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4 Best Oregon Housing and Community Services Lenders of 2020

NerdWalletJanuary 2, 2020

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Oregon Housing and Community Services offers lower mortgage rates, plus down payment and closing cost assistance grants. Here are some of the agency's top participating lenders.

If you’re a first-time home buyer in Oregon, you may be eligible for help through OHCS to make your homeownership dream come true.

OHCS offers mortgages with below-market interest rates as well as grants to help with down payments and closing costs.

Your first step is to contact a participating lender to see if you qualify. We’ve highlighted our top-reviewed lenders in two categories and listed several other participating lenders we haven’t reviewed. All of the lenders do a lot of business in Oregon.

» MORE: Learn about OHCS first-time home buyer programs

Summary of Best Oregon Housing and Community Services Lenders of 2020

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Guild Mortgage: NMLS#3274

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Min. Credit Score

620

Min. Down Payment

3%

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Why we like it

Good for: first-time home buyers and others who may need the flexibility of a low-down-payment loan program.

Pros

  • Offers multiple online conveniences, including a full mortgage application, e-signatures and digital loan process tracking.

  • Offers a wide variety of loan products, including home improvement and manufactured home loans.

Cons

  • Does not offer home equity loan products.

  • Average interest rates and fees are higher than other lenders.

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at loanDepot

loanDepot: NMLS#174457

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Min. Credit Score

620

Min. Down Payment

5%

at loanDepot

Why we like it

Ideal for borrowers looking to get a mortgage with help from a loan officer. Digital back-office operations are said to add efficiency to the loan process.

Pros

  • Offers digital income, asset and employment verification.

  • Offers multiple renovation loan options.

  • Has over 200 affiliated loan stores nationwide for customers who prefer face-to-face service.

Cons

  • Mortgage rates aren't available online; you'll need to contact a loan officer.

  • Does not offer home equity loans or lines of credit.

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at Fairway

Fairway Independent Mortgage: NMLS#2289

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Min. Credit Score

620

Min. Down Payment

3%

at Fairway

Why we like it

Good for borrowers who want access to a wide variety of mortgages and the convenience of a comprehensive mobile application process.

Pros

  • Offers a robust suite of loan products, including a variety of renovation loans.

  • Has a digital application that can be completed in 10 minutes.

  • Works with some state housing finance agencies to offer mortgages with down payment and closing cost assistance.

Cons

  • Mortgage rates aren't posted online.

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US Bank: NMLS#402761

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Min. Credit Score

620

Min. Down Payment

3%

Read review

Why we like it

Good for: borrowers who prefer a traditional bank with a wide variety of loan products, including some specialty offerings, like 80-10-10 mortgages.

Pros

  • Offers a full line of conventional and government loan products.

  • Provides home equity loans and lines of credit.

  • Allows borrowers to apply and track their loan's progress online.

Cons

  • No personalized mortgage rates available online.

  • Published mortgage rates assume an above-average credit score.

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More OHCS participating mortgage lenders

These companies haven’t been reviewed by NerdWallet, but they are among the top-volume lenders in Oregon.

American Pacific Mortgage

  • Has branches in Hermiston, Hillsboro, Salem and Sandy.

  • Provides email contact information for loan officers.

  • Has a mobile app for scanning and uploading documents, and getting updates.

  • Does not publish rate quotes online.

Banner Bank

  • Has an online application for preapproval.

  • Has over 50 branches in Oregon.

  • Provides online rate quotes without requiring personal information.

  • Offers “Rate Watch” service, which emails current rates regularly.

Eagle Home Mortgage

  • Offers a wide variety of mortgages.

  • Has online application to get pre-qualified.

  • Does not provide mortgage rates online.

  • Serves Oregon but does not have branches in the state.

HomeStreet Bank

  • Offers a wide range of mortgages.

  • Has online application to start the mortgage process.

  • Has loan officers in seven Oregon cities.

  • Does not provide mortgage rates online.

Pacific Residential Mortgage

  • Has an online chat feature.

  • Has about a dozen branches in Oregon.

  • Has an online application.

  • Does not publish mortgage rates online.

Umpqua Bank

  • Checking account customers may qualify for a $500 credit at closing.

  • Publishes general mortgage rates online.

  • Has local loan officers throughout Oregon.

  • Offers a broad range of home loans.

More from NerdWallet

Last updated on January 2, 2020

Methodology

NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.

To recap our selections...

NerdWallet's Best Oregon Housing and Community Services Lenders of 2020