Buying a home may not be as far-fetched as you think. FHA loans, insured by the Federal Housing Administration (FHA), make home ownership possible for people who might not otherwise qualify for conventional mortgage programs. Advantis partners with AFR (American Financial Resources) to originate and fund FHA loans. Our Mortgage team will help you apply and work directly with AFR to ensure your transactional needs are met. If your credit is less than perfect or you have little-to-no credit history, our FHA loan can help.
Unlike conventional loans, which are geared toward individuals with excellent or good credit and a down payment of 5-10% or more, an FHA loan only requires you to pay as little as 2.5% of the purchase price. If you have less than perfect credit and are looking for a loan option with a lower down payment, the FHA loan is a great option.
30-Year Fixed Rate
Our FHA Loan is available at a low fixed rate for 30 years. If you’re looking for an adjustable rate loan with a low down payment requirement, we’d suggest our First Time Homebuyer Program.
Who’s eligible for the FHA Loan?
Our FHA Loan is available for borrowers who have little-to-no credit history, or less than perfect credit, and are intending to occupy the property as a primary residence for at least one full year.
Mortgage insurance required.
Because lending and down payment requirements are more flexible for FHA loans, you will have to pay an upfront mortgage insurance premium (MIP) calculated at 85% of the loan amount, as well as annual premium of 1.75% of the loan amount for the life of the loan. This monthly MIP is included in the total monthly payment you make to your lender.
If you have a solid credit score and little debt, you can avoid paying a MIP by applying for a convention loan. In most cases, borrowers save money in the long run with a conventional loan because there is no upfront mortgage insurance fee and the monthly insurance payments are cheaper. If you’re unsure which loan option is best for you – FHA or conventional loan? – contact our local mortgage loan officers.
We'll be your helpful guide—from here to "Hello, new home."
Buying a home can feel overwhelming, so we do everything possible to lessen the stress and make it feel simple and easy. You'll have the constant guidance of a Portland-based mortgage expert to help you from application to keys in hand. Meet our mortgage team
Get helpful resources, tools, and tips.
We understand that it can feel a little scary to buy a home, but it doesn’t need to be. To help you feel confident about diving into home ownership, use the following resources:
Learn what to expect.
See the steps you’ll take to get from here to “hello new home.” Check out the Advantis Mortgage Guide to see our straightforward mortgage process and read our homebuyer’s guide for helpful tips on buying a new home. Learn a few key concepts.
We’ve shared some key concepts to know before you apply for a mortgage or shop for a new home.
Do the math.
Use our mortgage calculators to get a general idea of what your loan payments may be, or for a more comprehensive breakdown, get an instant online quote that will estimate your rate, payments, and fees on a variety of mortgage options.
Get pre-approved today by completing our simple online application. An Advantis mortgage officer will reach out to you shortly after reviewing your application.
