Eugene, Oregon is a thriving college town with a laid-back attitude and easy access to outdoor recreation. It's also a great place to buy a home, with a long history of stable home prices and relative affordability compared to other Pacific Northwest cities. In this guide, we'll explore two of the most popular mortgage loan options available in Eugene—FHA and conventional. '
A recent mortgage industry report showed that FHA loans are the second most popular mortgage financing option among home buyers in the state of Washington and across the U.S. The authors also reported an increase in FHA loan usage among home buyers purchasing new construction, amid an ongoing shortage of existing homes.'
Do you plan to buy a home in Washington in 2023, using an FHA loan? If so, there's some good news you should know about. Federal housing officials recently announced that they will be reducing the annual mortgage insurance premium for FHA home loans. This change could save Washington borrowers hundreds of dollars per year, by reducing one of the recurring expenses associated with FHA loans.'
FHA mortgages are indispensable to many home buyers with credit issues and small down payments. However, time can change things making a conventional mortgage more attractive.'
Summary: FHA loans are a popular mortgage option among home buyers in Washington State, and elsewhere across the country. They don’t compete with conventional loans, in terms of overall market share. But they do come in second. In this article,…'
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