Agent Info
Marisa Swenson
Earth Advantage Broker
971-285-7955
Agency Info
MRealty Inc
2211 NW Front Ave Ste. 101
Portland, OR 97209
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First Time Homebuyers
Everyone says there are great deals out there for first time home buyers but what the first time home buyers want to know is what are they are where? I went to PDC this morning to see what they have to offer buyers in this market since they have in the past had great loans for first time home buyers. All of their programs have maximum income limits and most of them are available to urban renewal areas only. The best deal they have is the “silent second” loan where they finance 20% of the loan and as long as the house is owner occupied then they do not have to pay on that portion of the loan. That means if you bought a house for $200k, then you only pay on the first loan of $160k. If the buyer qualifies, then they also have a home rehab loan that they wrap into this loan that is between $6k -$10k that the homeowner has 2 years to use towards repairing and making improvements to the structure. The main urban renewal area that they are granting this loan in as of right now is Lents Town Center. There are a lot more details to this loan, it just depends on what the candidate qualifies for. I have personally worked with this loan and my buyers walked away with a small monthly mortgage payment, a great house that had been updated and cash to make improvement such as landscaping, new bathroom floors etc. It is a great program to help first time home buyers and improve renewal neighborhoods. Give me a call if you have questions or if you would like to see if you qualify for any of these programs 971-285-7955.
M Realty
photo by Marisa Swenson
Taken at the M Realty office on a very cold day…brrrr!
