Newberg Oregon 1st Time Home Buyer Financing

Newberg is a wonderful place to live. In close proximity to Portland, the mountains, the coast , wine country, among others.

Newberg is also very attractive for 1st Time Home Buyers.

While one of Yamhill county's largest towns, Newberg is still small enough to qualify for financing under the USDA Guaranteed Rural Home Loan program. This great program provides for 100% financing based on the appraised price, not the purchase price. This means that if a property appraises for more then the purchase price, the difference can be used to help offset closing costs. Sellers can also contribute up to 6% of the sales price to help cover closing costs. This allows many 1st Time home buyers to get into a home with little or no money down.

There are income qualifiers though.

• Your mortgage payment (Principle, Interest, Taxes and Insurance) generally needs to be 29% or lower, and your total debt to income should be below 45%.
• You also can't make too much money. This amount varies by county and the number of people in your household. It also includes income from all members of your household whether or not they will be on the mortgage or Title. It's best to call and talk with me to see if you make too much money.

The FHA also has several programs that are perfect for Newberg Oregon 1st Time Home Buyers.

FHA programs are generally more flexible for home buyers with higher debt to income ratios and income. It does require 3.5% down payment, but this can be gifted from a family member. Non-occupant co-borrowers can also co-sign for the loan. This can be used for income qualification purposes.

The FHA has a wonderful program to help that project house become a home that you would want to live in. The FHA 203k loan allows you to purchase a home and finance the costs of the repairs. You close at escrow, the seller gets their money and then the remodel work starts. You generally have up to 6 months to complete the work.

There are 2 programs within the 203K loan program.

• Streamline - up to $35,000 of repairs, generally cosmetic or fairly straightforward work. This loan is perfect for the foreclosed home that was stripped or trashed.
• Regular - This is a full blown construction loan and can be used for major remodels as well as the cosmetic items.

These 3 loan programs help make Newberg an ideal place for a 1st time home buyer to purchase a home.

I work with some of the best Realtor's.

Click here to search for Newberg homes.

Let me help you get pre-approved for your new home.

Larry Morris is a Certified Mortgage Planning Specialist with American Nationwide Mortgage Company in Newberg, Oregon. He specializes in USDA Guaranteed Rural Home Loans, FHA Purchase and Refinance, FHA 203k Rehab loans, Sect 184 Native American loans, Hobby Farm loans and conforming purchase and refinances in the states of Oregon and Washington.

He can be reached at 503-421-0096, or larry@PDX-Mortgage.com.

www.PDX-Mortgage.com

OR License ML-3259
WA License WA-510-LO-51175

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