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First Time Home Buyers!$0 Down/No Money Down Loans/100% Financing Loans

Quick Look At Lenders That Report Offering No Money Down Loans:

There are several different lenders that report offering loan programs available right now with 100% Financing/$0 Down/No Money Down.
 
 

Key Bank:

KEY COMMUNITY PROGRAM  

Key Community requires NO down payment and has low fees. One of the greatest benefits of this program is that qualifying is easier than you might expect with flexible underwriting guidelines.

This program ISN’T just for first time home buyers, it can be if you just sold your house and are purchasing a new one as well. The requirement is it has to be owner occupied and you can’t be on title or own another home when you purchase your new one under this loan program. Here are some ways Key Community Mortgage can help: Conventional financing with NO private mortgage insurance (PMI) required. Fixed interest rate and terms up to 30 yearsFlexible credit decisions

Max 3% Seller contribution allowed towards closing costs and or pre-paid items (You can usually have the seller pay this) If the rare chance you choose a property that the property taxes are really high on IF funds are required to close for pre-paid items etc. such as taxes the funds can be a grant, a gift from a family member or through a down payment assistance program.

Earnest money must go towards the loan. (Usually you can do $500 earnest money as a first time home buyer. Typical requested by the seller is 1% of the offer it just depends on the seller and or price of the home your buying.) 1 month reserve required for principal, interest and insurance (PITI) in your bank account. (1 month payment in your bank account by closing) Must make less than the median total income (changes yearly) total household income or be purchasing in a certain location based on a map with low to moderate income .

To learn more including a consultation to determine if you qualify please contact: Tram Tran at 971-221-1338 or Email: tram_a_tran@keybank.com

Click Here For Key Bank’s Website  

(Based on information provided by Key Banks Website on November 30, 2016 8:27 PM. Portland Home Experts has not investigated or confirmed the accuracy of the information, reviewed for any updates and is sharing this information for informational purposes only. Clients interested in this program should contact a Key Bank loan officer to confirm the information and discuss suitability for their own purposes. All credit products require application, and are subject to credit approval based on KeyBank’s standard underwriting criteria and terms)

OnPoint Credit Union:

Onpoint provides exceptional service with local decision making. The JUST FOR STARTERS program is designed to meet the unique lending needs of the first time home buyer. It offers NO down payment/ 100% Financing (Value determined by the lesser of the purchase price or the appraised value) No Private Mortgage Insurance (PMI) 30 year fixed mortgages .Owner Occupied Only Maximum loan amount is $375,000 *Higher loan amounts will be looked at and case by case scenario).  Qualifying Single family homes, Planned Unit Developments, Condo's & Manufactured homes.

Oregon or SW Washington. Must have or open an Onpoint Credit Union account and have automatic payment from a checking account 2 months reserves by closing of the principal, interest,taxes and insurance (PITI). Reserves can be a gift from a family member or friend. 

For a consultation to see if you qualify or questions, contact: Kim Savery at 503.273.2694 or Email:Kim.Savery@onpointcu.com .

 

Click Here For OnPoint Credit Union’s Website

(Based on information provided by Onpoint Credit Union’s Website on November 30, 2016 at 8:31 PM. Portland Home Experts has not investigated or confirmed the accuracy of the information, reviewed for any updates and is sharing this information for informational purposes only. Clients interested in this program should contact a Onpoint Credit Union loan officer to confirm the information and discuss suitability for their own purposes. All credit products require application, and are subject to credit approval based on the banks standard underwriting criteria and terms )

 

USDA LOAN 

USDA provides homeownership opportunities to rural Americans, and home renovation and repair programs.  100% financing for homes outside the city limits. This loan has a website that the address of a potential home can be plugged in and you can know immediately if the home qualifies for “outside” city limits. 100% financing 1 day out of Bk with qualifying credit scores also! Make sure to view the list of approved lenders who can do this loan.

USDA WEBSITE-MORE INFORMATION-Eligibility Areas For USDA Or Search By Address                      

(When your in the website on the left click on “Single Family Housing”, then click Accept and type in the address)

To have a consultation or questions contact: Pat Fox, Caliber Home Loans 503-539-2974 Pat.Fox@Caliberhomeloans.com

Click Here to apply online

(Based on information provided by USDA Website on November 19, 2015 10:40 am. Portland Home Experts has not investigated or confirmed the accuracy of the information, reviewed for any updates and is sharing this information for informational purposes only. Clients interested in this program should contact the respective lender  to confirm the information and discuss suitability for their own purposes.All credit products require application, and are subject to credit approval based on their standard underwriting criteria and terms  )

VA LOAN

Veterans Affairs (VA)-backed loans have been around for a long time and may be a good option for active-duty military and veterans.

Qualified borrowers can borrow up to current VA limits with zero down, and roll the VA funding fee right into their loan. No other loan today can offer this claim. Most active-duty service member and veterans are eligible for VA loan benefits.

