With multiple wholesale mortgage lenders and programs to choose from, let our team find the best rate and program to fit your particular Central Oregon home loan need.
A conventional mortgage loan is a “conforming” loan (it meets the requirements for Fannie Mae or Freddie Mac). Fannie Mae and Freddie Mac are government sponsored operations that buy mortgages from lenders and sell them...
A conventional mortgage loan is a “conforming” loan (it meets the requirements for Fannie Mae or Freddie Mac). Fannie Mae and Freddie Mac are government-sponsored operations that buy mortgages from lenders and sell them to investors. The goal is to free up lenders’ funds so they can get more qualified buyers into homes. Conventional loans typically have stricter credit requirements than government-backed loans like FHA loans. There’s no single set of requirements for borrowers because different sets of guidelines fall under the umbrella of “conventional loans”.
FHA loans are backed by the US Government. The interest rates are traditionally lower, and you only need a 3.5% down payment. FHA loans have less stringent credit guidelines compared to conventional mortgages...
FHA home loans are backed by the US Government. The interest rates are traditionally lower, and you only need a 3.5% down payment. FHA loans have less stringent credit guidelines compared to conventional mortgages because they are backed against default by the federal government. For this government guarantee borrowers pay an upfront funding fee (can be financed into the loan) and a monthly “Mortgage Insurance Premium” for the life of the loan, in most cases. However, first-time homebuyers with lower credit scores tend to choose this because it's easier to qualify for.
VA helps Service members, Veterans, and eligible surviving spouses become homeowners. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms. No downpayment is required...
VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms. No downpayment is required. Competitively low interest rates, limited closing costs, no need for Private Mortgage Insurance (PMI), and it’s a lifetime benefit that can be used multiple times. Closing costs are limited and may be paid by the seller. There is no prepayment penalty if the borrower pays off the loan early.
When you get a fixed-rate mortgage, your interest rate stays the same for the life of the loan. Whether you have a 10-year, 15-year, 20-year, or 30-year mortgage, a fixed rate means exactly that: Your interest rate...
When you get a fixed-rate mortgage, your interest rate stays the same for the life of the loan. Whether you have a 10-year, 15-year, 20-year, or 30-year mortgage, a fixed rate means exactly that: Your interest rate will never change, regardless of what happens in the market. Fixed rate: Lower risk. Higher interest rate. Rate doesn’t change. Monthly payments and interest stay the same.
To be eligible for a home loan while self-employed you will be asked to document the following: Income stability, the location and nature of your self-employment, the financial strength of your business, and the ability of your business...
To be eligible for a home loan while self-employed you will be asked to document the following: Income stability, the location and nature of your self-employment, the financial strength of your business, and the ability of your business to generate sufficient income in the future. As your own boss, you want your business to look its best to prospective clients. As someone who wants to buy a home, you want your loan application and financial status to look its best to lenders. We will help you navigate the process.
When a property is too expensive for a conventional conforming loan, a jumbo loan is a mortgage used to finance it. In most counties, the maximum amount for a conforming loan is $647,200 , as determined by the Federal Housing Finance...
When a property is too expensive for a conventional conforming loan, a jumbo loan is a mortgage used to finance it. In most counties, the maximum amount for a conforming loan is $647,200 , as determined by the Federal Housing Finance Agency (FHFA). A jumbo loan is necessary for homes that exceed the local conforming loan limit. Jumbo loans are considered riskier for lenders because these loans can’t be guaranteed by Fannie Mae and Freddie Mac, so the lender is not protected from losses if a borrower defaults. Jumbo loans are usually available with either a fixed interest rate or an adjustable rate. A FICO above 680, and sometimes as high as 720, may be required to qualify for a jumbo loan. Your debt-to-income ratio (DTI) will also be considered to ensure you don’t become over-leveraged. Plentiful cash reserves may offer flexibility. You’re more likely to be approved for a jumbo loan if you have ample cash in the bank.