More information about Home Purchase and Refinancing
Make Your Next Move
Home Purchase and Refinancing
Make Your Next Move
Whether you are buying a home or considering a refinance, our local lending team can help you understand your options and next steps.
Highlights
- Purchase and refinance options
- A local lending team
- Guidance before you start shopping
Frequently Asked Questions
What do I need to qualify for a Tri-CU home loan?
Every borrower is different, so we look at your overall financial picture rather than just one number. Our local lending team will take the time to understand your situation and help you explore the home loan options that may be available to you.
How much do I need for a down payment?
The amount you need can depend on the home, purchase price, appraisal, and your overall qualifications. Don’t assume you need to have everything figured out before talking with us — we can help you understand what your options may look like.
How much home can I afford?
Your income, monthly obligations, down payment, and other factors all play a part. We can help you look at the whole picture and determine a comfortable price range before you start shopping.
Should I talk to Tri-CU before I start looking for a home?
Absolutely. Starting with our lending team can help you understand your financing options and give you more confidence when you find the right home. You don’t need to have a property picked out before starting the conversation.
Can Tri-CU help me refinance my current mortgage?
Yes. If you already own your home, refinancing may help you change your loan term, adjust your monthly payment, or accomplish other financial goals. Talk with our local team and we can help you see whether refinancing makes sense for you.
1. What credit score do I need to qualify for a Tri-CU home loan?
Tri-CU pulls a tri-merge credit report as part of the application process. The borrowers' credit scores must average 700 or higher to qualify. We also review previous credit experience and your overall financial picture.
Borrowers using an ITIN are welcome to apply and are subject to the same eligibility, rate, and underwriting requirements as other borrowers.
2. How much do I need for a down payment?
Tri-CU generally requires a minimum 20% down payment based on the appraised value of the home. In some situations, the underwriter may require a larger down payment.
If the home appraises for less than the purchase price, you may need to renegotiate the sales price with the seller or pay the difference yourself. Tri-CU will not finance more than 80% of the appraised value.
3. How much can I borrow?
The amount you can borrow depends on your income, existing debts, down payment, credit, and other underwriting factors.
Tri-CU allows a maximum 42% debt-to-income ratio and a maximum mortgage loan amount of $600,000.
For example, if your gross monthly income is $5,000, your total monthly debt payments generally cannot exceed $2,100.
4. What mortgage terms and programs does Tri-CU offer?
Tri-CU offers 10-, 12-, 15-, and 30-year mortgage terms.
Tri-CU does not currently offer FHA loans, VA loans, jumbo mortgages, or down payment assistance programs.
Interest rates vary based on factors including credit qualifications and loan term.
5. Can I finance my mortgage closing costs?
Yes. Eligible loan costs may be included in the amount financed, subject to loan-to-value and underwriting requirements.
Seller-related fees cannot be added to the Tri-CU loan.
Still have questions? Contact TRI-CU and we’ll help you find the right option.
Why Borrow From Tri-CU?
Local Decisions
Made right here in
Benton & Franklin Counties.
Competitive Rates
So you can save more
for what matters.
Flexible Terms
Options that fit
your goals.
Real People
A local team that’s
here for you.
Invested in Our Community
More than loans. A stronger, brighter Tri-Cities — together.
Ready to Get Started?
Find the financing that fits your next move — with local
decisions, competitive rates, and personal service.
Not sure which loan is right for you?
Explore the options above or give us a call.