The many advantages of VA home loans include:

  • No down payment
  • May have easier qualification requirements than other types of loans
  • Does not require private mortgage insurance, regardless of down payment amount
  • The seller can pay off buyer’s debt to help them qualify, up to 6% of the loan amount
  • The buyer can finance the VA funding as part of the loan
  • Closing costs are comparable to those of other loan types, and may even be lower
  • Special concessions available for disabled veterans

To have a consultation or questions contact:Jennifer Larsen Home Street Bank 503-227-3956 Jennifer.Larsen@Homestreet.com

Click Here To Apply Online

(Based on information provided by Home Street Bank's Website November 19, 2015 at 10:47am. Portland Home Experts has not investigated or confirmed the accuracy of the information, reviewed for any updates and is sharing this information for informational purposes only. Clients interested in this program should contact the respective lender  to confirm the information and discuss suitability for their own purposes. )

OREGON BOND

Oregon’s State Housing Finance Agency occasionally issues Mortgage revenue bonds to fund lower than market interest rate loans for First time buyers in Oregon.  There are 2 varieties of this loan program.
 Program Highlights:

1.       Cash Advantage – 

        Borrowers will get a low fixed rate loan along with assistance equal to 3% of their total loan amount.  The cash assistance will help reduce the total cash the need to close the loan.  It can be used for Closing costs or downpayment (If the Loan Product matrix allows for DPA)  This money is considered a gift with no repayment. (Currently 4.25%)

2.       Rate Advantage – Borrowers will get the lowered fixed rate possible.  This will help the borrowers qualify for more home. (Currently 3.875%)

 Regardless of which pricing option they choose, the eligibility and program requirements are the same.  There is no “Pre-Payment Penalty” for this loan program, but there is a “Recapture fee” If you sell your home during the first 9 years and your income has risen above the CURRENT guideline requirements for the county.  These loans must be insured by either FHA or Guaranteed by USDA which means that you must follow qualification guidelines one of these program and OVERLAY the requirements established by the Oregon Bond Program.After the loan closes OHCS will purchase the loan to hold as a long term investment.  They may sell the servicing rights to another vendor, but your mortgage will be owned by Oregon housing and Community Services.

 Who Qualifies?

 Most Bond users are First time buyers, however The first-time homebuyer requirement is waived and there are higher Purchase Price Limits if the property being purchased in a Targeted Area, and the borrower transfers any residential property previously owned prior to closing the Program Loan.  Additionally there are Income and Purchase price restrictions.

To have a consultation for any of the loan programs mentioned above, or questions contact: Jennifer Larsen Home Street Bank 503-227-3956 Jennifer.Larsen@Homestreet.com

Click Here To Apply Online

 

 (Based on information provided by Portland Home Loan Experts Website on November 25, 2013 at 5:15pm. Portland Home Experts has not investigated or confirmed the accuracy of the information, reviewed for any updates and is sharing this information for informational purposes only. Clients interested in this program should contact the respective lender  to confirm the information and discuss suitability for their own purposes. )

 

There are additional assistance programs you can pair with some of the above loans:

IDA 3:1 SAVINGS MATCHING PROGRAM:

The Oregon Individual Development Account Initiative invests in the personal and financial growth of individuals to build strong communities throughout Oregon. Participants enroll through one of the many partners located in all corners of the state, set a goal and begin saving. Once the participant’s goal is reached and all parts of the savings plan are completed, every dollar saved by a participant is matched by the Initiative, typically three dollars for every one dollar saved. Initiative participants may benefit from matched funds to help them purchase a home, fulfill an educational goal, develop and launch a small business, restore a home to habitable condition, or purchase equipment to support employment.

To have a consultation for any of the loan programs mentioned above, or questions contact: Jennifer Larsen Home Street Bank 503-227-3956 Jennifer.Larsen@Homestreet.com

Click Here To Apply Online

(Based on information provided by Oregon IDA Initiative November 19, 2015 11:10 am.. Portland Home Experts has not investigated or confirmed the accuracy of the information, reviewed for any updates and is sharing this information for informational purposes only. Clients interested in this program should contact an approved loan officer to confirm the information and discuss suitability for their own purposes. All credit products require application, and are subject to credit approval based on the banks standard underwriting criteria and terms )

 

HomePath® Mortgage Financing

This special financing is available on Fannie Mae homes

The benefits include:

  • Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
  • You may qualify even if your credit is less than perfect
  • Available to both owner occupiers and investors
  • Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
  • No mortgage insurance*
  • No appraisal fees
  • Also eligible for HomePath Renovation Mortgage (see details below)
  • We have established relationships with Homepath Approved Lenders.

HomePath® Renovation Mortgage Financing

Available only on Fannie Mae homes you make your primary residence and offers these benefits:

  • Financing to fund both your purchase and light renovation
  • Low down payment and flexible mortgage terms (fixed-rate or adjustable-rate)
  • Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit, state or local government, or employer
  • No mortgage insurance

To have a consultation for any of the loan programs mentioned above, or questions contact: Pat Fox, Caliber Home Loans 503-539-2974 Pat.Fox@Caliberhomeloans.com

Click Here To Go To Pat Fox's Website

(Based on information provided by Portland Home Loan Experts Website on November 25, 2013 at 5:15pm. Portland Home Experts has not investigated or confirmed the accuracy of the information, reviewed for any updates and is sharing this information for informational purposes only. Clients interested in this program should contact the respective lender  to confirm the information and discuss suitability for their own purposes. )

 

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Jennifer Venable
John L Scott Real Estate
Portland Home Experts
1800 NW 167th Place Suite 100
Beaverton, OR 97006
Phone: 503-889-6472
Email: jenniferv@johnlscott.com
Licensed Oregon Realtor
"Selling Portland - Day By Day"