down payment with insurance that cancels and no upfront premium; the file is qualified on the score, the ratio, the reserves, and the automated finding, and a family gift may fund the whole down payment.
Estimate the payment on a Spokane price before requesting a quote.
This is what a Spokane conventional purchase costs each month at the leverage you choose, with the insurance shown as a separate line and then removed: the calculator finds the month on the schedule when the balance reaches the request threshold and the automatic one, and shows the payment on each side. The rate shown is the weekly Freddie Mac average, editable, and not a quote.
Spokane conventional payment estimate
Seeded at Spokane’s median value with the first-time buyer’s minimum down; every field updates the result as you type.
Editable benchmark: 7.03% as of September 24, 2026 · Freddie Mac 30-year average via FRED®. A conventional market reference, not a conventional loan quote.
Estimate seeded at the low end of Fannie Mae’s published range (0.58%–1.86% a year); the insurer prices the actual premium on the score and the leverage. Applies only above 80% loan-to-value.
Illustrative starting assumptions: a $365,000 price near Spokane’s median owner-occupied home value, the first-time buyer’s minimum down payment, a thirty-year term at the current Freddie Mac benchmark, mortgage insurance at the low end of Fannie Mae’s published range, property taxes and insurance estimated for Washington (U.S. Census Bureau). Every field is editable.
Illustrative estimate only — not a Loan Estimate, approval, quote, or commitment to lend. The rate field carries the weekly Freddie Mac thirty-year conventional benchmark, a market reference and not a conventional loan quote; your rate is set by the lender at lock. The mortgage insurance figure is an editable estimate seeded from Fannie Mae’s published typical range, not a premium quote; the insurer prices the actual premium, and the cancellation month assumes scheduled payments with no extra principal and no change in value. Taxes, insurance and dues are editable estimates; closing costs are not included. Conforming loan limits apply by county. Licensed in sixteen states for consumer mortgages.
Same buyer, three very different closings.
Choosing among conventional, FHA, and VA in Spokane is really choosing an insurance structure and a credit standard at the same time. Each is laid out below with the buyer it fits.
Conventional, FHA, or VA.
A low down payment for the first-time buyer, insurance priced on the score and removed once the balance falls below the threshold, no upfront premium, and, of the three programs compared here, the one that finances second homes and investment property. The cost is a credit standard that prices a weak score heavily.
FHA’s leverage is high and its credit standard is forgiving, but its insurance is priced by schedule rather than by score and does not cancel on a full-leverage thirty-year loan. A Spokane buyer comparing the two sees the premium line stay on FHA and disappear on conventional. See Lendmire’s FHA loan program.
For an eligible veteran, service member, or surviving spouse, the VA loan removes the down payment and the monthly insurance entirely in exchange for a one-time funding fee that many disabled veterans do not pay. Where eligibility exists, it usually beats conventional for a Spokane principal residence; conventional still wins the second home and the rental. See Lendmire’s VA loan program.
Choose by profile: a strong score and any down payment point to conventional; a modest score and a small down payment point to FHA; eligibility with full entitlement points to VA. A Spokane loan officer runs all three on the same numbers before recommending one. Above the conforming limit, see the jumbo loan program.
What to prepare for a Spokane scenario review.
The paperwork is the standard mortgage set, with the automated finding deciding how much of it the file actually needs; here is what a Spokane scenario review typically draws on.
This is a general preparation guide, not a universal checklist. The selected lender may request additional information based on the transaction, the property, the automated underwriting finding, and the income picture. Nothing here is legal or tax advice.
Local details that can change the loan.
A handful of details decide whether a Spokane conventional file closes as planned, closes at a different cost, or stalls. These are the ones that come up most.
Use these checks to keep the Spokane file clean and fundable.
The list is short because the program is: the insurance, the score, and the property decide most Spokane files before income is even opened.
- Plan the insurance: it cancels on request at the request threshold and automatically at the termination threshold.
- Confirm the score: a self-pulled score can differ from the decision score.
- Count the properties: second homes and rentals carry lower leverage than a principal residence.
Mortgage insurance: how much, and until when
Cancellation on request needs a good payment history, no subordinate liens, and no decline in value; automatic termination needs only that the loan be current. A Spokane owner whose home has gained value may also ask the servicer to recognize the current value under its own rules, which is a servicer decision rather than a program right.
The score sets the cost
The decision score is read from the lender’s report, and with more than one borrower the automated system uses the average of the median scores. On a Spokane conventional file the score rarely ends eligibility, but it sets the loan-level adjustments and the insurance premium, so a difference of a few points can change the monthly cost.
Second homes, rentals, and financed-property limits
A Spokane household can hold several conventional loans at once, but each financed property adds reserves to the next file and the agencies cap the number of financed properties a borrower may have. Second homes and rentals are leveraged lower than a principal residence and priced for the occupancy.
Ratios, reserves, and the finding
The automated finding decides how much of the ratio ceiling a Spokane file actually gets: a strong score and reserves earn the room, a thin profile earns less. The reserves are measured in months of the total housing payment and must be documented, not promised.
Seller contributions and the down payment
Two rules shape the Spokane contract: the contribution cap, which falls as the leverage rises, and the source rules for the down payment, which allow a full gift on a one-unit principal residence and require a share of the buyer’s own funds on second homes and multi-unit homes above the threshold.
