Oregon FHA Loans

For anyone considering moving to Oregon, right now is the best time to apply for an FHA loan. The Federal Housing Administration (FHA) has created a home loan program that is designed to help Americans afford new homes and avoid foreclosure. The FHA does this buy offering great benefits to those who qualify.

History of FHA Loans

During the Great Depression foreclosures were at an all time high and affordable loans were hard to come by. To help ease the financial strain that families were feeling during this time, the US Government created the Federal Housing Administration (FHA) in 1934. Over the more than seventy years of operation, the FHA has helped millions of Americans become first time homeowners and millions more avoid foreclosure. Today the FHA is again helping those who have been hit hard by the housing market crash and tough financial times.

Benefits

The FHA and US Department of Housing and Urban Development (HUD) have made home loans incredibly affordable for all who qualify. One of the ways this is accomplished is by offering loans with the low down payment of 3.5%. This is extremely helpful to all Americans, especially because conventional loans today generally require around 20% for a down payment. The overall cost of the loan is also much more affordable because you will receive a low interest rate and won’t have to pay for private mortgage insurance (PMI). Other benefits of the FHA home loan program include streamline refinancing, easy approval standards and flexible repayment options.

Eligible Homes

For a standard FHA loan, your house can be a one to four-unit property that requires no additional repairs. There are also mortgages available for people who want to rehabilitate a house or make energy efficiency improvements on the property. Be sure to discuss all the different mortgages with your lender to find the one that suits your needs best.

How to Apply

You have the option of using a mortgage company, bank or savings and loans association for your loan as long as they are approved by the FHA. When you apply you will be required to provide credit checks, debt-to-income ratio, employment history and other financial documents. It’s a good idea to get pre-approved for a loan before you start the process in order to make sure you meet all the lender’s requirements.

Take a minute to fill out our secure online form. Pre-approval is fast, free and has no obligation.

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