Renting vs. Buying

Be a Portland Oregon Real Estate Owner and Stop Renting

Most Portland Oregon real estate buyers don't know that purchasing real estate in Portland is a real option to renting. In today's Portland Oregon real estate market, there are hundreds of different real estate programs to help Portland buyers qualify to purchase a home.

Portland Oregon Real Estate Zero Down

One of the best real estate programs available for Portland buyers, is the Zero Down Payment Loan Program. Whether you live in Oregon or elsewhere if you have minimal cash available, this is a way for you buy real estate in Portland Oregon with no down payment and little or no cash out of pocket. This is great news for every Portland Oregon buyer! And as a Portland Oregon real estate buyer, you don't have to put thousands of dollars down because the real estate seller will help pay the closing costs.

It's true!! Many lender's in Oregon don't offer this real estate loan program and many won't go to the trouble of telling you about the loan options available to help you.

Here are some important points about the Zero Down Program:

Get PreApproved for a Loan. You can do it right here online. Getting preapproved will tell you how much house you can afford and it is the most important first step. If you have questions, we can answer them. Call us at 503-495-3288. Only a qualified Consultant can help you understand all the specific guidelines and requirements for the many loan programs that are available. Zero Down mortgages are just one of the many options that might work for you. Getting preapproved will also tell you how your credit is. Most zero down programs require a pretty good credit history. There are several different zero down loan options and one of these should work for you.

You can finance Closing Costs. Some programs allow you to include in your loan up to 3% of the sales price toward your closing costs. The seller can help pay your Closing Costs. Another great option is that
there are loan programs available that allow the seller to pay up to 6% of the sales price towards your closing costs.

First Time Buyers are allowed. Even if you're a first time buyer, there are zero down programs that you can apply for. Some don't allow first time buyers, but many do.

Maximum Loan Amount. If a buyer can qualify, there are amounts available up to $1,000,000. Impounds are required. Most of these require that the property taxes and homeowner's insurance policy costs be included with your monthly payment. This is called an "impound account".

Mortgage Insurance is required. This is a type of insurance that is required on most loan programs if you put less than 20% down payment. The coverage offers protection for the lender in the case of a foreclosure. However, with a zero down loan program, mortgage insurance is avoided by using an 80%
loan-to-value 1st mortgage in concert with a 20% loan-to-value 2nd mortgage, hence financing 100% of the purchase.

If you found the preceding information of interest, click here to request a no obligation consultation. During this consultation we will also show you how to use your mortgage to become debt-free! We look forward to hearing
from you!

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