Conventional
Fannie Mae and Freddie Mac are both conventional loans offered. If you are a First-time homebuyer (have not owned in the last 3 years) you can purchase with as little as 3% down. If you are or were recently a homeowner and wish to buy with a conventional loan, your down-payment can be as little as 5% down. Let me show you the difference in you rate, mortgage insurance and monthly payment with the smaller vs. larger down-payment options. You might choose to pay off debt and put less down, or you might want to put the maximum down and keep your payment the lowest possible. Each person/family has different circumstances and I will tailor the loan to each individual situation.
Conventional loan options include Fixed rates – 15, 20, 30 year terms
Adjustable Rates Options – Fixed for 3, 5 7, Or 10 years (different rates and terms for each) after that fixed term, then the rate can go up. If you do not plan on keeping that loan, this might work for your situation.
First time Homebuyer Program
As low as 3% down payment this traditional, conventional loan option is best for First-time homebuyers with little to no funds for a down-payment. The minimum 3% can be met with gift funds from family, Grants, Tax refunds, secured loans, savings, etc. These are typically 30 year fixed options (for lowest monthly payments) but 20 and 15 year terms are also available.
Jumbo
Conventional loan limits currently go up to $510,400.00 for a single family home. If your base loan amount exceeds this limit you would be purchasing under a Jumbo loan program. These loans are similar in many ways, but have slightly different rates, guidelines and overlays depending on the Bank.
Condo Financing
Condominiums are usually financed on Conventional loans. Currently it is rare to see a government loan on a condo due to the strict Bank guidelines for any government loan on a condo. There are many misconceptions about attached buildings, so do not assume it is a condo and not a Townhouse or vice versa, so please check with a professional when considering this type of a purchase. We do finance non-warrantable Condos in case they do not conform to current standard guidelines.
Recently experience foreclosure, bankruptcy, short sale or Deed in Lieu?
We also have a loan program to fit your needs. With only a short time in between, you can still purchase a home. This would need to be a primary home, or 2nd home, no investment purchases allowed on this program. 15% down is required, and a minimum credit score of 580. No mortgage insurance will be required with only 15% down-payment.
Government Loans
100% Financing
VA
VA loans are 100% Financing loans from the US Department of Veterans Affairs. No down payment is required, rates are very low as well as the fees and there is no mortgage insurance. These are the best loans available, so let us help you determine if you qualify. VA loans are available to all Eligible Active Military and Veterans. Let us help you determine your Eligibility if you are not sure. VA loans are offered through both State and Federal governing bodies. There are so many benefits to this loan; a few are listed below, but there are many more for our Vets. We are grateful for your service.
JUMBO VA
Not all banks offer Jumbo VA – but this is a possibility on the federal Loan program. You will need to know the appraised value of your home before the actual loan limit is determined by VA guidelines.
VA Benefits
Assumable Loan
Zero Down payment
No Mortgage Insurance
No pre-payment penalties
Discounts on Fees and higher debt to income ratios
Seller can pay up to 6% of your closing costs and pre-paid taxes and insurance
USDA Guaranteed Rural Home Loan
This is a Zero Down Home Loan. It is not necessary to be a First Time Homebuyer. USDA Rural Housing is for rural areas to revitalize the area, so you cannot buy with this loan type in the major metro areas. Although you do not need to be a First Time Homebuyer for this loan program, it is an income limit loan program. If you qualify for this median income limit loan type, it’s best to use a specialist to determine if you would be accepted by USDA and then only proceed if the home you wish to buy is also reviewed by a specialist since USDA has many rules about what types they will and will not approve in the final stages of your purchase. There are more than one type of USDA loans and much confusion and misinformation on-line about them, so please feel free to contact me to find out more.
USDA Benefits
100% financing
Low mortgage insurance
Most non-metro areas of Oregon qualify
Seller can pay up to 6% of your closing costs and pre-paid taxes and insurance
FHA Low down-payment
FHA is a Federal Housing Administration loan that is insured by HUD. These are low down, as little as 3.5% down, so also a great First Time Homebuyer option. FHA is one of the most lenient loans available for many reasons, including credit issues. They have a fixed mortgage insurance percentage for those with challenged credit. Most Banks require at least a 600 minimum credit score for these loan types. FHA is usually the best option if you have some issues on credit, payment history, bankruptcy, collections, foreclosure, etc. and do not have a lot of money to put down on the purchase.