A Note from Dana Mundy
Tri-Cities Branch Manager
Helping Tri-Citians finance their homes has been my passion for nearly 20 years. Whether you are buying your first home or your last you will receive the personal service that you deserve. At Cherry Creek Mortgage it is not our goal to meet your expectations, we want to blow them away.
Every member of our exceptional team is committed to that goal. The financing that you obtain on your home is quite possibly the largest debt that you will ever manage. We know how important it is and we don't take our role lightly.
1350 Spaulding Ave, Suite 200
Richland, WA 99352
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This calculator is made available to you as a self-help tool. All examples are hypothetical and for illustrative purposes only. Any calculations assumes the theoretical borrower will have excellent credit and are based on information you have provided. Any amount calculated is an estimate only. The actual amount may be higher or lower depending on location, loan type, and many other determining factors. This information was prepared by an independent third party, and accuracy is not guaranteed. We encourage you to seek personalized advice from qualified professionals regarding all financial issues and needs.
Glossary of Mortgage Terms
Home Scouting Report
Home Scouting Report®
Cherry Creek Mortgage has partnered with the most powerful online Home Search Service in the business. Cherry Creek Mortgage offers you this website free of charge.
The Home Scouting Report®, provided by Home Buyer's Marketing II (HBM II), a licensed real estate brokerage services company. This report will provide up-to-the-minute information on properties for sale, based on your search criteria. Start your home search now by clicking the link below or by scanning the QR Code with your smart phone or tablet.
On a mobile device or tablet? Click on the appropriate button below download the Home Scouting App.
After downloading and installing the Home Scouting App, please contact me for your exclusive VIP code to access all of the great features.
Home Ownership Opportunities with FHA Loans
The Federal Housing Administration, generally known as "FHA", provides mortgage insurance on loans made by lenders, which allows the lender to bear less risk in the event of the homeowner's default. The FHA has insured over 34 million homes since its inception in 1934.
- For 1st-time buyers and move-up buyers, too!
- Available for 1-4 unit properties (owner must occupy one unit)
- Gift funds from immediate family members allowed for down payment and closing costs
- Qualified non-occupant cosigners permitted on 1-unit properties
- Options to buy a home and finance the fix-ups - or refinance and add the cost of repairs/remodel
- Flexible credit qualifying guidelines for debt-to-income ratio, credit history, and credit scores
Contact Us to discuss the advantages of FHA financing!
We Proudly Offer Financing Specially Designed for Native Americans
- Flexible underwriting guidelines that are aligned with the needs of Native American borrowers.
- Low down payment can be gifted by the tribe or a family member.
- Competitive monthly Mortgage Insurance (MI) rates. Your MI will automatically be canceled when the amount you owe on your mortgage loan equals 78% of the value of your home.
- Purchase, refinance, construction, and renovation financing for properties located on either non-tribal or tribal lands.
- Available for qualified borrowers of all income levels, and available loan amounts follow limits established by the FHA.
Contact us to find out if this mortgage product meets your mortgage financial needs!
USDA Rural Housing
Live Life at Your Pace
If you are looking for a place to call home that is far removed from the hustle and bustle of life in the city, our USDA mortgage product may help you get there.
Contact Us to discuss eligibility and down payment options available to you.
Is your property eligible?
What about your income?
VA Loan Information
VA Loans for Heros@Home
The men and women who serve our country as part of the US Armed Forces deserve our respect and gratitude. We have served those who serve us for more than a quarter-century, providing the VA home loan benefits to Servicemembers, Veterans, and eligible surviving spouses.
- No down payments with full entitlement (available to max loan limits, which may be adjusted annually)
- No monthly mortgage insurance payment
- VA Funding Fee can be financed into loan
- VA loans may be assumable (subject to VA approval)
- Interest Rate Reduction Refinance Loans are available with streamlined documentation. Fully qualifying cash-out refinances are available
- Current active military (90 days min. service), honorably discharged veterans, and reservist members (6 years with an honorable discharge or 60-189 days of active duty)
- Surviving spouse of veterans who died during service and have not remarried
- Those granted veteran status through civilian employment
Contact us to discover more about the VA loan benefit!
Whether you are purchasing or refinancing your existing mortgage, our conventional mortgage product may benefit you.
- Competitive interest rates which can lower your monthly housing expense compared to other programs.
- No monthly or upfront mortgage insurance costs are required as long as a sufficient down payment is made. Talk with your mortgage advisor for more details about available down payment options and how they impact mortgage insurance requirements.
- A variety of repayment periods from 10 to 30 years are allowed with conventional loans. This gives you more flexibility in arranging the terms of your mortgage relative to your budget, and shorter terms can lead to lower interest costs over the life of the loan.
Contact Us to discuss this product and see if it is right for you.
We have access to a variety of government-sponsored programs that provide funds for down payment and or closing costs to qualified and eligible borrowers. Program offerings vary by location and situation. Speak with one of our loan originators to learn more about the programs offered in your area and to find out if you qualify.
Contact Us to learn more about our available programs.
A Reverse Mortgage can be a Golden Opportunity
A reverse mortgage enables older homeowners (62-plus) to convert part of the equity in their homes into tax-free* cash without having to sell the home, give up title, or take on a new monthly mortgage payment. (Borrowers must remain current on property taxes, homeowner's insurance, and HOA dues as applicable.)
Reverse mortgages can be used for consolidating debt payments, accessing cash for daily living expenses, paying for medical expenses, funding home improvement projects, securing a residence for your retirement years, purchasing a new home, and managing your wealth.
To discuss your goals and the benefits of this product, please Contact Us
Big Dreams Require Big Funding!
A luxury home is a large investment, and setting up financing for your dream home can be complicated. We have access to mortgage products that accommodate the larger loan amounts required by luxury homes, and we have the expertise to manage your transaction efficiently and professionally.
- Loan amounts up to $2 million are available
- Primary, second-home, and investment properties are eligible
- Down payment, income, asset, credit, and property guidelines apply
Contact Us to make your dream home a reality!
FHA 203(K) & HomeStyle Renovation Programs
Go From Fixer-Upper to Live-In Condition
Our Renovation programs allow home improvement costs to be combined into purchase or refinance transactions. With HomeStyle Renovation, you can turn your project into your home.
Home improvement project costs can be rolled into the loan, and the available loan amount is based on what the appraised value of the home will be after the improvements are completed! Examples of acceptable project types include:
- Flooring upgrades
- Kitchen and bath remodels
- Room additions and relocation of load-bearing walls
- Landscaping and outdoor kitchens
- In-ground pools installation and repair
- Foundation repair
- Window replacement
- Solar and HVAC system installation
- Roof and gutter replacement and repair
Cherry Creek Mortgage has trained professionals and project experts that understand your needs and the program requirements.
We provide guidance and peace of mind through the entire process
Contact Us to discuss this wonderful project and see if it fits your needs!