Rents in Portland increased 44% between 2010 and 2015. One of the biggest reasons that people continue to rent in a city where renting is more costly than owning is lack of a down payment. It’s not easy to scrape together tens of thousands of dollars when we’re spending our hard-earned money just keeping a rental roof overhead. Those of us who bought homes in the 90’s (you know, before it all came crashing down) remember when 100% financing was ubiquitous. The theory at the time: “Why pull money out of investments that are doing so well if you don’t have to?” Fast forward 10 or so years, the bubble burst, the secondary mortgage market was in free fall, and foreclosures were at an all-time high. The result of all that, in addition to mortgage regulation, was a serious tightening of what was required of buyers looking to buy a home.
With the passage of time, the stabilization of the home market, buyer-friendly interest rates, and a whole new generation of buyers looking to own h0mes, some banks are again designing mortgage programs to help qualified buyers get off the rental roller coaster. If you have been considering home ownership but have been worried about where you will find the money to make it a reality, I encourage you to check out the following programs:
On Point Credit Union offers two programs that cover 100% financing.
- Their Just for Starters program is designed for first-time home buyers (or buyers who have not owned a home for the past three years) looking to purchase a primary residence.
- They also have a Homeroom program for anyone working at an accredited educational institution.
- Each program allows for a loan up to $375,000, and there is no PMI.
- The interest rate is slightly above market.
- Learn more about these programs here. Or feel free to contact me and let me put you in touch with a terrific loan officer who can personally assist you.
Advantis Credit Union offers a First Time Homebuyer 100% financing loan that is a 5/1 adjustable mortgage.
The VA offers 100% financing to qualified vets. You’ll need a copy of you DD214 to get the ball rolling, but I would love to put you in touch with a mortgage broker who can help you explore this incredibly robust lending program for the men and women who have served our country. It would be an honor for me to work with any vet looking to find a home in the Portland area.
If you are looking outside the city proper, in the outer portions of the metro area (some parts of Hillsboro, Sherwood, Troutdale, Forrest Grove, etc.), the property may qualify for USDA financing, which is a zer0-dollar-down loan program.
If home ownership is a dream of yours, I want to help you do it. Let’s explore some of these loan options and see if this is just the sort of extra financial assistance that can move you out of an apartment and in to a home of your very own. Paint the walls. Decorate the patio. Get a dog. Plant a garden. Put more “you” in your home space. Life can be so much more vibrant than “Apartment White” walls.
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Danni Duggan is a Realtor in Portland, Oregon. When not working with sellers and buyers on their own dream homes, she volunteers at the local animal shelter to rehome the county’s stray and homeless dogs. She truly believes that everyone deserves a home of their dreams.
Danni Duggan, OR Broker, Premiere Property Group, LLC. Licensed in Oregon | 503-719-2279 | danni@dannipdx.com
If you are looking to buy or sell a home in Portland, OR, it would be my honor and my privilege to work with you. Feel free to contact me for a meeting. I work diligently with both sellers and buyers to help them achieve their real estate goals.
If you are seeking a trusted REALTOR® outside of the state of Oregon, contact me. I am happy to provide you with my most trusted referrals throughout the U.S. You deserve the absolute best representation, and it would be my pleasure to help you secure it.
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