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Franklin County, Washington FHA, VA, and USDA Loan Information

Table of Contents

-How to purchase a home in Franklin County
-What are the government loan limits in Franklin County, WA?
-What parts of Franklin County are eligible for USDA loans?
-Do I need flood insurance?
-How do I learn about Property Taxes in Franklin County
-What is the median home price in Franklin County, WA?
-How many people live in Franklin County?
-What are the major cities?
-How do I see FHA- and VA-Approved homes for sale?
-Is there a cost to have a real estate agent represent me?
-What closing costs do I need?
-How can I get assistance with closing costs?
-About Franklin County
-How much of a loan can I qualify for, based on my income?
-Approved Condominium Projects in Franklin County

How to purchase a home in Franklin County

Are you interested in buying a home in Franklin County? This is a step by step guide to all the ins and outs of the homebuying process. For more detail about FHA loans, be sure to check out our complete guide. We also have an in-depth guide to VA loans and the USDA’s Rural Development home loan program.
For now, let’s look at the basic steps to buying a home – and what you’ll have to look out for in Franklin County.

  1. Get in touch with a loan officer – give us a call at 877-432-5626 We can help you figure out what type of loan you might qualify for. Programs through the VA, USDA, and FHA allow you to buy a home with a small down payment – or no down payment at all. We will also check your credit and income to see how much of a loan you can qualify for. When we do this, we do a “soft pull” on your credit. This is different from an official credit inquiry and won’t hurt your credit score.
  2. Compare loan offers. Either call us or fill out the form by filling up the form at the top right of this page.
  3. Give your Loan Officer the information they need to find you a loan For a purchase loan or cash-out refinances:
    • Your ID
    • Previous two years of W2s
    • Most recent 30 days paystubs
    • Most recent 60 days bank statements
    • Landlord and HR/Payroll Department contact info
      For a refinance loan, you will also need information on the loan you want to refinance.
  4. Contact our Loan officers to compare the interest rates and APRS – but keep in mind that the fixed- and adjustable-rate mortgages are apples and oranges. Use the Loan Estimate to compare the true costs of each loan, both month-to-month and over the life of the mortgage.
  5. Find a home Get connected with a FedHome Loan Centers Real Estate Agent. Once you meet with them to talk about your wants and needs, you can sign up for the property search feed. This will give you alerts about homes for sale in Franklin County. Now you’re ready to preview properties and start touring homes.
  6. Make an offer and negotiate the terms of the sale
  7. Get the necessary and recommended inspections Required Inspections:
    • Termite Inspection
    • Well or septic inspections, if applicable
    • We can help you check if your home is in one of the Franklin County flood hazard areas.
      Recommended Inspections:
      Home Inspection, Roof Inspection, Sewer Inspection
  8. Get the home appraised Construction loans require a construction appraisal and permit approval
  9. Lock in your interest rate Pro Tip: Wait until the appraisal to lock in your loan rates. If it turns out you need to make repairs, it can push the closing back. Then you run the risk of losing that rate or having to pay an extension fee.
  10. Close the deal and get packing! You’re ready to go!

FAQ

What are the Loan Limits for Franklin County?

  • FHA Loan Limit $331,760 (Single family residence) / $424,800 (Duplex) / $513,450 (Triplex) / $638,100 (Fourplex)
  • USDA Loan Limit $265,400
  • VA Home Loan Limit $0 down up to $3,000,000 / 2 open VA loans at one time $510,400 *(Call 877-432-5626 for details).

What Parts of Franklin County are eligible for USDA Loans?

  • Franklin County is eligible for a USDA Rural Development home loan.
  • Eligible Zip Code: 93326, 99330, 99335, 99343.

Do I need Flood Insurance?

The FHA, USDA, and VA all require flood insurance in Special Flood Hazard Areas.   

How do I learn about Property Taxes in Franklin County?

  • Peter McEnderfer is the Franklin County tax assessor. His office is located at 1016 North 4th Avenue, Pasco, Washington, 99301. Also, his office can be reached by calling (509) 545-3506.
  • Washington state offers about 50 tax incentives and deductions that are meant to bolster local business growth. Also, there are several tax credits programs for specific industries that meet individual requirements. Furthermore, deferral programs are also available for manufacturers, high technology businesses, and fruit & vegetable businesses.

