Spokane’s market cooled slightly from the frenetic 2021-2022 sprint, but it’s far from balanced. Active listings in June 2024 are up 18% versus last year, yet months-of-supply sits at 2.1—firmly a seller’s market. Entry-level inventory under $350 k moves fastest; anything move-in-ready in the North Side school clusters can see 8-12 offers. Interest-rate volatility (7% range for 30-year fixed) has trimmed some bidding wars, but appraisal-gap clauses remain common—plan for $10-15 k over-list if you’re targeting the $400-450 k band.

Neighborhood watch:

• Kendall Yards: New-build townhomes $500-650 k; HOA $180-220; walkability score 92.
• West Central: Flipped 1905 Craftsman, $290-350 k; watch for pre-1978 lead paint on FHA appraisals.
• Five Mile Prairie: View lots, 3-car garages, $450-600 k; well/septic may trigger additional USDA water tests.
• Hillyard: Investor activity heavy; duplex cap rates 6-7%; NMHL offers 15% down investor loans with 680 score.

Washington State Housing Finance Commission (WSHFC) runs two statewide programs that layer beautifully with NMHL conventional, FHA, or VA loans:

Home Advantage: 4% of first-mortgage amount in a 0%-interest second, forgiven 20% per year. Income limit for Spokane County: $92,400 for 1-2 persons, $106,260 for 3+. Minimum 620 score.

House Key Opportunity: $10,000 flat second at 0%, forgiven after five years. Must be first-time buyer, under 80% Area Median Income ($66,400/$75,680), and buy inside Spokane’s HUD-identified opportunity zones—parts of West Central, East Central, and Hillyard qualify.

Spokane County’s HOME Program (mentioned above) is separate and can be stacked with WSHFC if the property sits in unincorporated pockets like Country Homes or Mead.

NMHL overlays an internal Start Spokane grant that chips in $1,500 toward appraisal, inspection, or insurance escrow shortages for borrowers under 80% AMI using any of the above programs—no repayment required.

With more than 18,000 sole-proprietors in Spokane County—everything from freelance UX designers downtown to wheat-farm subcontractors in the Palouse—stated-income loans are in high demand. NMHL’s 12-month or 24-month bank-statement program requires no tax returns, allows business- and personal-account deposits, and accepts credit scores as low as 620 with 10% down or 580 with 15% down. Typical rates run 0.75-1% above conventional A-paper, but borrowers can buy down with a 1-point origination fee that is still cheaper than taking W-2 salary draws that trigger higher self-employment tax. Debt-service-coverage ratio (DSCR) loans are also available for Airbnbs along the Centennial Trail; we qualify at 1.0 ratio using market rents from an STR report rather than long-term leases.

Spokane hosts one of the largest master-terminals for Air-Force tankers, so VA loans dominate the eastern zip codes 99026, 99224, and 99001. NMHL’s Spokane VA team closes in 21 days average versus 35 for national lenders because we front-load the Certificate of Eligibility and pull Spokane County flood-maps early (many irrigated farm parcels touch Zone A). You can reuse your VA benefit here even if you bought with VA in Texas or California—only 25% of county loan-limit ($766,550 for 2024) counts against entitlement, meaning a $400 k purchase uses $100 k, leaving $666,550 for a second rental-property purchase later.

Quick Spokane VA facts:

• No cap on price if you have full entitlement left.
• Funding fee drops to 1.25% with 5% down; we finance the fee.
• Spokane’s VA appraisal turnaround is 7-10 days; NMHL pays for a rush if the contract is under 15 days.

Local borrowers bruised by medical collections or past foreclosure still have pathways. NMHL partners with STCU, Numerica, and Canopy Credit Union on a tri-merge rapid-rescore platform that can raise scores 30-60 points in five business days by paying down revolving balances to under 10%. We also use Experian Boost and the new FICO 9 model that ignores paid collections. Once your middle score crosses 580, we lock an FHA 30-year fixed; after six months of on-time payments we refinance you into a conventional 97 at 620+ and drop monthly MI, saving on average $140 per month on a $350 k balance. If bankruptcy was discharged more than 24 months ago, you’re eligible for FHA immediately; NMHL’s Spokane underwriters have signed off on 37 bankruptcies in the last 18 months with no post-closing repurchase requests.

Spokane County Assessor revalues every residence on a rolling 6-year cycle, but you can appeal annually by July 1. Key grounds: comparable sales below assessed value or functional obsolescence (old knob-and-tube wiring, unfinished basements). NMHL supplies clients with a free TaxSparq report at closing that pulls three nearest MLS comps and estimates potential savings; average successful appeal trims $400-$700 off yearly taxes. Senior/disabled exemption applications open January 1 and can wipe out the entire county portion (roughly 30% of bill) if household income is under $48,574. Veterans with 100% service-connected disability get full exemption on the first $150 k of assessed value—on a $400 k home that’s about $1,975 per year in savings.