Portland FHA Loans

If you are considering moving to Portland, OR, right now is a great time to apply for an FHA loan. The Federal Housing Administration (FHA) has been around for over seventy years helping people become first time homeowners. Since it began, the FHA and US Department of Housing and Urban Development (HUD) have helped over a million Americans realize the dream of homeownership. Today the home loan program is bigger and better than ever before. Here are just a few of the great benefits of Portland FHA loans:

Easy Approval

Getting approved for an FHA loan is much easier than getting approved for a conventional loan. When you apply for an FHA loan in Portland, you will need to provide credit checks, bank balances, debt-to-income ratio and employment history. However, even if you have a blemish on your financial records, it is still possible to qualify for a new FHA mortgage. It’s a good idea to get pre-approved to ensure you meet all the requirements for the loan.

Low Down Payment

Most conventional loans in Portland require around 20% for a down payment in order to procure the loan. This can get quite expensive, especially for first time homebuyers looking to purchase a family house. With an FHA loan, you can finance up to 96.5%, making your down payment a low 3.5%. Even if you cannot afford this down payment, you have the option of having a friend, employer or charitable organization pay it for you, making your upfront costs zero. You might also want to look into applying for the American Dream Down payment Initiative (ADDI) which covers the down payment for those who qualify.

Lower Overall Cost

In addition to the low down payment, you will also find FHA loans much more affordable overall than conventional loans. For starters, you will be able to take advantage of some really low, competitive interest rates. You also won’t be required to pay for private mortgage insurance (PMI), making your monthly payments much more affordable.

Get Started Today!

If you are interested in buying a new home in Portland, we can help you get started on the loan process today. Take a minute to fill out our online form and we’ll have you pre-approved instantly for free and with no obligation!

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