Oregon Conventional Home Loans

Advantages of Conventional Home Loans

• Options for Every Homeowner Conventional loans are available at fixed or adjustable rates and at terms of 15, 20, or 30 years. Oregon homeowners can secure a conventional home loan with guidelines that suit your financial needs and lock in a competitive rate for lower monthly mortgage payments.
• Purchase an Expensive Home With Oregon's average home price consistently exceeding the national average, conventional home loans are a great option for Oregon homebuyers because they allow for a higher loan amount. For those buyers who do not have 20% of the purchase price to offer as a down payment, conventional home loans offer the option of paying PMI, private mortgage insurance, which can be discontinued once 20% of the home's equity has been paid.
• Quick Approval Because conventional home loans are not insured by the government, they have strict employment and income requirements. For approved Oregon homebuyers, however, the benefit is a straightforward and efficient approval process with less paperwork.
• Low Down Payment Though a typical down payment on a conventional home loan is 15 to 20% of the purchase price, homebuyers that meet particular requirements may only have to put down as little as 3%. In Oregon's competitive and expensive housing market, a lower down payment can help many residents achieve their goal of home ownership.