Loan ProgramsFHA • Conventional • Rural Development • VA • Oregon Bond Purchasers of homes priced at and under $350,000 in Portland and surrounding areas, be they first time homebuyers or seasoned homeowners, typically posses common qualifying characteristics. Generally speaking, these individuals have modest incomes and reduced savings and have in the past presented lenders with a challenge to provide first lien purchase financing at attractive rates. The home financing needs of this class of buyers has dictated that lenders provide solutions that are affordable and can accommodate, what was historically referred to as marginal, their qualifying characteristics. Within the broad arena of mortgage lending, four specific program categories have emerged to address the needs of these borrowers. Each of the four programs is unique, however, each liberalizes qualifying criteria with respect to income and assets. No one of these programs offer the ultimate “get your cake and eat it too” answer. There are pros and cons of each program. A lender will evaluate the borrower’s qualifications and the borrower’s desire for key program features and offer the program that provides the best fit. The four programs outlined below address the two most limiting obstacles “first time” homebuyers. These common features address the two most limiting obstacles “first time” homebuyers face when qualifying for a home loan-reduce cash to close and income limit. Down Payment AssistanceClick the Oregon Bond link above to learn about the Oregon Bond Program - providing downpayment assistance to qualifying borrowers.
Big River Mortgage
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