First Time Home Buyers
At Pacific Residential Mortgage (PRM), we offer the full spectrum of home lending options specific to first time home buyers. Simply being a first time buyer doesn't mean that only some loan options are available. In fact, first time homebuyers are benefited by loan programs that offer low to zero down payments, expanded debt-to-income ratios, lower cash reserve requirements and a reduction in some of the other criteria that can impact a loan approval being granted.
Loan programs typically available to first time buyers include the following:
FHA Products - Backed by the
Federal Housing Administration as well as HUD (Housing and Urban
Development), these lines of products, which include both fixed
rate and adjustable rate loans, are great for new home buyers.
They allow for higher debt-to-income ratios than are typical of
conventional financing options.
While offering great flexibility in the underwriting and approval process, FHA loans are subject to loan size limitations that are applied to each county of each state in the United States. Typically, counties that incorporate metropolitan development(s) will allow for higher loan limitations, due to the fact that HUD sets the maximum loan amounts based upon sales price data collected on a per county basis. Loan limits are often increased over time to reflect appreciating markets, and may adjust annually.
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100% Financing - For those applicants who exhibit strengths in credit history.
These options can be very affordable and yield no down-payment with
very little cash due at closing.
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VA Products - Backed by the Veteran's Administration, these loan products offer those who have served in the military or similar service, and who qualify for lending eligibility, an excellent opportunity to purchase a home, with little or no money out of pocket. VA loans can be available to both active duty and honorably discharged members of the service. There is no monthly mortgage insurance premium applied on these loans, and the rates and fees are similar to those available with conventional loan products.
The State of Oregon also has an ODVA program that PRM can offer to
qualified applicants.
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View commonly used mortgage definitions and references
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