Oregon (OR) USDA Loans
Home Point Financial is pleased to announce that we now have Oregon USDA financing. USDA Loans in Oregon are intended to provide lower-income homeowners with 100 percent financing (with no down payment). USDA (United States Department of Agriculture) loans, once known as farm loans, are now available to Oregon residents in almost every OR county outside of major metropolitan areas (rural areas in Oregon including Harney County, Jefferson County, Klamath County and others).
USDA Loan Requirements and Guidelines (Oregon)
There are a number of requirements to qualify for Oregon USDA Loans:
- Monthly Oregon housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (29% ratio).
- Credit background will be fairly considered. At least a 640 FICO credit score is required to obtain a USDA approval through most lenders in Oregon.
- Oregon borrower must have enough income to pay your housing costs plus all additional monthly debt (41% ratio with some flexibility).
- Income can be up to 115% of the median income for the area.
- Bankruptcy: Have been discharged from a Chapter 7 bankruptcy for three years or more (if applicable).
- Oregon property must be considered rural which is generally defined as open country with fewer than 10,000 people. Learn more here: http://eligibility.sc.egov.usda.gov.
Oregon families must be able to afford the mortgage payments, including taxes and insurance.
Interest Rates
OR USDA Loan rates vary by individual and are determined by a number of factors specific to the individual, Oregon property being financed, etc. In general, OR USDA rates are better than average compared to other options for qualifying individuals.
Oregon USDA Loan Company
Apply now or contact the Oregon USDA Mortgage experts at Home Point Financial to learn more about USDA Loans in Oregon, eligibility and more.
