Oregon FHA Home Loans!

As an Oregon mortgage lender, we strive to keep homeowners informed and give them options for a Oregon purchase mortgage or an Oregon refinance. If you are looking around for a new mortgage, you have to read this. Oregon FHA home loans offer EZ loan qualification and a low down payment mortgage.

As the economy improves, Oregon home buyers are seeing some value in their homes again. Many are turning to FHA insured loan programs. FHA Loans are insured by the Federal Housing Administration and buyers of new Oregon homes have an easier time qualifying for a mortgage. Those who typically benefit most by an FHA loan are first-time home buyers and those who have less than perfect credit.

FHA home loans offer the home buyer the ability to buy their new home with only 3.5% down payment.

New Changes in Oregon FHA Loans

Depending on where you live in Oregon, you might find it even easier to qualify for a FHA loan. Recently, FHA made changes to their programs and also increased the loan amounts they will lend. Each County is a different loan limit. Qualifying also was made easier but the cost went up some. One of the best reasons to go with an FHA loan is the low 3.5% down payment.

FHA Does NOT Make Oregon Home Loans

Most home buyers do not understand that FHA is just an Insurance company. They don’t actually make the loan to you, they just insure the lender the payments will be made hopefully by you, but by FHA if needed. FHA charges both an upfront origination fee of 1.75% and then also an annual fee of 1.25%. Oregon FHA loans can expect to have several hundred dollars onto the monthly payment due to the FHA fees.

Add a Borrower to Qualify

FHA allows you to add a non occupying Borrower to the loan to qualify. If you are short of qualifying income, adding a family member may be a good option to get your loan completed.

15 or 30 Year Fixed Rate loans

Many home buyers and those wanting to refinance their FHA loans, do not look at the 15 year mortgage option. Yes, the payment will be higher but many times by just paying a few hundred dollars more per month you can cut your mortgage term in half. That is in half….big difference. We might offer as an option to a borrower an adjustable rate 15 year term mortgage. The ARM would allow for a lower than normal rate reducing the payment from what a 15 year fixed would be. The big difference in working with an experienced loan professional is they will know the many ways to get you the best possible scenario.

As Oregon FHA Loan specialists we can help you understand any new changes to the Oregon FHA loan programs. If you are looking for an Oregon home loan use our handy Online mortgage application and home loan payment calculator. We’re here to create options so you can decide what best fits your situation.