Do Good Mortgage helps Portland-area borrowers determine whether FHA is the best fit compared with conventional and other options.
FHA Loan Highlights
- Low down payment: FHA allows down payments as low as 3.5% for borrowers who meet the credit score requirement.
- Flexible credit: FHA guidelines can accommodate credit histories that may not fit conventional programs.
- Gift funds: Down payment can come from eligible gifts, such as from family.
- Higher debt-to-income flexibility in some cases.
- Assumable: FHA loans can be assumed by a qualified future buyer, which can be valuable if rates rise.
Understanding FHA Mortgage Insurance
FHA loans include an upfront mortgage insurance premium, usually financed into the loan, plus an annual premium paid monthly. Depending on your down payment, this insurance may last for the life of the loan. That is why we always compare FHA with conventional options: for some borrowers, a conventional loan with private mortgage insurance costs less over time, and FHA borrowers can later explore refinancing to a conventional loan once they have more equity.
Property and Loan Limits
FHA sets maximum loan amounts by county, and the home must meet FHA property standards confirmed by the appraisal. We will confirm the current limit for Multnomah, Washington, Clackamas or Clark County and flag property issues early so your purchase stays on track.
How Working With Do Good Mortgage Works
Do Good Mortgage is a mortgage broker based in NE Portland. Instead of offering a single bank's products, a broker can compare loan options from multiple wholesale lenders and help you choose the one that fits. You work with one point of contact from your first question through closing.
- Strategy call. We talk through your goals, timeline, income, and savings. No pressure, and no application required to ask questions.
- Review and pre-approval. With your permission we review credit, income and assets, then explain your options in plain language, including estimated payment and cash to close.
- Compare options. We shop lenders and loan programs and show you the trade-offs between rate, points, and lender credits.
- Underwriting to closing. We gather documents, coordinate with your agent, escrow and the lender, and keep you updated so there are no surprises.
After your loan closes, Do Good Mortgage makes a donation to a local nonprofit, part of our belief in mixing good business with good deeds.
Frequently Asked Questions
What credit score do I need for an FHA loan?
FHA minimums are set by HUD, and individual lenders may add their own requirements. We will review your credit and find lenders whose guidelines fit.
Can I use an FHA loan for a condo?
Yes, if the condo project meets FHA approval requirements. We can check the project status before you make an offer.
Is FHA only for first-time buyers?
No. FHA loans are available to repeat buyers as well, for a primary residence.
Can I remove FHA mortgage insurance?
It depends on your down payment and loan terms. Many borrowers remove it by refinancing into a conventional loan once they have enough equity.
Talk With Clint About Your Loan
Every situation is different, and the right loan depends on your income, credit, savings and goals. Call or text 503-505-9913, or book a free strategy call. Ready to start? Begin your application online.
Do Good Mortgage
5980 NE 37th Ave, Portland, OR 97211
Meetings by appointment · 503-505-9913
Clint Elliott, NMLS #239388 · Licensed in OR and WA