Purchase

Choosing a Home Purchase Loan in Oregon or Washington

Buying a home starts with more than finding an interest rate. The type of mortgage you choose can affect your down payment, mortgage insurance, closing costs and long-term payment. The starting point depends on your financial circumstances, the property and what you want the loan to accomplish.

• Conventional loans: Worth comparing if you qualify under conventional guidelines. Down-payment and mortgage-insurance requirements depend on the loan structure and your circumstances.
• FHA loans: Government-insured financing with low-down-payment options for eligible buyers. Compare the required FHA mortgage insurance along with your estimated payment and cash to close. See HUD’s FHA overview.
• VA loans: Eligible veterans, service members and certain surviving spouses may qualify for VA-backed purchase financing, potentially with no down payment. Other closing expenses and the funding fee, when applicable, still matter. See the VA’s purchase-loan guide.
• Jumbo loans: Consider these when the amount you need to borrow exceeds the applicable conforming loan limit. Income, assets, down payment and reserve requirements vary by lender.
• Down payment assistance: Eligible Oregon buyers may want to review Oregon homebuyer programs as well as other purchase options. Platinum Lending Solutions does not currently offer Washington-specific down-payment-assistance or special first-time-homebuyer programs.

Before shopping, review your mortgage pre-approval options and plan for your total cash to close, not just the down payment. Our team can help you compare the financing available for your circumstances without assuming one program works for everyone.