Are There Loans that Don’t Require a Down Payment?

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Have you been wondering what’s going on in the world of low down payment loans? Today, we are going to discuss a great mortgage loan down payment option that you have right here in Portland. We are here to discuss things with Peter Wease of Fairway Independent Mortgage, our preferred lender. Many people think $0 down home loans are a myth, but we can assure you they are not. They are here, and you could get one today.
 


USDA loans are loans from the department of agriculture and are intended for rural housing, which expands beyond the urban growth boundary. You can get a USDA loan with 100% financing, meaning you will pay $0 down. There are a couple caveats with this loan, including that the home has to be past the urban growth boundary, which is detailed in the video above in the non-shaded areas. Your household income also may not exceed 115% of the median income.
 

This is a fantastic opportunity for someone to get in the market and own a home with no money down. Rents are going up, and this is a great option for telecommuters who would be working from home anyways without the need to commute.
 

If you have any questions for us or are interested in using a loan like this to purchase a home, give us a call or send us an email. We would love to talk to you!

Don’t Miss these Expert Portland Home Finance Tips

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Today I have Peter Wease with me and he will be helping us to discuss some changes that have happened with mortgage financing in Portland. Some of my viewers from last episode were concerned that Portland real estate may be entering a bubble, but I think those concerns are unfounded.

What has changed with mortgage financing in Portland is the creation of the CFPB, the Consumer Finance Protection Bureau. This is supposed to promote fairness and transparency for the consumer. TRID (TILA-RESPA Integrated Disclosure) was also designed to give the consumer time to look at the numbers during the closing process in a real estate transaction. It simply gives the consumer more time during the closing of a sale. Basically, everything in the transaction must be disclosed in paper. 



This prevents erroneous fees and charges from being issued to the consumer. Furthermore, this prevents bad loans from being made, and this will ultimately prevent another bubble from forming. People borrowing money today are much more protected now than they were in the past.

If you have any questions about these changes, please don’t hesitate to contact me!