Portland Housing Center Market Update
At Portland Housing Center we strive to give our clients the tools they need to become homeowners. Each month we're bringing you important tips to navigate the home loan process from our Loan Officer, Jessenia Juarez (NMLS # 993168) and updates on the housing market from Partner Realtors, Troy Wilkerson and Alyssa Isenstein Krueger.

Have questions you want to see addressed in future newsletters? Connect with us on Facebook or Twitter to get your lending questions in!
What Types of Loan Programs Can Help Me Purchase?

Great question! There's several types of loans available, all with different pros and cons. Here's a breakdown of some of the most commonly used programs.

FHA Loans - FHA Loans are guaranteed by the Federal Housing Administration. They require only 3.5% down, which makes them a great option for homebuyers without much savings. They are also more flexible on their credit requirements. The downside is that these benefits come with both upfront and ongoing mortgage insurance (which protects the lender, not you) for the life of the loan.

Conventional Loans - Conventional loans typically have more stringent credit requirements than the FHA loan and can also have down payments as low as 3% for the HomePossible and HomeReady products (FreddieMac and Fannie Mae) to 20% or more. Any loan below 20% will include Mortgage Insurance that can be cancelled once a certain loan to value ratio is reached or a certain amount of time has passed. Special programs like HomeReady and HomePossible can have geographic and income restrictions.

Oregon Bond - The Oregon Bond loan is funded through mortgage revenue bonds. This allows Oregon Housing and Community Services to offer below market interest rates to income qualified households. These loans tend to have favorable interest rates and include an option for Cash Assistance.

All these products can pair well with other down payment assistance like the IDA or MAP loan. Talk with your lender about what program might be right for you and your unique situation!
Portland Housing Center encourages our clients to shop around for the mortgage products and lenders that meet their needs. To see the full list of Portland Housing Center Partner Lenders, visit our website . The Portland Housing Center does not direct or restrict buyers to a particular lender, partner, or loan product.
Market Update - Troy Wilkerson
We checked in with Troy Wilkerson to see what the advantages were of shopping this time of year.

"Traditionally, shopping in the fall through the holidays can be more advantageous for buyers. Sellers can become more motivated to attract buyers due to a drop in market activity which happens after the surges of spring summer. This drop can be attributed to many buyers taking a break for the holidays, the new school year or other reasons translating into less competition among buyers and more leverage."
Market Update - Alyssa Isenstein Krueger
We asked Alyssa what it takes to be competitive in multiple offer situations.

"The good news for buyers is that the market has cooled considerably, there are more houses on the market and fewer multiple offer situations. Even with the market moving closer to a balanced market, running into multiple offers (particularly on homes that are priced under $400,000) is still happening. Instead of there being 7 plus offers on each home, we’re seeing one or two, maybe three offers at most. The homes that do get multiple offers generally have a desirable location, are in good condition and have a workable layout. The other good news for buyers is that even on houses where the buyers know there are multiple offers, the offer price and final sales price are not that far apart, and often the sales price won’t go over the list price. 

Tips for a winning offer:
  • Find an agent to work with who is an ace communicator
  • Offer slightly more than the list price
  • Write a letter to the seller"
New Construction Homes Available Now

Interested in a new construction home and make under 80% MFI? Check out the Brunswick Commons development by the National Urban Housing and Economic Community Development Corporation. Their new construction homes start at $299,900. Check out the flyer for more details.
Homeowner Highlight

Ammel and her family were able to work with Portland Housing Center's lending team to purchase a home in the Rockwood/ Gresham area in August. The home's asking price was $305,000, and they offered $310,000. The 3 bedroom, 2 bath home has approximately 1,400 square feet. Congratulations Ammel and family!