Best Mortgage Lenders in Portland, OR

The median price of homes in Portland is roughly $450,000, and sale prices mostly range around $120,000 on the low end to more than $1 million on the high end. Portland home prices are some of the most expensive in Oregon and among the highest in the U.S.

Mortgage rates in Portland, OR

Mortgage rates fluctuate, so it’s best to check the Consumer Finance Protection Bureau for up-to-date numbers. Once you have an interest rate, you can figure out how much house you can afford using our mortgage calculator.

Because Portland home prices are usually higher than the rest of the U.S., residents frequently utilize nonconforming loans like jumbo mortgages. However, Portland is also full of young, educated people looking to build their careers and buy a starter home. Lower-limit conforming loans serve this community better, especially first-time homebuyers. The type of loan you need is often affected by where you live.

• Garden Home: This neighborhood is a good place for those seeking walkability and low crime rates. The median home price in this neighborhood is $449,545, which is low enough that residents may find government-backed loans helpful thanks to their flexibility, low down payments and relaxed credit requirements.
• Hawthorne: This neighborhood has several walkable areas and bike paths. The median home price here is $542,988, which is above the federal conforming loan limit. Residents here must use conventional mortgages instead of government-backed loans to buy or refinance their homes.
• Portland Heights: This upscale neighborhood has many high-end homes with a median price of $1,053,952, which is well above the federal conforming loan limit. People looking to buy or refinance here usually get jumbo loans because of their higher maximum amounts.

Portland federal mortgage requirements

The federal government has a few requirements for a Federal Housing Administration (FHA) loan from an approved lender:

• A mortgage insurance premium (MIP) policy
• The intention to use the home purchased as the purchaser’s primary residence
• A debt-to-income ratio of below 43%
• A FICO score from 500 to 579 with at least 10% for a down payment or a FICO score higher than 580 with at least 3.5% for a down payment
• Proof of steady income

Consumers should evaluate mortgage lenders in Portland based on their:

• Available services
• Mortgage rates
• Location (local, national or online)
• Customer service
• Customer reviews

Many lenders participate in certification programs or mortgage associations, such as the National Association of Mortgage Brokers (NAMB). NAMB establishes a code of ethics for mortgage brokers in the United States, and membership demonstrates a level of professionalism, credibility and knowledge.

Reading online reviews and getting recommendations from friends and family helps give you a realistic look at the company. Once you’ve identified several viable lenders, apply for preapproval and see what interest rates you get. Based on all of the information you’ve gathered, you can then make an informed decision and proceed with the mortgage application process.