the best Real Estate Loan products in the Willamette Valley
Two convenient offices:
| Welcome to: | |
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| Over 40 years experience offering great individualized service and the best Real Estate Loan products in the Willamette Valley Two convenient offices: |
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12570 W. 89th Place, ALBANY, Oregon 91121 e-mail us or Phone: (503) 999-0000 |
32845 N Polk St. CORVALLIS, Oregon 90730 e-mail us or Phone: (503) 999-0000 |
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| We also offer the following: | ||
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| Loan Form to "Print & Send" |
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Secure on-line Full Loan Form |
| We offer all these excellent Loan types | to top of page |
| Name of Loan (click for details): | Brief description | ||||
| Purchase and Refinance Loans: | Conventional Loans for Initial Purchase or Refinance | ||||
| First Time Home Buyer: | Oregon State Bond Loan for 1st Timers | ||||
| Combo Loans: | Combined 1st+2nd Loan-low down, low payments | ||||
| Flex 97 Loans: | Only 3% down, flexible terms and few limitations | ||||
| NonConforming & 100% Financing: | No down, tolerant of blemished credit, easy qualification | ||||
| VA Loans (Federal and State): | Excellent terms for Veterans (see details for differences) | ||||
| ARM Alternative: | Adjustable Rate, easy qualification, rate changes limited | ||||
| Construction Loans: | For Purchase, Construction, and Manufactured Homes | ||||
| Rural Housing Program Loans: | Guaranteed Rural Program with no down |
| BENEFITS AND REQUIREMENTS | return to List | ||||
| Down Payment | Mortgage Insurance | Rates & Limits | Closing Costs | Credit Rating Debt Ratio |
Who & What |
| Purchase and Refinance | return to List | ||||
| Down Payment | Mortgage Insurance | Rates & Limits | Closing Costs | Credit Rating Debt Ratio |
Who & What |
| If non-owner occupied 10% down | Typical mortgage insurance | Fixed and Adj. rates, Jumbo products | Typical closing costs | Typical good credit needed | 1-4 units, condos, mfg'd homes, second homes |
| First Time Home Buyers | return to List | ||||
| Down Payment | Mortgage Insurance | Rates & Limits | Closing Costs | Credit Rating Debt Ratio |
Who & What |
| Min. 3% down must be Borrowers' own funds | Typical mortgage insurance | Reduced rate & Income limits vary by County | Typical closing costs | Typical good credit needed | First Time Buyers with exceptions possible |
| Combined 1st and 2nd Mortgages | return to List | ||||
| Down Payment | Mortgage Insurance | Rates & Limits | Closing Costs | Credit Rating Debt Ratio |
Who & What |
| Low 5% down | No private mortgage insurance required | No Jumbo Rate Pricing due to high loan amount limits | Only one set of closing costs (saves you money) | Typical good credit needed | Payments less than a regular 5% down due to lack of mort. insur. premiums |
| Flexible 97% Loans | return to List | ||||
| Down Payment | Mortgage Insurance | Rates & Limits | Closing Costs | Credit Rating Debt Ratio |
Who & What |
| Down Payment just 3% of Sales Price, and can be all gift funds or grant money | Lower mortgage insurance than most | No sales price or income limits | Closing costs can be paid by seller or be gift funds | Typical good credit needed | Anyone can apply |
| NonConforming & 100% Financing | return to List | ||||
| Down Payment | Mortgage Insurance | Rates & Limits | Closing Costs | Credit Rating Debt Ratio |
Who & What |
| Varies based on credit, 100% Financing avail. | No private mortgage insurance required | No Income, No Asset, Stated Income loans avail. | Seller may contribute 6% of sales price to closing costs | Debt ratios up to 55%, blemished credit allowed | Easy for most anyone to qualify for |
| VA Loans Federal and State low rates | return to List | ||||
| Down Payment | Mortgage Insurance | Rates & Limits | Closing Costs | Credit Rating Debt Ratio |
Who & What |
| FEDERAL No down, 100% financing | FEDERAL No private mortgage insur. 2% VA funding fee may be added to loan | FEDERAL Loan limit $203,000. Buydown rate helps qualify for more than typ. 30yr fixed | FEDERAL Seller can pay closing including Prepaids (no money out of pocket possible) | Good credit, blemished credit may work | Must qualify for VA loan |
| OR STATE Min. 5% down | OR STATE No private mortgage insurance | OR STATE loan limit $252,700 | OR STATE typical closing costs | Typical good credit needed | Contact State for eligibility |
| Adjustable Rate Mortgage Alternative | return to List | ||||
| Down Payment | Mortgage Insurance | Rates & Limits | Closing Costs | Credit Rating Debt Ratio |
Who & What |
| Minimum 5% Down | Typical mortgage insurance | No income or sales price Limits. No Surprises: rate increases 1% 1st & 2nd yrs, remains fixed remaining 28yrs | Typical closing costs | Typical good credit needed, qualify at low initial rate | Easy to qualify based on lower initial interest rate |
| Construction Loans | return to List | ||||
| Down Payment | Mortgage Insurance | Rates & Limits | Closing Costs | Credit Rating Debt Ratio |
Who & What |
| Rehab. as low as 3% down. 5% down for Mfg'd Home. 10% Down if Stick-built | May waive mortgage insurance with slightly higher int. rate | Payment during construction automatically rolls into permanent loan pymts | All-in-One Loan, One set of closing costs | Typical good credit needed | Anyone can apply |
| Guaranteed Rural Housing Programs | return to List | ||||
| Down Payment | Mortgage Insurance | Rates & Limits | Closing Costs | Credit Rating Debt Ratio |
Who & What |
| No Down, 100% Financing | No mortgage insurance & 1% Guarantee fee may be part of loan | Income and sales price restrictions vary by county | Closing costs can be paid by seller or included in loan | Some credit blemishes are OK | If First Time Buyer, combine w/State Program to lower Int. Rate. Rural location 1 acre max. required, many outlying areas like Lebanon comply |
Mid-Valley Mortage is an Equal Housing Lender
