If you've waited this long to buy, it might have been for the better: interest rates have fallen in a year, and so have prices. Are you still thinking about buying a home?
Carla Muss-Jacobs, Principal Broker/Owner
EBA Portland, LLC
Exclusive Buyers Agency since 1999
You can also talk to someone at Key Bank; they have a 100% financing option that applies to virtually all homes in the city of Portland, if you meet certain income requirements (and they are quite liberal); in certain areas of the city, everyone qualifies; and there are USDA loans available in the outer lying areas (must be at least 20 miles from the city, I believe), like Damascus, Sandy, Fairview, Sherwood, St Helens, Banks, Forest Grove, etc.
Another advantage to the Key Bank program is that they don't add PMI, which helps to keep your payments low. I don't know what their credit score requirements are, but your credit score is not THAT low, could probably be raised at least 40-50 points pretty quickly, just by taking some specific actions, or working with a credit repair company. I have a good one I recommend to clients, and they only cost $50/mo, which most people can afford; they do all the hard work for you! You are lucky to have a good strong work history, and documentable income; with prices and interest rates falling as much as they have, you can probably afford more home right now than you could have for quite some time. You definitely should not give up on this!
If you have more questions about the Key Bank program, you can contact a broker I know, Scott Beahm, (503) 913-3454 firstname.lastname@example.org And call me if you need help finding the right home... I specialize in helping buyers just like you!
Sharon Wenger, Avalar West Realty
Typically if you are a first time homebuyer, the FHA program is a great way to go- little down, low credit scores typically okay, and gifted money can be used. There are a couple of new programs being advertised currently by some local credit unions for 100% financing, but there are conditions of course to meet. I would advise you take a 3-6 months to get your credit score up above 620 (email me if you need info on this) and then sit down with a loan officer offering these programs. They look at your overall financial situation in approving the loan- how long youve been at your job, your debt to income ratio, etc.
I can give you some more tips on how to get your credit score up if you'd like, or if you want a referral to a lender offering 100% financing for more info on their terms.
Real Estate Broker
Summa Real Estate
Good question, as a loan officer I would recommend you speak to your local lender in Portland, Oregon. Currently VA (a home loan for active, retired military and/or reservist) is one of the only programs offering 100% financing. Our investor requires a 620 FICO for VA, but our FHA investor will allow 600 which requires 3.5% down payment. The down payment can be gifted from a family member. I don't know if that is an option for you.
Speak to your local lender or if you need a referral in your area let me know. I am here to help.
I can be reached at (619) 993-1067 or via email Lucia@PMCLoans.com.
Sr. Mortgage Banker
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The best advice I would offer you is to sit down and speak with a loan officer. They would be able to go over your credit report and help you figure out how you could improve if needed. Also their are only a few 100% financing options available. One is Va and the other is USDA rural housing. I am happy to help you if you have any other questions. Also if you need a name for a loan officer, I have a few.