FHA Mortgage Oregon

This state on the Pacific Northwest is not just known for its historic Oregon Trail by the early American pioneers. Rather, it has passed into the mindsets of many homebuyers because of its FHA mortgage Oregon. This is one of the most accessible home purchase programs in the state inclusive of a negligible down payment of just 3 ½ percent and an Upfront Monthly Insurance Premium of 1 percent. For these and other reasons, we at FHA Home Loan Group have received a lot of queries concerning this great funding option.

With regard to the above questions, here are the frequently asked questions concerning FHA mortgage OR:

Can I apply if I have an existing credit obligation?

You can only apply for this program if you have completed paying for an existing home purchase scheme. This also denotes the following major points of pre-qualification:

  • You do not have any other outstanding debts like credit card payments.

Can I apply together with another party?

FHA Mortgage Oregon allows two scenarios for joint application. These include the following:

  • You can apply with a co-partner who does not necessarily live in the property as the primary residence. However, this partner shares part of the housing costs.
  • You can also have a co-signor, possibly a spouse, who will stand in for repayment in case you breach.

Can I apply as a second-time home buyer?

Yes, indeed you can! FHA Home Loan Group supports all kinds of applicants, including those who have applied before for FHA mortgage OR to have a second try under this particular circumstance:

  • You have settled any remaining balance in an existing plan.

Can I sell my current home while still paying for it?

FHA mortgage Oregon allows you to transact your current property down the amortization period as long as the third-party buyer will continue to shoulder the repayment burden. This is the only program that provides such an offer to applicants.

Who is Eligible for Direct or Guaranteed financing?

There are two popular sub-programs that you can go for including the Direct and Guaranteed schemes. These have the following diverse features:

  • The Direct program of FHA mortgage OR is available for persons in the low-income tier, meaning those with 50 to 80 percent of their area’s median income (AMI). The latter are the average collective earnings of a particular county.
  • The Guaranteed program, on the other hand, is available to applicants in the moderate-income group. These are families who earn 115% of the Area Median Income. The current AMI for the single-family unit is $271050 for most counties of this state.

Therefore, if you are looking for a product that allows you to avail financing with only 3.5 percent worth of down payment, then this should be your ideal program. FHA mortgage Oregon is also available to both first-time and second-time home buyers. If you want to own a dream home, in the Pacific Northwest, then this should be your ideal program.

Talk to the FHA Home Loan Group today! 888 202-4479