What is the Median Home Price in Franklin County?

The median home price for Franklin County is $248,400. Moreover, the median household income for residents of the county is $62,002.

How many people live in Franklin County?

As of 2019, Franklin County’s population is 95,222, which has increased by 21% in the last decade. According to the U.S. census demographically, 53% of the population is Hispanic, with 39% White and 3% Black.

What are the major cities?

The county has four cities, including the city of Pasco, which serves as the county seat. The other significant cities in the county are Connell, Kathlotus, and Mesa.

How do I see FHA- and VA-Approved homes for sale?

You can view all of the properties available for sale in Franklin County through our Multiple Listing Service. In addition, you can see approved condos at the bottom of this page.

Is there a cost to have a real estate agent represent me?

The seller must pay the real estate professionals’ commission, not the buyer. This means that, as a homebuyer, there is no cost to have a real estate agent represent you. In fact, it’s a good idea to get your own agent in order to have someone in your corner during the negotiation process. For more information about real estate agents, click here.

What closing costs do I need?

For FHA loans, closing costs can end up being 3-4% of the loan amount. These costs include origination fees from the lender, any discount points purchased for a better interest rate, and pre-paid items like insurance and taxes.

How can I get assistance with closing costs?

There are several ways to reduce the amount you have to pay at closing. One way is to get down payment assistance. The FHA’s Within Reach program provides grants to help low- and middle-income families with their down payment.

About Franklin County

Established on November 28, 1883, the county was named in honor of Benjamin Franklin, an American founding father who was also a philosopher, politician, and scientist. The county covers an area of about 1,265 square miles of the state of Washington and, in its early history, was the site of frequent visits from fur trappers and gold traders.

Today the county’s economy is a little different, with its biggest employment industries being Agriculture, Fishing, Hunting, healthcare, and manufacturing. However, the most common occupations for residents are Fishing, Farming, Office Administrative Support, and Sales occupations.

In addition to its varied workforce, the county is also home to three public school districts and one higher education institution. The public schools offer education to students ranging from pre-k to 12th grade. Also located in Franklin is Columbia Basin College, a public 4-year University were most students get degrees in the Liberal Arts and Sciences, and Business Administration.

Residents who enjoy the outdoors can hike or bike the 22-mile long Sacagawea Trail. However, if hiking is not your speed, then you can relax in one of the several waterfront parks located along the Columbia River. These parks are great for activities like boating, fishing, or even skiing.

Every year the county host a celebratory event that celebrates the county’s history and community. These include the Fiery Foods Festival, which celebrates spicy foods of all varieties or the Pasco Farmers Market, draws enormous crowds from May until October. The Farmers Market provides an outlet for farmers to sell their fresh produce.

How much of a loan can I qualify for, based on my income?

Monthly Income Purchase Price
$2,628.90 $195,175.91
$2,832.00 $210,254.55
$3,181.50 $236,202.27
$3,612.00 $268,163.64
$3,985.50 $295,893.18
$4,361.10 $323,778.64
$4,971.90 $369,125.91
$5,761.50 $427,747.73
$6,892.20 $520,625.00
$5,199.60 $368,791.82
$5,743.80 $408,815.91
$6,249.90 $450,287.73
$6,998.10 $501,960.45
$9,776.70 $725,845.91
$5,568.00 $413,381.82
$6,574.80 $488,129.09
$7,569.60 $561,985.45
$5,141.40 $381,710.00
$6,345.30 $471,090.45
$7,639.80 $567,197.27
$8,360.10 $620,674.09
$9,260.70 $687,536.82
$10,095.30 $749,499.55
$12,165.00 $903,159.09
$13,929.60 $1,034,167.27
$17,511.00 $1,300,059.09
$18,406.80 $1,366,506.06

Purchase Price subject to credit and income evaluation. 

Approved Condos in Franklin County

Currently, Franklin County has no VA or FHA approved condos available. However, if you’re still interested in getting a condo within the county we can help you through the approval process, give us a call at (877) 432-5626.

Make Your Dream Home a Reality

FedHome Loan Centers is here to help you find and finance your perfect home in Franklin County.  

Receive excellent home financing options by applying for a home loan today!