FHA Loans in Oregon
FHA loans in Oregon are loans that help people, who usually couldn’t get a loan, achieve homeownership. While these loans are not for everyone, they can be appealing for many reasons.
An FHA loan is guaranteed by the Federal Housing Authority. The FHA does not issue the loans (credit unions and local banks issue them) but they “back” the loan meaning they will repay the lender should you ever default on the loan.
Because of this backing, local credit unions and banks feel better about issuing home loans to households that typically wouldn’t be approved. Keep scrolling to learn more, or APPLY TODAY.
FHA Loans in Oregon
FHA loans in Oregon are loans that help people, who usually couldn’t get a loan, achieve homeownership. While these loans are not for everyone, they can be appealing for many reasons.
An FHA loan is guaranteed by the Federal Housing Authority. The FHA does not issue the loans (credit unions and local banks issue them) but they “back” the loan meaning they will repay the lender should you ever default on the loan.
Because of this backing, local credit unions and banks feel better about issuing home loans to households that typically wouldn’t be approved. Keep scrolling to learn more, or APPLY TODAY.
Benefits of FHA Loans in Oregon
Smaller Down Payment
You can use gifts for the down payment of closing costs. Other loans don’t accept gifts for those costs.
FHA Loans are Assumable
Assumable means someone else can take over your loan at your low-interest rate.
A Chance to Reset
This means that if you have previously filed for bankruptcy or foreclosed on a home, you can receive approval for a home loan about 2-3 years after the financial hardship.
Payment for Home Improvements
If you buy a house with improvements needed, this loan can go towards that.
FHA Loan Requirements
One of the best things about FHA loans in Oregon is that they are easier to qualify for. There are no income minimums meaning you just need to be able to prove you can afford the mortgage. However, you won’t automatically be disqualified if you have a higher income. Some of the guidelines are:
- A debt to income ratio lower than 31/43.
- Combined monthly debt should be less than $1,500
- Credit Score- your score can be as low as 580 with a 3.5% down payment.
Contact Strategic Mortgage Solutions Today
If you’re looking for an FHA loan in Oregon, contact us today to learn more, or if you’re ready to apply now- choose your mortgage broker to get started.
