Jeannine Downey, NMLS #215401

loan programs:

Real Estate Finance Specialist, Mortgage Express, LLC. NMLS ID:  40831Mortgage 
Contact Jeannine Now - Direct: 503.517.8753, Cell: 503.869.0903 
10260 SW Greenburg Rd, Suite 830, Portland, OR 97223
                      Loan Closing Costs

*LOAN DISCOUNT POINT:  Fees (based on loan amount) to "buy down" the interest rate.

*APPRAISAL FEE:  Fee for appraisal on subject property (will need to be paid at time of ordering appraisal).

*CREDIT REPORT FEE:  Fee paid for credit report on borrowers.

*INSPECTION FEE:  Fee paid for property inspection, this is not a requirement of the loan.

*TAX SERVICE FEE:  One time fee paid to verify property taxes paid each year.

*PROCESSING FEE:  Fee paid to the lender for the processing of the loan.

*UNDERWRITING FEE:  Fee paid to the lender for the underwriting of the loan.

*WIRE TRANSFER FEE:  Fee paid to wire funds to close the transaction.

*INTERIOR INTEREST:  Interest paid at closing for remaining days in the month closes.  Based on loan amount times interest rate divided by 365.

*HAZARD INSURANCE PREMIUM:  Premium paid to the insurance company for first year home owner's policy.

*MORTGAGE INSURANCE PREMIUM:  Premium paid to private mortgage insurance company to lenders coverage (if required).

*SETTLEMENT CLOSING FEE:  Fee paid to closing agent to sign and close transaction.  On purchase usually prorated between buyer and seller.

*DOCUMENT PREPARATION FEE:  Fee paid to lender for preparation of all loan closing documents.

*TITLE INSURANCE PREMIUM:  Premium paid for title insurance to insure title of property.

*RECORDING FEES:  Fees paid to record all loan documents.

*FLOOD CERTIFICATION FEES:  Fees paid to verify property is in a flood zone.


Conventional Loans -
Min. down payment 3%, gift funds allowed 

Mortgage Insurance is dependent upon the down payment amount but is required if less than 20% down payment
Credit score, there are hits to the rate if below 740
Loan terms 30, 25, 20, 15, 10 year
Fixed rate or ARM
Max loan amount $484,350 (Jumbo loan if above $484,351)
1-4 Unit allowed (max loan to value restrictions on 2-4 units)
Max seller/lender credit 91%-95% = 3% of purchase price
Max seller/lender credit 81%-90% = 6% of purchase price
Max seller/lender credit for investment property = 2%
Min 20% down on investment property

Min 15% down on second home

FHA Loans -                                                                                                        

3.5% min down payment (gift allowed from relative) 
UFMIP (up front mortgage insurance premium) 1.75% 
Monthly mortgage insurance .85%
Primary residence only
1-4 Unit properties allowed 
Credit score, minimum 620
Max loan amounts are 
dependent upon county
Seller credit towards closing costs up to 6% of purchase price


VA Loans -
For eligible veterans
100% financing
Primary residence only
No monthly mortgage insurance
No limit to seller credit for closing costs & pre-paids

USDA Loans -
100% financing
1.0% UFMIP (up front mortgage insurance premium)
.35% monthly mortgage insurance
Primary residence only
Income restrictions apply
Home must qualify - rural areas
No maximum seller credit for closing costs

FHA 203k Rehabilitation Loans -   
Primary residence only
Allows up to six months for rehab
Designed for borrowers who:
    -Want to rehabilitate a damaged foreclosure
    -Home with repair contingencies
    -Want to include improvements in the purchase loan amount 
Streamline - 
    -Max repairs $35k
    -No foundational changes
Standard -
    - Allows foundational changes


ODVA Loans -
For eligible veterans
Primary residence only
Minimum down payment 5%, your own funds or if qualified, gift funds from a family member
Mortgage insurance dependent upon credit score and loan to value
Loan terms 30 year fixed, 20 year fixed and 15 year fixed
Interest rates typically lower than VA loans

Not all applicants will qualify