• FHA Loans

    • FHA loans 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 a loan 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.

      The Benefits of FHA Loans in Oregon are:

      Smaller down payment: You can use gifts for the down payment of closing costs (whereas 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 previously have filed 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, the loan can go towards that.

      FHA Loan Requirements in Oregon

      One of the best things about the FHA loan 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, just because you might have a higher income- that doesn’t disqualify you.

      Here are the guidelines for FHA Home loans approval in Oregon:

      • 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

      If you’re looking for an FHA loan in Oregon, contact us today, and we’re happy to do everything we can to get you into a home of your own.