Maks 5 - Tips for First Time Home Buyers
Feeling hesitant on buying your first home? In Portland’s exploding real estate market, historically, you will have an average net profit of $283,249 on your investment - in just 5 years of owning your home. However, we also know that people struggle to come up with that hefty downpayment, so we’re here to help.
Here are 5 ways to get assistance on down payments:
Obtain a loan that is very lenient on student loan debt.
2. Oregon Bond
Oregon Bond has deeply below-market interest rates that every first time home buyer wants.
3. Down Payment Assistance
There are downpayment assistance programs available for Portland, Clackamas County, and even statewide.
4. FHA 100%
FHA loans support people with a low or no down payment, as well as credit scores as low as 640.
5. Potential exceptions
Potential exceptions for the self-employed to use only the most recent year of tax returns - Since 1 out of every 10 Oregonians are self employed, there can often be exceptions on Conventional loans to use only one year of tax returns.