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Conventional Loan Down Payments, FHA Credit Scores, and Mortgage Insurance

At Portland Home Loan, we believe that the decision making process leading up to your ultimate financing decision is a bigger deal than most people realize. Once you decide how to finance your real estate, this home loan and the subsequent monthly mortgage payment will have far reaching implications on your cash position, budget, and ability to save in the future. (Not to mention the immediate lifestyle and future lifestyle ramifications.)

Sierra Pacific, as a direct to agency lender, takes pride in an inherent pricing advantage. The Portland Home Loan agency direct platform combined with our strategic planning advice is a winning combination for mortgage loan shoppers.  

Having an experienced mortgage lender in your corner to help you find ways to fully seize the entire home loan process is a clear advantage.

 

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The Credit Score Needed for Mortgages Varies: Mortgage Down Payments and Loan Limits

First and foremost, we’d like to suggest taking a few steps back and examining the the complete mortgage picture. The way we save families money is by helping them better understand the home loan and mortgage industry as a whole. At Portland Home Loan, we want to help demystify the entire mortgage process so that you can better understand the financial sector and make an informed, proactive, and thoughtful home loan decision.

Yes, the mortgage rate is important, but so too are the fees, tax considerations, liquidity implications, and the added cost of mortgage insurance. These components can add (or deduct) tens, or even hundreds of thousands of dollars to the overall cost of the mortgage plan over time. Unfortunately, most mortgage lenders won't help you strategize from this vantage point.

As a case study, let’s look at mortgage rates and juxtapose two types of mortgage loans side by side. For example, let’s consider the 15- and 30-year mortgages options. Generally speaking, 15 year mortgage rates and 30 year fixed mortgage rates are two very common home loan options and these rates of course vary.

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Mortgage Interest Tax Deduction: The New Tax Code And Your Home Loan

Many clients are eager to learn more about the the Tax Cuts and Jobs Act (also known as TCJA) and how this latest tax code shift will affect home mortgages. The TCJA legislation certainly changes long-standing staples in home loan mortgage interest deductions but all is not lost for homeowners moving forward.

Starting in 2018, new home loans will have to match new tax deduction criteria however older home loan mortgage interest deduction may be grandfathered in. Is the interest on your mortgage tax deductible? Let’s take a look…

Leading up to the final drafting of the TCJA, there were rumblings that the mortgage interest tax deduction could be getting the ax. Fortunately, this wasn’t the case, although there are new limits and guidelines. Under the old tax code, homeowners could deduct interest on home loans up to $1,000,000.

Don’t Sell Yourself Short: How Much Is Mortgage Insurance? Well, That Depends...

Many borrowers attempt predict and correlate mortgage rates by credit score, however, the process is strikingly more complicated. You don’t need a stellar credit score to lock in a great deal. Clients often have many of the same questions going into the mortgage process and we are happy to answer them. What’s the minimum credit score for FHA loan approval? What are typical conventional loan down payment requirements?

It’s not as cut and dry as many borrowers like to think. There is financial wiggle room to work with and a below average credits score isn’t a death sentence by any means. As a home loan barometer, know this, it’s possible to lock in a great FHA loan with credit scores as low as 580.

Let’s say you currently have no credit history whatsoever. No problem! There are ways to qualify with “alternative credit” in the event that you have absolutely no credit history at all. And none of these options mean you’ll have to wheelbarrow in an exorbitant mortgage down payment.

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Sierra Pacific Mortgage Company, Inc. - NMLS 1788
ML: 1098221 Licensed in Oregon ML-460
& Licensed in Washington CL#1788
Not Licensed in New York

Sierra Pacific Mortgage May not be the lender for all products offered on this website. Some loans may be made by a lender with whom Sierra Pacific Mortgage has a business relationship.