Here we are, mid-summer and then some, and the home loan market continues to heat up. 

Rates are high, home prices are up, then down, then up again, and depending on your zip code, it could be a buyer’s market on Tuesday and a seller’s market on Wednesday. Is this real, or is this a fantasy?

The current situation is the product of years of speculation, rate adjustments, and the social mediafication of the housing market. And it’s here to stay, at least until the next big change. 

Home prices are unlikely to return to pre-2018 norms, and where rates go from here is anybody’s guess; but what hasn’t changed is that owning a home is the American dream, and the number one method for accumulating generational wealth. 

Though it is currently difficult to get into the market, there are still many options to smooth the way. Many organizations in the Willamette Valley offer down payment assistance in the form of grants and secondary loans. 

If you have the skills to tackle a fixer upper, an FHA rehab loan, or FHA 203(k) will allow you to finance home, and renovation costs up to $35,000. 

Multi-family cohabitation is becoming increasingly popular as well. Two or more unrelated families, couples, or singles can buy a house together; sharing the costs and bringing homeownership within reach.  

Although home prices and interest rates have not fallen as predicted, there are still options that make homeownership possible. If you’re looking to purchase or refinance – check out our Home Sweet Savings 30-year mortgage rate special. 

Here at Heritage Grove, we are always happy to get our members started on the path to homeownership. Give us a call at 503.588.0211 option 4 or email mortgage@ourgrovecu.com to speak with a Real Estate Specialist. 

Read more mortgage posts:

• Steps to Prepare for Buying Your First home – And Why It Matters in the End
• Back to Basics – Homeownership FAQs
• Think You Can’t Afford to Buy a Home – DevNW Would Like a Word

Written by: Elena Christian