Portland’s friendly communities, world-class culinary scene, and countless outdoor recreation options make it the perfect city for first-time buyers to purchase their first home in. As government-backed loans, Federal Housing Administration (FHA) loans are popular among first-time home buyers because they have lower income requirements with proof of stable employment and they accept borrowers with lower-than-average credit scores. For buyers looking to purchase their first home in one of Portland’s up-and-coming neighborhoods, FHA loans are an excellent and affordable option to consider.
Advantages of FHA Loans
- Flexible Qualification Requirements Because FHA loans are insured by the government, they have less stringent eligibility guidelines, making home ownership attainable for buyers that may not qualify for other home loan options. FHA loans accept lower income levels, as well as prospective homeowners who carry higher amounts of debt from credit cards, car loans, or student loans.
- Affordable Terms FHA loans are available at low interest rates, saving first-time homeowners money on their monthly mortgage payments. With closing costs much lower than those offered on a conventional mortgage, FHA loans have many flexible guidelines that help save Portland residents money.
- Minimum Down Payment FHA loans only require eligible individuals to put down 3.5% of the home’s purchase price. With housing prices well above the national average, the affordable down payment is ideal for first-time Portland home buyers with limited savings.
FHA Loans with Golden Oak Lending Portland
In the competitive, fast-paced Portland real estate market, purchasing your first home can be a long and complicated process. With Golden Oak Lending Portland, our personal mortgage specialists have many years of experience in the Portland housing market and will work with you in pursuing the best loan options for your specific lending needs. As an FHA loan specialist, Golden Oak Lending Portland will help you understand the requirements for an FHA loan and secure you a tremendous low rate. Call our Portland office today to get started on your goal of home ownership!