Areas We Serve
Griffin Funding is a mortgage lender and a mortgage broker in Oregon that welcomes borrowers from across the Northwest region, and even all over the United States. We can assist you with your home purchase in real estate markets like Oregon, where competitive interest rates can mean enormous benefits. We are able to provide financing throughout the state of Oregon, including in the following areas:
- Willamette Valley
What Are the Options for a Home Loan in Oregon?
The process of obtaining a mortgage is often different in each state due to various requirements. However, those who have previously received mortgages may find that the fundamentals are very similar and that the most significant differences are found among the lending institutions.
Those who are purchasing a home for the first time with an Oregon mortgage lender are often seeking an educational introduction to mortgages. These clients may be unsure of the best financial fit for their lifestyle and income and need to take the time to better understand what is available.
Griffin Funding loan officers are skilled in handling both types of borrowers. We are happy to walk you through our different business services and will provide you with the information you need to obtain approval. We can also help you to upgrade and improve on business arrangements that you are familiar with and that could use a bit of fine-tuning.
When you are satisfied with what the loan officers have provided and feel ready to apply, getting approved is incredibly quick and straightforward. It all gets started with the quick and easy online application. Once the application is reviewed and approved, you will simply agree to the terms of the loan, which will then be finalized by a Griffin Funding loan officer.
Buying a House in Oregon: Requirements and What to Expect
The Oregon real estate market is booming, and there are significant increases in home values every year. Many home buyers find themselves surprised not only by the prices but also the hidden fees. The average Oregon home costs about $440,000, which is up 15%-16% from last year. A few helpful tips for purchasing in Oregon would be to:
- Purchase with the assistance of a real estate agent. Due to the size and popularity of the Oregon real estate market, consulting an experienced agent is typically going to be the most efficient way of searching.
- Decide ahead of time how much you want to spend on a home and the monthly payment, which shouldn't create too much strain.
- Find a lender and submit a pre-qualifying mortgage loan application so that you make sure to shop within your budget. This information will also be beneficial to the real estate agent so that you can hone in on exactly what you’re looking for.
- Take your time searching for a home and avoid rushing. Do some research on the area you want to live in, the schools, the neighborhood, the commute, and consider the future.
- Create a savvy negotiating strategy with your agent based on comparable sales and contingencies to receive the most competitive deal.
- Do some additional research on what type of mortgage is best for you and decide if the pre-qualifying lender will work out or if you need to switch to a different company with more services.
What Credit Score Is Needed to Buy a House in Oregon?
There are several options in Oregon when it comes to credit score requirements and, depending on your income, there is a pretty good chance of the right fit. Though most companies start at 620, there are exceptions. The FHA loan credit score requirement, for example, begins as low as 500, and USDA loans offer flexible credit approval with added fees for scores below 620. At the same time, the Fannie Mae HomeReady program stipulates a 620 or above credit score, and VA loans (for members of the military, their spouses, and other beneficiaries) require as low as a 500 score.
How Much Money Do You Need to Buy a House in Oregon?
The amount of money needed to buy a home in Oregon ultimately depends on the type of home you’re buying as well as the kind of financing you’re using to make the purchase. In general, you should be prepared to provide a down payment that’s equal to 10-20% of a home’s value as well as closing costs, which can end up being thousands of dollars.
Our Oregon Mortgage Programs
DSCR Loans in Oregon: DSCR loans allow real estate investors and mortgage brokers to qualify for financing based on their debt service coverage ratio (DSCR) rather than through traditional means. By calculating the DSCR, lenders can measure a potential borrower’s operating income in relation to their mortgage debt, and thus determine whether they will be able to repay a loan.
Asset-Based Loans in Oregon: When you take out an asset-based loan, you’re borrowing against the value of your assets. The more valuable your assets are, the more financing you can receive. This enables borrowers to tap into the equity of their assets and access financing.
Bank Statement Loans in Oregon: These loans allow you to qualify for a mortgage with your bank statements instead of the income verification methods required for traditional home loans. This option is typically advantageous for self-employed individuals whose W2’s do not accurately reflect their income.
FHA Loans for First-Time Homebuyers: An FHA loan is recommended for buyers who do not have funds available for a large down payment. Since these loans are insured by the FHA (Federal Housing Administration), you can buy a house with as little as 3.5% down.
VA Home Loans: Qualifying active-duty service members, veterans, and surviving spouses can take advantage of the home loan benefits afforded by the Department of Veteran Affairs. Because these loans are insured by the VA, you can secure much lower rates and even forgo a down payment.
USDA Home Loans: Depending on where you want to buy a home in California, you may be able to apply for a USDA mortgage. These loans are reserved for homes in qualifying rural areas.
Speak with one of our loan officers today to determine which of our California home loans best suits your needs.
What Is the Current Mortgage Interest Rate in Oregon?
The interest rates for an Oregon mortgage have been rising steadily since February 2022. For a 30-year fixed conventional loan, the rate went from 3% up to 5.49% (5.55% APR). As of the time of writing, the mortgage interest rate in Oregon is currently 5.28% (5.39% APR) for a 30-year fixed and 4.83% (4.99% APR) for a 15-year fixed. However, keep in mind that interest rates can regularly change.
How Much Do You Need for a Down Payment for a House in Oregon?
For a minimum down payment in Oregon, you’ll likely need at least 3.5% of the home’s price. This means that for a house that costs about $500,000, there will be a $17,500 down payment. However, some experts recommend putting down closer to 20% on a home in order to boost financial security and ensure you can keep up with mortgage payments over time.
Is It a Good Time to Buy a House in Oregon?
Oregon is a lucrative seller’s market where home values have been increasing virtually every year. So if you’re looking to purchase in 2022, then now may be a good time–especially if you consider the prices in 2023! Of course, reasonable interest rates can make purchasing more affordable, which will come in handy in booming cities like Portland, where there is still a great deal of competition for available inventory. Therefore, sooner may be better than later for those concerned about the cost of borrowing.
Apply for Your Oregon Home Loan
Every borrower has unique concerns and circumstances, and Griffin Funding looks forward to assisting you with your mortgage and home buying experience. We offer a variety of traditional mortgages as well as Non-QM loan products, including interest-only loans, bank statement loans, and more. Contact us today so that we can answer any questions you may have and get you approved for your next home.