Oregon Lender - Low Money Down Options

by Stacey Sebastian

You do not need 20% down

Unlocking the Door to Homeownership in Oregon: Less Cash, More Home

Hey there, future homeowners! Have you been daydreaming about picking out curtains for your very own place but felt that dream was just a tad out of reach because of the down payment dread? Well, I'm here with some fantastic news that might just have you doing a happy dance.

Let's debunk a big, old myth right now: that hefty 20% down payment that's been haunting your homeownership dreams? It's not the end-all-be-all. In fact, Oregon is bursting with options that can get you through the front door of your new home with much, much less. Sometimes, even with 0% down! Yes, you read that right—zero. Zilch. Nada.

FHA Loans: The Friendly Giant

First up, let's chat about the FHA Loan. This gem is backed by the Federal Housing Association and is as friendly as it sounds. It's open to all US Citizens and Permanent Resident Aliens with the right credit background, requiring only a 3.5% down payment. And guess what? You don't need to be a first-time buyer to get in on this deal. Whether you're revisiting homeownership or stepping in for the first time, FHA loans are about making the dream more attainable for everyone. Just remember, this one's for those planning to make the house their home, not for investment purposes.

Conventional Wisdom with Home Possible and Home Ready

For those who are indeed first-time buyers, meet the dynamic duo: Home Possible and Home Ready. These conventional loan products ask for just 3% down and are tailored for you. Although they come with income restrictions based on your future home's location, they're designed to open doors, not close them. And if you're brushing up against those income limits, Home One might be your match, with its friendly approach to mortgage insurance compared to FHA loans.

The Dream of Zero Down

Now, for the grand reveal: zero down payment options. Yes, they exist! USDA loans, backed by the United States Department of Agriculture, and VA loans, a heartfelt thank you to our Veterans, offer paths to homeownership without the upfront cash challenge. USDA loans have their maze of requirements, focusing on income, location, and credit. But if you tick those boxes, it's a financially savvy choice.

VA loans hold a special place in my heart. Exclusively for Veterans, they offer the opportunity to purchase homes up to $2.4 million without a down payment, honoring those who've served with a homecoming of their own.

The Beacon of Hope

The path to owning a home in today's world doesn't have to be paved with your savings. With these loan products, the door to homeownership is wider open than many realize. If a big down payment has been the barrier standing between you and your home, let these options light your way forward.

Dreaming of homeownership is one thing; stepping into your new home is another. And guess what? It's more achievable than ever. If you're ready to explore these options further and take the leap into homeownership, I'm here to guide you every step of the way. Let's turn those dreams into reality, together!

Reach out to Stacey Sebastian, Principal Broker with Works Real Estate, to connect you with a real estate professional in your area!

All information herein is for informational purposes only and speaking directly to a lender is key! I am happy to point you into a reputable direction, lets chat!