Buying Your First Home
in Portland
Buying your first home is exciting, and it's normal to have questions. This guide covers the essentials so you can move forward with confidence. And when you're ready, I'm here to walk alongside you through every step.
Getting Started
Your First-Home Checklist
Before you start browsing listings, take these foundational steps. Each one puts you in a stronger position when you're ready to make an offer.
Check Your Budget
Know what you can comfortably afford. A good rule: your total housing cost should not exceed 28-30% of your gross monthly income.
Get Pre-Approved
A pre-approval letter from a lender tells sellers you're serious and shows exactly what you can borrow. I can connect you with trusted local lenders.
List Your Must-Haves
Separate your needs from your wants. Bedrooms, location, yard, commute time. Be honest about what matters most.
Research Neighborhoods
Portland has incredible diversity in neighborhoods. I'll help you find the ones that match your lifestyle, commute, and budget.
Build Your Team
You need a lender, an inspector, and a real estate agent. Having the right team removes stress and prevents costly mistakes.
Understand the Process
From offer to inspection to closing, knowing what to expect eliminates surprises. I guide first-time buyers through every phase.
Financing Basics
Understanding Your Mortgage
Most first-time buyers use a conventional or FHA loan. In Oregon, first-time buyers may also qualify for programs like Oregon Bond loans or down payment assistance.
Key terms to know: down payment (typically 3-20%), closing costs (2-5% of purchase price), and monthly payment (principal, interest, taxes, insurance).
I connect my first-time buyers with local lenders who specialize in helping new buyers navigate these options and find the best program for their situation.
Conventional Loan
As low as 3% down. Best for buyers with good credit (620+). Private mortgage insurance (PMI) required below 20% down.
FHA Loan
3.5% down with credit score 580+. Government-backed. More lenient on credit history. Good option for first-time buyers.
VA Loan
0% down for eligible veterans and military. No PMI. Competitive interest rates. I have experience working with military buyers.
Oregon Bond Loan
Below-market interest rates for first-time buyers in Oregon. Income limits apply. I can help you determine if you qualify.
Common Questions
Frequently Asked Questions
How much do I need for a down payment?
It depends on the loan type. Conventional loans can go as low as 3%, FHA requires 3.5%, and VA loans are 0% for eligible buyers. Many first-time buyers are surprised that they don't need 20% down.
How long does the buying process take?
From offer acceptance to closing, typically 30-45 days. The search itself varies, but with a clear plan and good guidance, most of my buyers find their home within 2-3 months of starting to look.
Should I get pre-approved before looking at homes?
Absolutely. Pre-approval tells you exactly what you can afford and makes your offer much more competitive when you find the right home. It also prevents the heartbreak of falling in love with a home outside your budget.
What are closing costs?
Closing costs are fees for services like appraisal, title insurance, attorney, and lender fees. They typically run 2-5% of the purchase price. I always discuss these upfront so there are no surprises.
Do I need a home inspection?
Yes, absolutely. An inspection protects you from hidden problems like structural issues, outdated wiring, or plumbing problems. I coordinate the entire process and help you understand what the findings mean.
Ready to Take the First Step?
I guide first-time buyers through every phase of the process. No question is too small.
Schedule a Free Consultation