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Take an overview of different loan options available below

Conventional

A conventional loan is the most common type of mortgage. It is a “conforming” loan meaning that it falls into the conforming loan limits and guidelines that are set by Fannie Mae and Freddie Mac, the major investors backing conforming loans. The limits are adjusted yearly based on the market and can vary based on location as some areas have an extended limit due to the local cost of living. Conventional loans are available for owner-occupied, 2nd home, and investment transactions.

Jumbo

A jumbo loan is considered a non-conforming loan as the balance of the loan exceeds the conforming loan limits recognized by Fannie Mae and Freddie Mac that are set by FHFA (Federal Housing Finance Agency).

FHA

FHA loans are government-backed loans insured by the Federal Housing Administration. These are low-down payment option loans available for primary residences and are available to all borrowers (not limited to first-time homebuyers).

VA

The VA home loan is a zero-down payment loan with no monthly mortgage insurance. The program is insured by the Department of Veterans Affairs.

ODVA

The ODVA Home loan is a conventional mortgage offered by the Oregon Department of Veterans Affairs exclusively to Oregon veterans. The ODVA funds the program through the issuance of tax-free, state obligation bonds called Qualified veterans Mortgage Bonds (or QVMB) which allows the department to offer subsidized rates that are often lower than federal VA rates.

USDA

The US Department of Agriculture (USDA) offers a zero-down payment loan option in some rural areas. The program gives lenders the ability to provide an affordable housing option to low to moderate-income households helping improve the quality of life for communities in these areas.

Portfolio

A Portfolio Mortgage Loan is a mortgage loan that isn’t sold to a third party. Instead, it is held in the lender’s own portfolio and serviced by that lender. Because the lender uses their own private money and will be servicing the loan for the life of the loan, they can have more flexibility with the underwriting.

Non-QM

To understand a Non-QM loan, you need to understand what a QM loan is! QM stands for Qualified Mortgage which is a term for a mortgage created in 2014 for mortgages that fall into pre-determined requirements outlined for consumer protection in the Dodd-Frank Act. Non-QM loans are simply loans that do not fall into that set of requirements.