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Guide to Oregon Mortgages
Maybe you are buying your first home in Oregon, or perhaps you're relocating to Oregon from another state. Then again, you may be a long-time Oregon resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on Oregon home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in Oregon:
The median price of a home in Oregon is $211,500. Recently, homes in Oregon have been appreciating at rates well above the national average. As a result, income levels in many parts of Oregon are too low to purchase a median-priced home with a conventional loan. Although average interest rates in Oregon are below the national average, Oregon has one of the lowest levels of home affordability in the nation.
In Oregon, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
Oregon's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. Oregon law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, Oregon law enacted a set of anti-predatory lending laws in order to help protect Oregon homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of Oregon, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for Oregon FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for Oregon's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of Oregon also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, Oregon's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the Oregon Housing Finance Agency.
Last Updated: Friday, May 09, 2008
Oregon Real Estate Market View
updated Friday, May 09, 2008
| Housing & Social Facts |
Oregon |
United States |
| Total housing units |
1,558,421 |
n/a |
| Owner-occupied housing units |
63.8% |
66.9% |
| Renter-occupied housing units |
36.2% |
33.1% |
| Vacant housing units |
8.5% |
10.8% |
| Average Home Value |
$201,200 |
$167,500 |
| Average Mortgage Payment |
$1,296.00 |
$1,295.00 |
| Average Rental Payment |
$359 .00 |
$388.00 |
| Total Population |
3,560,109 |
n/a |
| Percentage Male |
49.4% |
49.0% |
| Percentage Female |
50.6% |
51.0% |
| Median Age |
37.0 |
36.4 |
| Under 5 years |
6.3% |
7.0% |
| 18 years and over |
76.2% |
74.6% |
| 65 years and over |
12.6% |
12.1% |
|
1 Year Market Value Change for Oregon |
| 1yr | 5yr | 10yr |
 |
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Popular Oregon Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Albany |
40,852 |
$39,409 |
| Aloha |
41,741 |
$52,299 |
| Beaverton |
76,129 |
$47,863 |
| Bend |
52,029 |
$40,857 |
| Corvallis |
49,322 |
$35,236 |
| Eugene |
137,893 |
$35,850 |
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| The Lending Hands |
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We pride ourselves on providing superior customer service and creating satisfied customers. We work hard to satisfy the mortgage needs and exceed the expectations of our customers. Over 24 years experience in financial services and insurance. Our customers save money and close their loans faster and efficiently because we employ the most advanced mortgage technology available. If you are in a rush, we recommend that you to try our mortgage calculators! The Internet, advanced mortgage processing software, and automated mortgage underwriting systems are coordinated to speed the mortgage process and deliver the best rate and terms. From mortgage processing and underwriting, to loan closing and funding, our expert mortgage staff will efficiently expedite your entire transaction. We will keep you informed every step of the way. We are committed to building rewarding, long-term customer relationships. With that in mind, you'll receive the highest quality mortgage services. We offer a wide array of loan options and programs to select to suit your personal, financial needs. Here is a list of loan options we offer: Fixed Rate Mortgages; 15 & 30 Years , Adjustable Rate Mortgages, Balloon Mortgages; 5 & 7 Year Options, First Time Buyer Programs, Stated Income Programs, Interest Only Programs, No Point, No Fee Programs, Imperfect Credit Programs, Home Equity Line of Credit and Home Equity Fixed Loan. We lend in the following states: Oregon and Washington The Lending Hands.com
4711 SW Huber
Portland, OR 97219
Office Phone: (503) 717-0704
Fax: (484) 203-2638
Toll Free Phone: (866) 485-3726 The Lending Hands is a real estate broker licensed by the OR Dept of real Estate License
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| Integrity Lending |
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Welcome to Integrity Lending LLC! We are Oregon's trusted mortgage and home loan advisor serving all of Oregon, with specialties in Portland, Eugene, Salem, the Oregon Coast, and all of the surrounding areas in Oregon and Washington. Whether you are actively looking for an experienced and trustworthy mortgage broker and lender or just a great source for Oregon specific mortgage and home loan resources, you are at the right place. We at Integrity Lending pride ourselves in offering among the industry's best mortgage and home loan products and rates. From a home purchase loan in Salem, a refinance in Beaverton, or a home equity cash out in East Portland to a construction loan in Eugene; we have you covered. Oregon is the place to be right now for real estate and property values continue to increase. With interest rates for home loans still at all time lows, right now is the ideal time to purchase or refinance your Oregon home. Just recently our clients have taken advantage of our excellent mortgage rates and programs in Beaverton, Hillsboro, Grasham, Eugene, Portland, Sherwood, Bend and Lake Oswego (among others). Please take a look at some of the loan programs we offer: Conventional Home Loans, Alternative Home Loans, Construction Loans, Home Improvement Loans, Challenged Credit Home Loans and Investment Property Loans. Integrity Lending, LLC
5075 SW Griffith Drive Suite 100
Beaverton, OR 97005
Phone: 503-924-1438
Fax: 503-924-1414 Integrity Lending is a real estate broker licensed by the OR Dept of Real Estate License
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| Oregon Mortgage Professionals |
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At Oregon Mortgage Professionals we work hard to deserve your business. Our trained staff is willing and able to help you with the questions you may have about the loan process and different options you have when buying, building, refinancing or obtaining the right home loan. A friendly and positive attitude, the concern for the clients and the willingness to do business on a handshake produce a positive home lending experience. At Oregon Mortgage Professionals we continually look for opportunities to further our knowledge and believe that we will provide you with the best service anywhere. We are a Lender with a wide variety of LOAN PRODUCTS from both the conforming and non-conforming markets. With Oregon Mortgage Professionals, you have the option to work with us completely online during the loan process or one-on-one with a Mortgage Loan Professional or a combination of both! We look forward in serving you and making your experience a fast & easy one! At Oregon Mortgage Professionals we offer a wide variety of loan programs to fit your needs: 100% Financing - No Money Down, 100% 80/20 Financing - No Money Down, 103% Financing - No Money Down, Interest Only, Investor Loans, Jumbo Loans, 80/15/5, Construction to Permanent Loans, ALT-A Programs, Sub Prime Programs, High Debt Ratio Loans, 2nd Mortgage Loans, 100% - 125% 2nd Mortgage and FHA Mortgages. Oregon Mortgage Professionals
19770 Clarion Ave
Bend, OR 97702
Call: 541-385-1802 Oregon Mortgage Professionals is a real estate broker licensed by the OR Dept of Real Estate License
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