Finding the right home isn't always the first step. Unless you're buying with cash, you should talk to a Mortgage Loan Originator.
Shopping for a mortgage should be your priority! Understanding your financing options can help you make informed decisions and set a budget that works for you. Start your journey with the right mortgage in hand, and the perfect home will follow.
As a housing advocate, I teach financial wellness and home buyer education classes. Where we discuss the home buying process, as it has really changed since 2008. I talk to hundreds of people each week wondering the same thing...
Can I even Get Approved?
Welcome to The Oregon Pre-Approval Navigator
Presented by Lea Nunamaker, Real Broker | Inside Sales Manager | The Operative Group
Here are a few basic things to consider to determine if you should talk to a Mortgage Loan Originator. Before you secure a mortgage anywhere in Oregon, your financing file must be structured to satisfy strict underwriting guidelines. Review these 6 key readiness indicators to see if your file is green-lighted for an official pre-approval submission:
The 2 to 5-Year Horizon: You are ready to plant roots in your preferred location long enough to build stable equity.
Income Continuity: You have 2 consecutive years of stable W2/1099 work history, OR you have official award documentation verifying continuous Retirement, Social Security, or Disability fixed income.
Credit Score Pulse: Your credit score is verified at or above the standard 620 baseline. (Can be lower in some cases.)
Debt-to-Income (DTI) Balance: Your total minimum monthly debt obligations (car, cards, student loans) are manageable and low compared to your gross monthly income. (A good Lender won't ask you to pay too much.)
Some Savings Stack: You have a dedicated liquid savings nest egg established for your initial down payment and processing reserves. (5 to 10% will usually work, 20% will avoid some expenses- such as additional insurance.)
Loan Optimization & Selection: This is my favorite part! Once you are pre-approved, it's time to compare Lenders and Mortgage types. You should understand your borrowing options, including standard Conventional/FHA terms, zero-down VA/USDA paths, or utilizing an FHA 203(k) renovation loan for up to $75,000 in repair funding.
