Home Buying in Portland>Question Details

Dyane, Home Buyer in West Linn, OR

I just moved to Portland and have been working for only 3 months here. I want to possibly buy something.

Asked by Dyane, West Linn, OR Sat May 31, 2008

I have been told no one is giving mortgages right now unless you have been at your job for a year or more. Is this true? If so must i wait another 7 months or is there another way. I am a first time buyer.

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20
Dyane,
Oegon Bond Loan program at 6.0% 30 year fixed rate, for first time homebuyers who qualify within 100% of median income is my Industry specialty.

If you are considering purchasing in the Portland area, you may also qualify for Mortgage Credit Certificate program, where you'll be able to deduct on personal tax returns dollar for dollar of 80.0% of mortgage interests paid on your new mortgage.

I've also helped many first time homebuyers purchase with our Home remodel streamline 203K program.

I am ready to expand on any mortgage options.

-Ceasar
1 vote Thank Flag Link Wed Aug 13, 2008
Dyane, Looks like you have already gotten a lot of really good advice and information. If you take advantage of these resources you should be alright. I advise talking to at least 2 lenders though.
1 vote Thank Flag Link Sat Aug 2, 2008
Thanks David......Always our first goal is to serve our clients in a professional manner, and help them realize their goals. Im not always sure the general public understands our investment in them and that choosing a lender and or realtor is paramount, before choosing a house. Loyalty saves time and money for everyone, and the consumer receives the benefit of a higher level of service.

When shopping for a house or a loan, its not like going to penney's for a pair of sandles and then deciding to get a cheaper pair at walmart. You are engaging professionals to guide you through a complex process and a major investment in your home and your life!

For Market research, home values and prices in YOUR neighborhood check out HOMEINSIGHT.com
1 vote Thank Flag Link Tue Jun 3, 2008
BEST ANSWER
Yes, we need to hear from a mortgage broker...and hopefully one will chime in. It used to be a two year minimum...on the job. Then it became much easier, with just "same job and/or same industry". However, underwriting seems to be changing and qualifing criteria too. Loan programs are changing a lot too.

Still, it may not be impossible at all. Even if the standard loans are problematic, there are some sellers who will enter into an owner carry OR a lease/purchase with a delayed close.

you need two people in your pocket. A good lender and a Good Realtor

best wishes ....and we all hope you love Portland! Go Rose City and the Rose Festival!

Gloria Matthews
Jensen White Real Estate
Vancouver, WA
Web Reference: http://www.myhomeinfo.info
1 vote Thank Flag Link Sat May 31, 2008
Happy Friday !

First paragraph's comments from previous Realtor, apply to me.
I am that Lender who can walk you thru the process of Mortgage options.

Certified and active member to teach First time Homebuyer Class.

Waiting for your call,
-Ceasar Lomeli
HomeStreet Bank
NW Portland Branch
0 votes Thank Flag Link Fri Aug 29, 2008
Hello Dyane,
I wish I had your email because I could point you to a couple lenders who like to sit down with first time home buyers and work with them to get them ready for the first loan. If your credit is good and your work hasn't changed from one line of work to another and you have a decent history in that line of work you would most likely qualify for a loan. This of coarse depends on you having a good credit score and ample down payment (usually minimum of 3% of sale price). There are grant programs you may also qualify for and these lenders can walk you through it all. Just one call or email away.

If you don't have a Realtor to work with yet please contact me and I'll be happy to give you all my qualifications and references. In the mean time go to http://www.qualityservice.org and type in my name, city and state to see the customer service ratings on me (collected by an independent research company who surveys all my clients individually.
Web Reference: http://www.junelizotte.com
0 votes Thank Flag Link Thu Aug 28, 2008
Dyane, most loan programs will be changing Oct 1,2008. Low down loans and seller assisted financing will be going away. Your interest rate will be adjusted off your credit score. You now have 3 more months of work history plus your previous work, you should be able to buy and you need to get out there and get educated before you buy something. Good luck,
Tom Inglesby, Broker
RE/MAX Equity Group Inc.
503-4955416
0 votes Thank Flag Link Tue Aug 26, 2008
No, that is not true at all. It just depends on whether you have recently become self-employed or significantly changed professions. If you've just started a job here but have done similar work in the past, then the time on the job should not matter at all. I've done loans before in which we've closed on a loan where the person had only been on the job about a week. The restriction was that we had to prove that he would have gotten a paycheck before his first mortgage payment becomes due. Give me a call if you have other questions. Terry Kilby 503-577-2894
0 votes Thank Flag Link Tue Aug 26, 2008
You can rent to own my home. It is a 3 bd, 2 bth ranch style home in a very good area of Portland, Oregon. Part of your monthly rent applies toward the purchase price. Read all about it and see photos at the web link below.

By the way, everything from the roof to the exterior siding, plumbing and electrical have been upgraded recently (compare to older Portland homes with a lot of "deferred maintenance").
0 votes Thank Flag Link Tue Aug 26, 2008
Thought you might be interested...
2 br 2.5 bath, 2 car tandem garage, AC, Stainless Appliances
Scholls Village Gated Community, Quiet, Private, Secure area
$189,900
rmls# 8069289
0 votes Thank Flag Link Wed Aug 20, 2008
Hi Dyane,

If your new job is very similar to your past job, you are okay to apply for a mortgage.

