Are you aware of the USDA rural housing program? Perhaps you should be, because almost all of Oregon falls into the USDA rural housing boundaries. These loans are fantastic, offering 100% financing - even up to 102% financing (to help with those closing costs.) There is no Mortgage insurance requirement, even with 100% financing. Virtually all three of the tri-counties have areas that are eligible, and the further west or east you travel, the more property becomes available. For instance, did you know that if you want to move to the mountains, or the beach, almost all that property qualifies for USDA rural loans. In fact, think closer in, like Estacada, Damascus, Sandy, even parts of Oregon City - all in the USDA rural zone.
Here are some of the loan guidelines, because not everyone will qualify for this loan:
1. There are income restrictions - these loans are for low to mid-level income families
2. There are, of course location restrictions - this IS a rural housing loan program
3. There are caps on the loan amounts
4. The property being purchased must be your primary home
5. These loans are for purchase transactions, and rate and term refinances from an existing USDA rural loan only. Even if you live in a rural designated area, if your current loan is not USDA rural, you cannot refinance into this loan.
6. The minimum credit score required is 660 (no exceptions)
Here are some of the loan guidelines, because not everyone will qualify for this loan:
1. There are income restrictions - these loans are for low to mid-level income families
2. There are, of course location restrictions - this IS a rural housing loan program
3. There are caps on the loan amounts
4. The property being purchased must be your primary home
5. These loans are for purchase transactions, and rate and term refinances from an existing USDA rural loan only. Even if you live in a rural designated area, if your current loan is not USDA rural, you cannot refinance into this loan.
6. The minimum credit score required is 660 (no exceptions)
USDA rural loans are also available for business property purchases. Please call if you'd like more information. This is a much more difficult loan to get, but it is available.
Best regards,
Shelby Bateson
503-819-6545
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