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Considering how many different mortgage programs there are available, it may be daunting to know which one is best for you. This article will help you make that decision by answering some of the more common questions that Oregon borrowers tend to have.
Do you have questions about home loans in Oregon? Chances are, you’ll find the answer below. These are five of the frequently asked questions that Oregon home buyers ask about mortgage financing.
While mortgage standards and requirements can vary from one loan program to the next, there are certain common “ingredients” lenders look for when reviewing applicants.
* This number is not set in stone. Credit score standards can vary.
This is not a complete list, but it does include some of the most important requirements a person needs to qualify for an Oregon home loan.
Your borrowing capacity will largely depend on the amount of money you earn each month. The amount of recurring monthly debt you have also plays a role.
Mortgage lenders use what’s known as the debt-to-income ratio, or DTI, when reviewing home loan applicants. This is a comparison between the amount of money you earn, and the amount you spend to cover your various debts (including your mortgage payments).
While the standards can vary, most loan programs today set a cap somewhere around 45% to 50%, for the total debt-to-income ratio. This is one factor that will affect how much you can borrow for a home loan in Oregon.
The maximum sizes for the different mortgage programs are referred to as “loan limits.” Different limits can apply, depending on the type of mortgage product you use.
It’s important to note that mortgage financing is available above these limits. When you borrow more than the conventional loan limit shown above, it’s referred to as a jumbo mortgage loan.
The best way to choose an Oregon home loan is to seek help from a knowledgeable broker or loan officer. And that’s where we come in. Sammamish Mortgage has been helping borrowers across the Pacific Northwest since 1992. We can answer any financing-related questions you have, as well as providing you with an estimate of your monthly housing costs.
If you have questions about qualifying for an Oregon home loan, or if you would like to receive a rate quote, please contact our staff. At Sammamish Mortgage, we offer a wide variety of mortgage programs and tools with flexible qualification criteria, including our Diamond Homebuyer Program, Cash Buyer Program, and Bridge Loans. We have been serving the entire state since 1992, as well as the broader Pacific Northwest region that includes Washington, Oregon, Colorado, and Idaho. Please contact us today with any financing-related questions you have.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.