Call Steve Gabriel at CrownMerit financial for honest, up front mortgage advice. His number is 503-888-2297 and he is FHA qualified, which you might also qualify for.

In the interim, visit:

http://www.HouseNow.com

Where you can search all of Portland, West Linn, Clackamas, Oregon City, Salem...as far south as Ashland. HouseNow.com is connected to 3 mls's (RMLS, WVMLS, SOMLS) so you have access to comprehensive market information that is timely.

Regards,

Chris Courtney - Broker
http://www.HouseNow.com
State Certified Residential Appraiser - 15 years
(541) 284-2511 office
(541) 912-1405
0 votes Thank Flag Link Sat Aug 2, 2008
We need first time homebuyers and so does the FHA. Your salary then find a broker and if your hourly then what is the gap in employment between your last job or your degree? Other factors like trade lines and rental history would help. Find a Realtor with experience and you'll then be linked with a broker with experience. You'll be a home owner soon and currenly have a lot of options for housing so make sure it's someone willing to work hard.
Web Reference: http://www.century21.com
0 votes Thank Flag Link Sat Jul 19, 2008
Dyane, you might be able to get a loan but you need to talk to an experienced mortgage broker. Your past work history or school might give you what you need? Down payments can come from the seller or other parties. Once you have this information you will need a buyers agent to represent you and I have an ABR license. Give me a call and I can put you in touch with the right experience mortgage broker. You need to get out there before the rates go up to where they were last year. 1/2 point rise will cost you $19,000 in buying power at $200,000 mortgage, the time to buy is now if you are well educated in the market.

Tom Inglesby, Broker
RE/MAX Equity Group Inc
ABR,CRS,CLHMS
Portland, Or 97239
503-495-5416
Web Reference: http://www.equitygroup.com
0 votes Thank Flag Link Tue Jul 8, 2008
Were you previously in school? If your previous 2-year history of work/school/whatever makes sense, generally it doesn't matter. However, everything will need to be documented. There are several options at your disposal, and the process is actually much easier than it often made to sound. I'm a mortgage lender here in West Linn and I'd be happy to answer any questions you might have.
0 votes Thank Flag Link Sat Jun 28, 2008
Hi Dyane,

Welcome to Portland. I've lived here 38 years and love it!

My advice is to consult with a large bank or credit union. Bank of America recently still had first time home buyer programs with low down payment incentives for first time buyers. There is also the Oregon Bond Fund which gives offers a lower rate, but check what the rules are regarding the time you must own the home. If you are in a field such as Medicine or public service Bank of America also has special programs they offer for selected professions.

Good credit is key, so a lender will be able to pull this and share it with you. A good lender will also be able to guide you on strategies if there are any mistakes on the report.

I have some excellent lenders I work with and I'm happy to share if you would like to contact me.

Sincerely,
Jeff Haroldson
Broker
Windermere Realty Group
Portland, OR
jeffharoldson@windermere.com
0 votes Thank Flag Link Tue Jun 10, 2008
Hi Dyane,
Welcome to Portland (and West Linn)! The best way to get the answer is by taking 10 minutes to talk to a local mortgage professional. Only by taking a look at your "big picture" can you get a good answer. If you can't get approved today - they will be able to give you a good "road map" to how to get to that point.

I work in the West Linn area and have some outstanding mortgage professionals I can refer you to -- honest, high quality and experienced. Shoot me a call or email and I'll give you a couple names.

Cricket Forsey
Keller Williams Realty
503-515-1217
cricketforsey@kw.com
Web Reference: http://forsalebyforsey.com
0 votes Thank Flag Link Wed Jun 4, 2008
Hello,

I am a home lender here in Beaverton. The answer to your question is a definite, absolute, "it depends." It is not so important that you are new on the job or new in town as is job / work history to make the case to a bank. I would be happy to help you get an accurate answer and identify the important details. If yo arte not ready, I can help you make a plan to get ready. You can 'e' me, go to my web site, http://www.mrloan.info, or call me at my office, Northwest Mortgage Group, 503-439-9191.

David Labovitz
SR Loan Officer
Web Reference: http://www.mrloan.info
0 votes Thank Flag Link Tue Jun 3, 2008
Check out http://www.mrlooan.info David is great and will tell you straight one way or another. He dosen't play games like alot of brokers do.
Web Reference: http://www.mrloan.info
0 votes Thank Flag Link Mon Jun 2, 2008
I can get you all kinds of homes. We have owner contracts and wrap arounds as well as lease purchases too. You might need 1 year but I think FHA will not require that if you have a degree or schooling for the job you are doing.

Give me a call Sunday if you like and I am pretty sure I can help you out.

My Cell is 503-799-8383.

Regards'

Dirk Knudsen
Re\Max Hall of Fame
#1 Rated Re\Max Team in Oregon
Web Reference: http://www.nwhomecenter.com
0 votes Thank Flag Link Sat May 31, 2008
Hopefully a mortgage professional will chime in on this question, but I think job stability over time is more important than time at one individual employer. So, if you've been gainfully employed consistently, and have W2's on hand, you're probably fine. Job history is just one factor, though.

Ultimately, you want to get pre-approved, so you should talk with a mortgage pro. Most of the real estate broker that comment here (including me) can introduce you to reputable lenders to answer your questions fully.
0 votes Thank Flag Link Sat May 31, 2008
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