Table of Contents
-How to purchase a home in Lincoln County
-What are the government loan limits in Lincoln County, WA?
-What parts of Lincoln County are eligible for USDA loans?
-Do I need flood insurance?
-How do I learn about Property Taxes in Lincoln County
-What is the median home price in Lincoln County, WA?
-How many people live in Lincoln 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 Lincoln County
-How much of a loan can I qualify for, based on my income?
-Approved Condominium Projects in Lincoln County
How to purchase a home in Lincoln County
Are you interested in buying a home in Lincoln 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 Lincoln County.
- 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.
- Compare loan offers. Either call us or fill out the form by filling up the form at the top right of this page.
- 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.
- 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.
- 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 Lincoln County. Now you’re ready to preview properties and start touring homes.
- Make an offer and negotiate the terms of the sale
- 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 Lincoln County flood hazard areas.
Home Inspection, Roof Inspection, Sewer Inspection
- Get the home appraised Construction loans require a construction appraisal and permit approval
- 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.
- Close the deal and get packing! You’re ready to go!
What are the Loan Limits for Lincoln 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 Lincoln County are eligible for USDA Loans?
- Lincoln County is eligible for a USDA Rural Development home loan.
- Eligible Zip Codes: 99008, 99029, 99032, 99103, 99117, 99122, 99134, 99144, 99147, 99154, 99159, 99185.
Do I need Flood Insurance?
The FHA, USDA, and V.A. all require flood insurance in Special Flood Hazard Areas.
How do I learn about Property Taxes in Lincoln County?
- J. Scott Liebing is the Lincoln county tax assessor. His office is located at 450 Logan Street, Davenport, Washington 99122, and can also be reached by calling (509)725-5045.
- 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 Lincoln County?
The median home value for Lincoln County is $225,721. Also, the median household income for residents of the county is $50,744.
How many people live in Lincoln County?
As of 2019, Lincoln County’s population is 10,939, which includes 1,153 veterans. Demographically speaking, 90% of the population is White, with 3% Hispanic and 2% Mixed Races.
What are the major cities?
The county has three cities and five towns, including the city of Davenport, which serves as the county seat. The other two significant cities in the county are Harrington and Sprague.
How do I see FHA- and VA-Approved homes for sale?
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 Lincoln County
The county was established in 1883 from parts of Spokane County and named in honor of Abraham Lincoln, the 16th President of the United States. The first settler in the area that was not Native American was R.M. Bacon, a rancher who was originally from Boston, Massachusetts. The area remained mostly empty until the 1870’s when the Northern Pacific Railway was completed.
Today, the county’s economy’s biggest employment industries are in the agriculture, forestry, healthcare, and educational services. Therefore, the most common occupations are in the management, office administration, and educational instruction occupations.
When it comes to education, the county is home to seven school districts, which range from K to 12th grade. With a total of 12 schools, the county serves a total of about 2,000 students every year.
In addition to its educational institutions and workforce, the county is home to some recreational areas like Davenport Sports Complex, and Davenport Water Park. Making the small town a great place to call home and raise a family.
How much of a loan can I qualify for, based on my income?
|Monthly Income||Purchase Price|
Purchase Price subject to credit and income evaluation.
Approved Condos in Lincoln County
There are no VA or FHA approved condos available in Lincoln County. 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.
Find Your Perfect Home in Lincoln County
FedHome Loan Centers can help you find and finance the home of your dreams. Give our knowledgeable team a call today!
We can help you find and finance the perfect home. Our application process is easy to complete!