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
– Bank statements
– 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.
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!
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 100 offers qualified borrowers with a $500 minimum down payment a low, fixed-interest rate loan of up to $60,000 for down payment and closing costs on a home in Multnomah, Washington, Clackamas, or Clark County. It covers up to 20 percent of the home’s purchase price, and can eliminate the need for an upfront mortgage premium and monthly mortgage insurance. First-time home buyers with incomes up to 100 percent of the area median income are eligible for the program.
Individual Development Accounts (IDAs)
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.