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Portland Removed from the "Declining Market Status"
Posted on April 29, 2010
Exciting news about Portland Metro Area Real Estate conditions! Many Private Mortgage Insurance Companies have recently removed the Portland Metro Area market from "declining market status" which required a minimum of 10% down payment for Conventional Financing loans. The mortgage Insurance companies have determined that the Portland area is stabilizing and have lowered the down payment requirements, so now you can use Conventional financing to purchase your next home with a minimum of 5% down payment! (Max loan amount is $417,000)
The minimum down payment with FHA purchase loans is still 3.5% and FHA loans are an excellent product for many reasons, so the question becomes whether Conventional Financing or FHA Financing is better for your situation and goals?
Want to know which is better for you or have mortgage questions...Contact David Bunker, Senior Mortgage Banker at Directors Mortgage in Lake Oswego. He can be reached at 503.636.6000, his cell at 971.563.3239 or dbunker@directorsmortgage.net
Want to know which is better for you or have mortgage questions...Contact David Bunker, Senior Mortgage Banker at Directors Mortgage in Lake Oswego. He can be reached at 503.636.6000, his cell at 971.563.3239 or dbunker@directorsmortgage.net
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