Oregon USDA Mortgage

Oregon USDA Mortgage

First Option Mortgage  Oregon offers the best expertise in Oregon USDA Mortgage.  These loans come with the following features:

• 100% Financing up to the appraised value
• NO private Oregon mortgage insurance  
• NO limit on seller concessions and gifts  
• Flexible Oregon credit qualifications  
• No  Oregon loan amount limitations 
• Purchase Money Program

What is a Oregon USDA Mortgage?

The Rural Housing Service (RHS) of the United States Department of Agriculture (USDA) sponsors home loans referred to as Section 502 loans. Under Section 502, direct loans (i.e. from money appropriated by Congress) may be available to some low-income applicants. In addition, those with total household income less that 115% of the median household income in a qualified rural area may obtain government guaranteed Oregon mortgages from qualified lenders.

The purpose of the program is described by the RHS as Follows:

The Section 502 Guaranteed Rural Housing Loan Program is designed to serve rural residents who have a steady, low or modest income, and yet are unable to obtain adequate housing through conventional financing. These loans enable low and moderate-income rural residents to acquire modestly priced housing for their own use as a residence through the purchase of a new or existing dwelling or the purchase of a new manufactured home.

If you live in a rural area in Oregon or in a less developed portion of a Oregon metropolitan county, and your household income does not exceed the limit assigned to your area, you may qualify for a Oregon USDA guaranteed mortgage.

Why should I consider a government guaranteed Oregon USDA Mortgage? 

1. A Oregon USDA Mortgage may be issued with no down payment.
2. Closing costs may be included in the Oregon loan amount, further decreasing up-front costs.
3. Because of the government guarantee, Oregon interest rates are favorable and there is no Oregon mortgage insurance fee built into the monthly payment.
4. A Oregon USDA Mortgage is a 30 year Oregon fixed rate mortgage. Your interest rates will not increase during the life of the Oregon loan.
5. Oregon credit requirements are flexible. You must have a reasonable credit history and demonstrate that you are willing and able to make timely payments, but circumstances such as previous job loss or other extenuating circumstances may be considered in evaluating your credit history (or your lack of a credit history).

Do I qualify for a Oregon USDA Mortgage?

The final word on eligibility is made by an officer in your local RHS office. This local officer has the discretion to evaluate your circumstances and credit history and take into account extenuating circumstances.

You can learn whether you meet the outside limits on household income by going to the USDA Income and Property Eligibility Site at www.usda.gov. The same calculator can help you determine whether the property you wish to buy is located in a qualified rural area.

In addition to having a satisfactory credit history, the ratio of your total monthly loan payment to monthly household income may not exceed 29 percent, and the ratio of monthly payments on all debt to household income must not exceed 41 percent. 

How do I apply for a Oregon USDA  Mortgage?

Your local Oregon loan office or Oregon mortgage broker at First Option Mortgage Oregon can help you evaluate your eligibility, prepare a loan request and take full advantage of the options available to you through a government guaranteed Oregon USDA Mortgage.

Apply for a Oregon USDA Mortgage

Links:
First Option Mortgage
First Option Lending
USDA Mortgage at First Option Mortgage
USDA Mortgage at First Option Lending