American Pacific Mortgage

Although the Non-Conforming mortgage products, those loan amounts exceeding $417,000, have been one of the mortgage industry segments most effected by recent industry changes, there are still some great, reasonably priced programs available for those borrowers who are qualified. There are "Agency High-Balance" as well as portfolio bank products available to qualified borrowers in need of financing for loan amounts greater than $417,000. Contact as by e-mail or phone at the information at the bottom of this page for up-to-date guidelines and pricing.

Designed to help the First Time Home Buyer overcome a common hurdle to homeownership, the 100% financing programs are primarily one loan with private mortgage insurance to insure the lender against added risk associated with a buyer who puts down no, or a low, down payment. Up to the maximum conforming loan limit of $417,000 for a single-family home in Oregon or California, these loans are readily available for the qualified buyer.

OHCS is Oregon’s “State Housing Finance Agency.” The Department periodically issues mortgage revenue bonds to fund lower than market interest rate mortgage loans for below-median income homebuyers in Oregon.  OHCS helps low and moderate income households in Oregon buy their first home by providing below-market rate financing and cash assistance through our Residential Loan Program, also known as the “Oregon Bond Loan”. The program’s below-market rate helps eligible families increase their home purchasing power and lower their monthly house payments to be affordable.

The Program offers eligible borrowers a choice between cash to close or our best rate. With the CashAdvantage* Home Loan option, borrowers will get a low, fixed-interest rate on their home loan along with cash assistance equal to 3% of their loan amount.  The cash assistance will help reduce the total cash they need to close the loan.  With the RateAdvantage Home Loan option eligible borrowers will get the lowest fixed rate possible to maximize their home purchasing power. Regardless of which pricing option they choose, the eligibility and program requirements are the same.

*The Oregon Bond CashAdvantage program is currently unavailable.

The State of Oregon’s Department of Veterans’ Affairs (ODVA) offers a below market rate program to eligible Veterans. This State home loan program varies greatly from the Federal VA loan guidelines. Four highlights of these differences are there is no funding fee paid on ORVET home loans, loans in excess of 80% of the purchase price will require mortgage insurance, only the veteran and their spouse may sign on the loan and vested on title, and Sellers/ Lenders are not required to pay certain closing costs. Basic Criteria for the ORVET State Home Loan program generally follow Fannie Mae guidelines and are:

• Purchase Transactions
• Owner Occupied, Single Family Home, Primary Residence
• Must be within 30 years of release from active duty with an honorable discharge AND must meet one of these service criteria: 210 consecutive days of active duty (not including training), OR Less than 210 consecutive days of active duty, but discharged or released from active duty due to a service connected injury or illness, OR Service in a theater of operations for a campaign or expeditionary ribbon or medal has been authorized by the U.S.

Although true Energy Efficient Mortgages are few and far between, with only a handful of borrowers able to fit this very narrow niche, we at Quality Home Loans, Inc. wish to support our clients who wish to build their home, or are purchasing a newly constructed home, to Earth Advantage or L.E.E.D. standards. We will reduce your closing costs, or you may choose to apply your discount to buy your interest rate down 1/8% or more, saving you thousands of dollars to help you offset some of the expense associated with making the improvements meeting those guidelines, so you may join the ranks of responsible homeowners wishing to be part of today's move toward sustainability and eco-friendliness.

There are a variety of down payment assistance programs that may be available to you. The State of Oregon has a Purchase Assistance Loan program available for low-to-moderate income first time home buyers, as does the City of Medford. The Oregon Bond Program offers the CashAdvantage program for those buyers short on cash. Some programs may be "layered". Several companies offer Seller supported down payment assistance that may still be used with certain loan programs, but lenders have been disallowing these programs as acceptable sources of down payment. Contact us to find out what programs may be available in your area, and to see if you meet the guidelines.

Due to present market conditions, most of these down payment assistance programs have either been discontinued temporarily, or eliminated entirely.

A Part Time Farm/Ranch Loan may bridge the gap between traditional financing of property with small acreage and large agricultural loans.  This loan is perfect for the lifestyle of the “gentleman farmer” or anyone who cannot obtain a traditional mortgage due to “too much acreage”, non contiguous parcels, or mixed use. Refinancing this type of property is also available, and rates are in range with other non-conforming loan programs.

Key Criteria is:

• Single-family, owner-occupied, detached primary residence or second home located on the property
• Loan-to-value up to 90% with a maximum loan amount of $3.0 million
• Private mortgage insurance required with a loan-to-value greater than 80%
• Contributory value of the dwelling should represent a minimum of 30% of the appraised value
• No acreage limitation
• Income from the property may be used to qualify
• Non-contiguous properties are eligible
• Property must have agricultural potential and borrower must have intent to do something ag in nature

Although there may be a program that uses the property to meet the majority of the qualifying guidelines, most programs require borrowers fully qualify with their income and asset documentation, and require good credit.

You qualify once and do not need to re-qualify when your loan converts to the permanent phase. The One-Time-Close may be right for you if you're building a custom home or renovating a home and want a streamlined, easy process. Features include:

• Streamlined qualifying process
• Simple, single closing with closing costs paid once
• Construction period up to 18 months (shorter build or rate lock periods also available)
• Permanent rate decided at closing, with float-down option possible
• Choice of fixed or adjustable rate
• Minimum investment as little as 5%
• Interest-only payments during construction that may be financed