Long-term Financing plan for Homebuyers

Welcome to "Off the Record: Talking Real Estate with Joe and Makayla," your go-to source for unfiltered insights into the Portland, Oregon real estate market. In this episode, Joe and Makayla dive deep into the essential advice for first-time homebuyers. From understanding credit scores to managing credit cards, navigating employment history requirements, to saving for a down payment, they cover it all. Tune in to discover expert tips, real-life anecdotes, and valuable resources to kickstart your journey to homeownership.
Episode Highlights:
  • Building Credit: Learn the importance of building credit for securing a home loan and discover practical strategies to establish and improve your credit score.
  • Managing Credit Cards: Uncover the secrets of choosing the right credit card, understanding interest rates, and maximizing rewards while avoiding common pitfalls.
  • Employment History: Navigate the complexities of employment history requirements for loan approval, including considerations for various job scenarios.
  • Saving for Down Payment: Explore diverse methods to save for a down payment, including government assistance programs, down payment grants, and alternative financing options.
First Time Buyer programs :
  • Oregon Bond – Deeply below-market interest rate or cash grant for closing costs that every First Timer wants!
  • Down Payment Assistance – There are so many paying the equivalent to a mortgage payment in rent…the biggest obstacle for many of these folks is down payment. Let's help! There is down payment assistance programs available for Portland, Clackamas County, and Statewide. There is also a new program providing up to $60K in forgivable down payment assistance for Washington, Yamhill, and Lincoln Counties. Call for details.
  • MAP 100% Financing – combines Oregon Bond first mortgage with community funded second mortgage for eligible borrowers, providing below market rate on the majority of the mortgage with no mortgage insurance. Lowest payment possible given 100% financing and non VA loan.
  • Conventional 100%- up to 4% down payment assistance of the purchase price, only one of the applicants need be FTHB and income limit of close to $150K in PDX metro area
  • FHA 100% - with many paying the equivalent in rent to a mortgage payment, down payment can be the largest obstacle to homeownership. Our FHA 100% goes all the way down to 600 credit score with lenient qualifying standards and no first time homebuyer requirement & no income limits.
  • Beaverton Inhabit $50K down payment assistance – can be combined with MAP 100% financing as well as Oregon Bond for eligible borrowers. Must currently live or work in Beaverton.
  • Gresham Welcome Home $40K Down Payment Assistance -can also be combined with MAP & Oregon Bond for eligible buyers
  • Guild's 3-2-1 program - providing up to $2500 in down payment assistance and $2000 Home Depot card at closing for eligible buyers
  • For our Veteran Buyers: VA 100% financing combined with Oregon Bond or ORVET (Oregon Department of Veterans Affairs' state VA loan benefit) for below market rate
  • Washington State Down Payment Assistance Programs
  • HomeReady & HomePossible - Conventional financing for lower credit scores, also allows rental income to help qualify from ADUs, non-permitted apartments, and room rents (with documented 12 months receipt)
  • USDA 100% Financing combined with Oregon Bond for below market rate & closing costs assistance
  • Specialized Loans that are very lenient on student loan debt – That can be the difference between you earning a commission or not.
Potential exceptions to use only most recent year tax return to qualify self-employed – did you know that one out of ten Oregonians is self-employed? And most Lenders require a two year average of tax returns. Often we can get an exception on Conventional to use only one year tax return and this knowledge just may save or earn you a commission at some point!
Ready to embark on your journey to homeownership? Connect with the LivPortland team who can guide you through the process.

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