Portland Housing Center offers first and second mortgage loans, specializing in serving first time homebuyers.
Our Lending Team is here to help you:
Make informed, unbiased decisions
Purchase a home you can afford and keep
By providing loans that are safe and competitive
Our first loans are open to everyone* in the State of Oregon, with additional second mortgage products available in Multnomah, Washington, and Clackamas Counties.
Have a question? Ask our Loan Officer.
* Utilization of Portland Housing Center lending is based on borrower’s ability to qualify for a mortgage loan
The Loan Process
When you’re ready to apply for a mortgage, we’ll help you schedule an appointment with our lending team to learn more about the products we offer and start the loan process.
Here’s what you can expect when you work with Portland Housing Center’s lending department.
1. Get Pre-Approved
Once you and your HomeBuying Specialist have determined you’re ready to apply for a mortgage loan, make an appointment with our Loan Officer for a pre-approval.
Come prepared with:
30 days pay stubs
2 most recent W2s and tax returns
She’ll pull your credit and determine how much of a loan you can qualify for based on your income, assets and debts. If you’re pre-approved, you’ll walk out with a pre-approval letter that outlines how much you can afford.
2. Go House Shopping
Select a Realtor and start looking for homes in your price range.
3. Do a formal loan application
Once you have an accepted offer on a property you’ll meet with your Loan Officer again to do a formal loan application.
4. Loan underwriting & conditions
Your loan officer will work with underwriting to process your loan. She may need additional information and documents from you, so make sure you watch your phone and email for any contracts from her and respond quickly to keep your loan moving smoothly through the process.
Once everything is processed, you’ll sign your closing documents. Once your loan records, you’ll contact your Realtor to get the keys to your new home!
Portland Housing Center offers every home buyer a variety of different financial resources. We will work closely with you to determine those that best meet your home-buying needs.
First Mortgage Loans
Portland Housing Center offers our customers a variety of low, fixed-interest rate loans including FHA, VA, and Conventional loans. These loans are perfect for first-time home buyers.
Mortgage Assistance Program (MAP 80)
MAP 80 offers qualified borrowers with a $500 minimum down payment a low, fixed-interest rate loan of up to $50,000 for down payment and closing costs on a home in Multnomah, Washington, or Clackamas County. It covers 20 percent of the home’s purchase price, and eliminates the need for an upfront mortgage premium and monthly mortgage insurance. First-time home buyers with incomes up to 80 percent of the area median income are eligible for the program.
Individual Development Accounts (IDA)
This matched savings program helps Oregon residents save for a home purchase in a special account. Qualified participants who are accepted into the program save in a special account for a minimum of 6 months and have their saved dollars matched 3:1.
Typical Portland Housing Center IDA program participants save $2,000 over a two-year period and receive a $6,000 match. Ask your HomeBuying Specialist if you qualify for this program
Down Payment Assistance
There are several types of down payment assistance, use the tool below to learn about some of the types that exist. Specific down payment assistance programs will have their own eligibility requirements.
Meet with a Portland Housing Center HomeBuying Specialist to find out what programs might be a good fit for you. Register today to get started.