100% First time home buyer program~no mortgage insurance

If you are a low income home buyer in Oregon, 100% financing is available, and could be the ticket to buying your first home.

What is a Key Community Mortgage?

  • 100% Financing Allowed
  • No Mortgage Insurance
  • 30 Year Fixed, no prepayment penalties

What Does It take to Qualify?

  • Property located in Low or Moderate Census tract OR
  • Borrower’s Household Income below County limit (example: $55,000 – $58,000 – depending on county)
  • 42% Maximum Debt to Income Ratio
  • Must be able to document a satisfactory 12 month rental history
  • Cannot own another home at time of closing
  • 620 Minimum credit score
  • No outstanding medical collections over $1000
  • No outstanding consumer collections over $250
  • Bankruptcies must be discharged for 48 months with reestablished credit
  • $500 Minimum investment from Buyer(principal, interest, taxes and insurance) payment is in savings at time of closing
  • Gift funds ARE allowable
  • Borrower must complete Home buyer Counseling Prior to Closing
  • Borrower’s with student loans in deferral and no payment listed on credit report will have an assumed monthly payment of 3% of the total balance
  • Rehab component is available up to a maximum of $50,000 and cannot exceed 150% of the appraised value of the property.

If buyers annual income is at median county income or less, buyer can purchase a home in any location. If income is higher than median county income, the property must be in a low census tract area.

To determine census tract for property, go to http://www.ffiec.gov/Geocode.

  • Type in property address
  • Click search
  • Click Get Census Demographic on the next page
  • Look at the box that says Tract Income level

Call or email me for more information. Your income and location of property are critical to determine if you AND the property qualify for this type of financing.

Do you qualify? Is now the time to buy your first home?

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