Guide to Understanding the Different Types of Home Loans

Team Rhoden

Guide to Understand The Different Types of Home Loans

Rachel Rhoden Principal Broker Team Leader 541-771-6251 785 NW 3rd St Prineville, Or 97754 rachel@teamrhoden.com

About Rachel I am dedicated to providing you with a level of customer service that makes this process as comfortable as possible! I was born and raised in Prineville, Oregon. My husband and I own a 320 acre farm/ranch and grow alfalfa, raise correinte cows and have a barn full of spoiled horses and together have raised two great boys and are lucky to have the best daughter in law around. I have 35 years experience of outstanding customer service through my locally owned business and in 2008 I began my real estate career and I have loved every second of it . I am a top producing agent and truly love my career! I constantly research the market and property values so your home is priced effectively from day one. I'll make sure that the public knows your home is for sale by using innovative advertising and marketing techniques, social media and video to attract potential buyers. As a buyer I can help you find a great property from a residential home in town to a ranch or commercial/income producing property. I am committed to meeting your needs and representing you, and your interests, throughout the entire transaction. I take great pride in my work so rest assured I will go that extra mile to understand your short and long term needs and together work towards accomplishing your goals.

CDPE, 203k, ABR

Our Mission

Real estate begins with property, but it doesn’t end there. Our mission is to create lifelong relationships.

We believe that working hard at something you love to do, with people you trust, is one of the greatest experiences in life.

Real Estate Is What We Do! We offer extensive real estate knowledge and unsurpassed experience as one of the area’s top team of brokers with more than 40 years of experience. Well known in the industry for professionalism and loyalty, we have built a solid reputation for putting our clients’ goals first while bringing a highly personalized approach to each and every transaction.

Meet The Team Jered Rhoden 541-771-6252 jw@teamrhoden.com I have lived in Central Oregon my entire life, own a 320 acre farm/ranch with my wife and have two grown boys and one daughter in law. I have worked in the timber industry for over 20 years, own my own semi and have hauled cattle, logs and heavy equipment. As a kid I took 4-H animals to fair, mostly beef show cattle.

I also spent a lot of my time on my grandfathers ranch in Mitchell, Oregon where we offered fee hunting with full guide service for elk. It was also a working cattle ranch that I was fortunate enough to help out with. I enjoy researching ranches and farm properties for buyers and sellers and learning the uniqueness of each one. When I am not working I love hunting and camping with the family and team roping with my boys.

Kenzie Carnahan 541-419-4312 kenzie@teamrhoden.com

Hi, my name is Kenzie. I was born and raised in Prineville, OR. I’m a dog mom of 3, a wife and a coffee lover!

Our home is a family ranch where we wear many hats. We grow alfalfa, look after our beloved horses, and take care of our roping steers. It's not just a place to live; it's a way of life.

I am hands-on in all aspects, from irrigation to feeding and cleaning pens. And when it's time for some roping action, you'll often find me calling the shots as the "chute boss" at the arena.

I am proud to join Team Rhoden! I’m ready to help you with your home buying and selling needs! As a proud member of the Cascade Hasson Sotheby’s family, I carry the values of hard work, integrity and outstanding client service into everything I do.

Client Testimonials What Some Of Our Happy Clients Have To Say There are times in life where we meet people that we think are going to be momentary in our quest to accomplish an important goal. When we met Rachel Rhoden, in our quest to buy a home, we immeditaley knew she was going to be more than momentary in our lives. In our first meeting we found that we were blessed to be sitting with a professional that cared far more the people she was serving than the sale she could make. That care continued throughout the process of finding our home and completing the purchase.

Rachel went above and beyond is so many ways to find our home.

If you are looking to buy or sale your home we would highly recommend you look up Rachel Rhoden. you will be blessed just like we were.

Harley McCormick Overall fantastic experience. Mrs. Rhoden was very knowledgeable and any time I had a questions she was quick to respond. Provided great recommendations and made the overall experience of finding and purchasing a new home way less stressful than I feared it would be. Very happy that I had the opportunity to meet her and would most definitely recommend her to anyone moving to the area!

