How to find the right broker for a specialized loan product?

Discussion
1

I’m looking for guidance on finding a broker with access to a loan product that fits my situation:

  • I’m in Oregon.
  • My credit score is around 640.
  • I qualify as a first-time homebuyer (haven’t owned in 10+ years).
  • The house I’m interested in is listed at $600K, but the FHA loan limit in my county is $497,257.
  • I need a loan product with down payment assistance, preferably with a conventional loan, as I don’t have the funds for a large down payment.

How can I find a broker licensed in Oregon who has access to the type of product I need? Any advice is greatly appreciated!

2

The new FHA loan limit for 2025 is $524,255, which goes into effect January 1. You’d need $75K to bridge the gap. Do you have a 401(k) you can borrow against?

3

Start by googling brokers near you. A good broker will have access to multiple products.

4

Search for down payment assistance programs (DPAs) in your county. They often list lenders they work with. There’s also a grant product that covers FHA minimums but you’d still need to cover the $55K difference and other fees.

5

Check out Charlie at Timberline Mortgage in Portland. He offers DPA second/conventional first products, which might fit your needs.

6

Click n Close has a few nationwide DPA loans. Ask them for a referral for an Oregon broker. That said, get pre-approved first to ensure this house is within your budget.

7

I work with several products, including Oregon’s DPA. The new FHA limits are rolling out soon, which might help. Let’s chat to see how I can assist!

8

Your credit score might be an issue with automated approvals for Fannie Mae/Freddie Mac loans. Consider looking for brokers who offer manual underwriting. I can provide more guidance if needed.