We offer conventional, FHA, USDA, and VA loans. Qualifying for these loans have vastly different requirements from each other. Please contact us at (503) 524-3331 to see which loan may be the best fit for you!
The Federal National Mortgage Association (Fannie Mae) offers the HomePath Ready Buyer program for first-time buyers. This program provides up to 3% assistance toward closing costs when purchasing a foreclosed property owned by Fannie Mae. To qualify, applicants must complete a mandatory home-buying education course before making an offer.
Individual Retirement Account (IRA) Withdrawals Eligible first-time homebuyers can withdraw up to $10,000 from an IRA without incurring the typical 10% penalty for early withdrawals. This limit applies per individual, so a couple can withdraw up to $10,000 each from their respective IRAs, totaling $20,000. However, this exemption only covers the penalty, not the income taxes owed on traditional IRA withdrawals. If the funds come from a Roth IRA, eligible buyers can withdraw money both tax- and penalty-free, provided the account has been open for at least five years. Roth IRA contributions (but not earnings) can be withdrawn at any time without penalties or taxes.
State Down Payment Assistance Programs Many states offer down payment assistance programs specifically for first-time buyers, often targeting lower-income individuals and public servants. Eligibility criteria vary by state, but the U.S. Department of Housing and Urban Development (HUD) maintains a list of available programs on its website.