Peter Brian Schlott

I have used Rachel on 1 home sale and 2 home purchases. Not to mention, countless viewings. She patiently put up with every question, no matter how dumb :) or complex, and made sure I was comfortable with everything that was new to me as a first time, single home buyer. When I asked her opinion---and expertise from her many years in the real estate field---she gave it. And it made all the difference, for both my knowledge gain, making sure I didn't do anything I'd regret or didn't understand, and in getting what I wanted. I would not go with anyone BUT Rachel, moving forward in my real estate transactions. She is genuine, trustworthy, ethical, and just "good people." Forever thankful for her putting me in my first and second homes, helping me navigate such large life hurdles, and putting up with me and my many texts! I highly recommend Rachel! ori G My husband and I love Rachel. She is awesome to work with. Males things easy and smooth. Goes way above and beyond to help in anyway she can. She's amazing!

D. Hardman

Client Testimonials What Some Of Our Happy Clients Have To Say

Loan Types & Their Unique Differences USDA - 0% Down Payment

Through this program, USDA Rural Development works directly with individuals and families who are

Through this program, USDA Rural Development works directly with individuals and families who are interested in purchasing a home in an eligible rural area. These homes must be owner occupied so they would not work for an investment property.

Much of Oregon is considered rural and lenders that offer USDA loans can verify if the area you are interested in would fall within those boundaries.

These loans are income based currently at a maximum income of $110,650 for a family of 1-4 and $146,050 for a family of 5+.

Loan Types & Their Unique Differences FHA - 3.5% Down Payment The FHA Home Loan (Federal Housing Administration) Is One of The Most Popular Government Loan Programs for 1st Time Home Buyers but is not limited to first time home buyers only.

FHA loans have been around since 1934. FHA which is part of HUD (Housing and Urban Development) insures the loan, so your lender can offer you a better deal with lower down payment limits of 3.5% and easier credit qualifications with a credit score of 580 or higher depending on the lender.

FHA does have lending limits depending on the county you live in from $472,030 to $690,000.

Loan Types & Their Unique Differences VA - 0% Down Payment Who qualifies? Veterans, including members of the National Guard and activated reservists.

100% financing with VA loans.

There are VA funding fees however, there are some exceptions such as a service-connected disability. Some veterans and qualifying surviving spouses may qualify for a Funding Fee Exemption.

As long as you're still eligible for a VA loan and are able to qualify with a lender, there's no limit to how many of these mortgages you can take out over the course of your life. There is a misconception that you can only use a VA loan once in a lifetime.

Loan Types & Their Unique Differences ODVA - 0-5% Down Payment The Oregon State Department of Veterans Affairs is a state-level agency serving Oregon veterans, family members, and caregivers.

This agency is not part of the Federal-level Department of Veterans Affairs but provides similar services including a veteran loan program that is completely separate from the federal VA mortgage benefit.

The Oregon Department of Veterans Affairs Home Loan Program (ODVA) offers qualifying veterans fixed-rate financing for owner-occupied primary residences.

Federal VA home loans feature no VA-specified loan limit, but the ODVA program provides home loans to veterans for purchases up to the Fannie Mae loan limit for the area.

Loan Types & Their Unique Differences Assumable Loans - VA & FHA One of the under-the-radar benefits of VA and FHA loans is that they're assumable. That hasn't meant much in recent years, with mortgage rates at modernday lows.

But with today's higher rates, the ability to essentially take over someone else's mortgage -including their low interest rate and monthly payment -- is a huge opportunity.

With a VA loan assumption, you are inheriting a Veteran's active mortgage. You don't have to be a Veteran to assume a VA loan, although there are some risks involved for Veteran homeowners who allow civilians to take over their mortgage.

Loan Types & Their Unique Differences Hard Money - 25% & Up Down Payment A hard money loans are typically a short-term loan based chiefly on the value of the property used as collateral and not creditworthiness. Most hard money lenders required at least 25% down payment and have higher upfront fees. These loans can be useful for unique properties that will not finance with traditional lending or bridge loans while waiting for a home to sell and many contractors use them for construction loans and investors use them for flipping projects.

These loans can usually close quickly and are a much easier process however they do come at a higher price. Most hard money loans are structured as interest only loans, followed by a large balloon payment in a set amount of time, typically 2-5 years.