From a Spokane pre-approval to keys in hand.
Underneath, the Spokane process is any mortgage process; what makes it conventional is the automated finding, the project review where it applies, the leverage by occupancy, and the insurance threshold. Each step below says what happens and what the buyer does.
Pre-approval
A Spokane pre-approval is a sizing exercise run through the automated system: the score, the income, the assets, the occupancy, and the price. The finding sets the ratio room and the reserves, and the loan officer puts the pre-approval in writing for the offer.
Contract and appraisal
The Spokane contract sets the price and the contributions; the appraisal, or the system’s value acceptance, sets the value. Both feed the loan amount, and the lender confirms the project review and the conforming limit before underwriting begins.
Underwriting
The underwriter verifies what the automated finding assumed: the income, the assets and reserves, the credit and any seasoning, the occupancy, and the property. A manual file follows the lower ratio pair instead. Conditions are issued, documented, and cleared before the approval is final.
Closing
Closing is where the structure becomes a payment: principal and interest, the insurance while the loan is above the threshold, taxes and insurance. The Spokane buyer takes the keys, and the lender delivers the loan to the agency it was written for.
A brokerage that prices the whole market.
A single lender prices a conventional loan one way; a brokerage with several wholesale programs prices it several ways and shows a Spokane buyer which one costs less on the same score and leverage, with the insurance quoted by the insurer rather than guessed.
Several programs, one set of numbers
The comparison printed on this page is run for real on every Spokane file: conventional with the insurer’s actual premium beside FHA with its premiums beside VA where eligibility exists, and the written terms follow from it.
The insurance explained before the offer
The premium and its exit are decided by the leverage and the score, and a buyer should know both before signing a contract. Lendmire states the structure for the Spokane purchase, shows the payment before and after cancellation, and explains the request and automatic thresholds.
Licensed, consumer-purpose, in writing
What this page shows are the agencies’ parameters and the wholesale overlays; what a specific Spokane loan gets is a written set of terms from a licensed loan officer after the review. Lendmire is a broker, never the lender.
Trusted by buyers & families alike.
Spokane conventional loan FAQs
Plain answers to the questions Spokane buyers ask most about conventional loans, in the order they usually ask them.
What is a conventional loan, and who is it for?
Think of it as the mortgage without a federal guaranty or insurance: the agencies set the rules, a private insurer covers the high-leverage slice, and the score sets the price. Principal residences, second homes, and one- to four-unit rentals are all inside it.
How much do I need to put down on a conventional loan in Spokane?
The first-time buyer’s minimum in the snapshot on a one-unit principal residence with a fixed rate, where a first-time buyer is anyone without an ownership interest in a home during the prior three years; the standard minimum for everyone else; and more for second homes, multi-unit homes, and investment property, as the leverage table shows. A relative’s gift may fund the whole down payment on a one-unit principal residence.
What credit score do I need for a conventional loan?
The practical answer is the floor in the snapshot, and the useful answer is that every tier above it lowers the cost. A Spokane buyer with a modest score should run FHA beside conventional, because FHA prices its insurance by schedule rather than by score.
How does private mortgage insurance work, and when does it end?
The premium is a percentage of the loan a year, divided into the monthly payment, and it is set by the insurer on the score and the leverage rather than by a government schedule. It cancels: by request at the request threshold, automatically at the termination threshold, and no later than the midpoint of the term.
What is the conforming loan limit in Spokane?
The limit is the first thing confirmed on a Spokane file near the top of the market. These pages state the program’s structure rather than a number that changes every year; the current figure comes from a loan officer.
Can I get a conventional loan after a bankruptcy or foreclosure?
The agencies season credit events rather than barring them, with the periods shown in the snapshot. Gather the discharge, dismissal, or transfer dates before the review, because they decide whether the file can be written now.
What are HomeReady, Home Possible, and HomeOne?
They are the agencies’ affordable programs: the same conforming loan with the top leverage, lower insurance coverage, and in two cases an income limit. A Spokane buyer who qualifies usually pays less than on the standard conventional structure at the same leverage.
Should I choose a conventional loan or FHA?
Choose by profile: conventional for the buyer whose score earns a small, cancellable premium, FHA for the buyer a conventional loan would price heavily. Many Spokane buyers start on FHA and refinance into conventional once equity and credit allow.
Can the seller pay my closing costs on a conventional loan?
Up to the share of the price in the snapshot table for the combined loan-to-value. Anything above it reduces the price for sizing the loan, and nothing from the seller may fund the down payment.
Can I take cash out with a conventional refinance?
A conventional cash-out refinance replaces the first mortgage with a larger loan at the cash-out leverage and hands over the difference. A Spokane owner with a low-balance first mortgage usually compares a second lien first.
The Spokane conforming file, priced across the market and explained plainly.
Ask for a Spokane scenario review to confirm the leverage, the insurance and its exit, and the loan the program supports. Lendmire is a broker licensed in sixteen states for consumer mortgages and is never the lender.
This guide covers Spokane — for the statewide guidelines, markets, and scenarios, see Conventional Loans in Washington, part of Lendmire’s conventional loan program.
Nearby markets in Washington: Bellevue · Kent · Seattle · Tacoma · Vancouver
Related programs: FHA Loans · Jumbo Loans · Refinance Loans