Oregon First Time Home Buyer Loans

If you’re a first time home buyer in Oregon, you’re preparing to purchase a home in one of the most beautiful states in the nation.  But you’ll need a mortgage loan to finance your home purchase, and for this, you’ll need to get in touch with mortgage professionals.  We can help you with this.

Oregon First Time Home Buyer Information

If you’re not sure where to begin, start by reading our first time home buyer checklist.  It will break down the most important steps involved in the home purchase mortgage process.  We’ve summarized some of the most important steps here.

• Make sure you know what you can afford.  Don’t try to take out a loan if you’re not sure you have the income to pay it back.  Analyze your financial situation and make sure you’re ready to purchase a home before you move forward.
• Establish a strong credit score.  If you don’t have strong credit, you won’t get a good loan.  Simple as that.  Take the time to build up or repair your credit before you try to take out a mortgage.
• Evaluate the different mortgage loan types in the marketplace.  Every mortgage type offers its own advantages, and you need to determine which loan will best fit within the scope of your own financial goals.
• Weigh offers from multiple lenders in your area.  This will allow you to identify the best deal with the lowest mortgage rates and most beneficial terms.
• Get preapproved.  Many first time home buyers don’t feel that this step is essential, but it is.  Preapproval formally assures you that, barring some unforeseen financial event, you will receive the loan you need to purchase your new home.

These five steps are essential to the mortgage process.  To get started with the first step, analyze your financial situation.  Use the following mortgage calculator to help you with this.

1st Time Home Buyer Loan Programs

It’s important to consider all mortgage loan options available in the state before you select a loan type to fund your home purchase.  One of the best known and well established mortgage programs available specifically to first time home buyers is the Oregon FHA loan.  This specialized loan type allows low income and low credit borrowers to take out loans without establishing a high credit score or making a large down payment.

You can find Oregon FHA loan limits and other information here at Lender411 and on the Oregon page of the FHA website.

About Oregon

Oregon is known as one of the most beautiful states in the nation.  It is full of national parks and state parks and boasts lush, green scenery, rivers, and mountains.

The Oregon Housing and Community Services program is committed to helping first time home buyers realize their dreams of owning homes.  The state offers approved classes on topics such as housing decisions, financial preparation, shopping for a home, mortgages, closing, and maintaining your investments.  Oregon is a state that boasts a homeownership of 64.3% and a median home value of $152,100.  It’s a great state for first time home buyers.

Popular loan programs

Lenders in: Oregon.