Author Archives: Kelly Stafford

PDX Renter’s Rebellion has begun!

No cause eviction notices, rent hikes, and landlords making renter’s lives unbearable plus the overall stress of the unknown has pushed renters into action! The PDX renter is saying “NO MORE” and they are taking control of their housing.  In the past year we have seen many first-time home buyers find creative ways to purchase a home and beat landlords at their own game.

Many reading this will say, “I don’t think I can buy home” but we ask you to reconsider.  There are many programs and low/no-downpayment options that may allow the dream of a secure home to come true.  Lets get inspired to begin the exciting journey to home ownership!

First-Time Home Buyer Programs:
Both Oregon and Washington have various programs and grants available to First Time Home Buyers. As a general rule a First-Time Home Buyer is anyone who has not owned a home in the past 3 years. Keep in mind to be considered a homeowner your name needs to be on the title to the property and in oftentimes on the mortgage as well.

Buy a Home | Homeownership Programs, Counselor and Resources

Washington State Housing Finance Commission

Government Loans:
USDA Loans: For eligible suburban and rural home buyers, it’s a 100%, no-money down mortgage loan backed by the U.S. Department of Agriculture (USDA). The Rural Development loan’s full name is the USDA Rural Development Guaranteed Housing Loan. However, the program is more commonly known as a USDA loan.

Veterans (VA) Loans: The VA Loan is a home-mortgage option available to United States Veterans, Service Members and not remarried spouses. 100%, no-money down VA Loans are issued by qualified lenders and guaranteed by the U.S. Department of Veterans Affairs (VA).

FHA (Federal Housing Administration) Loans: An FHA loan is a mortgage insured by the Federal Housing Administration. This is a low down payment option for most people, at 3.5% down.  Borrowers with FHA loans pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan. You can shop for an FHA loan from various sources including your local bank, credit union, mortgage lender or mortgage broker.

Lenders Role:
Both banks and credit unions are a great place to start to shop for a mortgage. Many buyers also contact mortgage brokers and mortgage lenders.  If you aren’t sure who to contact first, ask friends and family who they used for their mortgage.

We have found the buyers who have their finances lined out before they begin to look for a home are the most successful. A good lender will prepare the buyer for what needs to be accomplished prior to applying for the loan, they will educate the buyer as to what the process will look like once the buyer has obtained a pre-qualification letter and once the buyer has an accepted offer on a home.

Creative ways to qualify for a mortgage:
The past several years the Portland market become a very “HOT SELLERS MARKET.”   This has resulted in buyers having to get creative to compete.  Some buyers pool their money and their credit scores together for a joint venture for a single family home and/or a duplex or triplex. Other buyers have a parent or family member added to the mortgage, and some buyers have purchased a home with two or more friends. The options can be endless when buyers pool their resources for the same purpose.

Success in the market place:
The most successful buyer has already researched and lined up their lender and have a pre-qualification letter in-hand for a mortgage.  They have found a Realtor to help get them into homes quickly and represent their best interests exclusively.  It is important to identify the price point that is appropriate for the area that they want to live in and most importantly they are prepared to take the journey and do the work to find the perfect home.

For those of you thinking about joining the Renter’s Rebellion in 2017, we wish you great success!

We hope you find this information helpful and we look forward to an opportunity to earn your business if you find yourself in need of a great Realtor to protect your interests and help you navigate the process.