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First Time Home Buyer Programs Portland, Down Payments From 0% to 3.5%

First Time Home Buyer Programs Portland, Oregon

Both FHA and Conventional lenders are now lending with minimal down payments to help people purchase homes as a first time home buyer.    FHA offers a 3.5% down First Time Home Buyer Program.    Conventional lenders wanted to match FHA programs and now have a 3% down conventional first time home buyer program as well.   Both Conventional and FHA loans will have Mortgage Insurance, but with conventional if you have a full 20% down your wont need Mortgage Insurance, or once you reach an 80% equity position you may be eligible to get the mortgage insurance removed off of the loan.  FHA loans charge an upfront factor as well as a monthly amount for mortgage insurance, and the fee in on the loan for the life of the loan not matter the equity position.

Now another great program for first time home buyer is the USDA home loan.  The USDA can be a great product for those individuals that live in the qualifying USDA coverage areas.  With a USDA home loan they offer 100% financing to eligible borrowers if they meet all of the USDA eligibility requirements and the property is in a USDA covered area.

Now if you or your spouse have ever served in the US military, The Federal Veterans Home Loan maybe the better loan for you.   The Federal Veterans Home Loan Program is a zero down home loan so we can lend up to 100% of the homes value.  The Federal Veteran Home Loan Program can be an excellent loan for any woman or man that has served our county.  Now the VA loan doesn’t have Mortgage Insurance per se, instead they call it the VA funding fee..  The VA funding may be can be waived for those men and women that suffered from a service related disability while serving our country.  Find out more about loan products now from lenders that will compete for your business.

Ask Wise Capital Mortgage to check all options to see what loan product is the best for your.   Also make sure to ask about down payment assistance as well.  Wise Capital does have a 0% down FHA down payment program, where a person can get a normal FHA loan but get a 3.5% grant to help with the downpayment.   This program sometimes makes sense for the right candidate, but it does have a higher interest rate than a normal FHA loan.   Ask your loan officer for more information about the down payment assistance FHA mortgage products.