What It Actually Costs to Buy a Home in Central Oregon

I'm Holli Cobb, a REALTOR® with REAL Broker in Redmond, and one of the most persistent myths I run into is that you need 20% down to buy a home. Most buyers don't put 20% down. Conventional loans can go well below that, and government-backed programs, FHA, VA for eligible veterans and service members, and USDA for eligible rural areas, open the door even further. Which program actually fits you depends on your situation, and that's a conversation for a lender, not a blog post, because the real numbers change with the loan and the rate.

Putting down less than 20% on a conventional loan usually means paying mortgage insurance until you build enough equity, and it means a larger loan balance, so a higher monthly payment for the same purchase price. That's not a reason to avoid it, for a lot of buyers a lower down payment is what makes buying possible now instead of years from now, it's just worth understanding the tradeoff going in.

Closing costs are real and separate from your down payment: lender and loan origination fees, title and escrow fees, the appraisal, your inspection, and prepaid items like the first chunk of property taxes and insurance. The actual total depends on your loan, your lender, and the specific home, which is why I'd rather get you a real, itemized loan estimate from a lender than quote you a generic percentage that might not apply to your situation. In some cases, a seller can agree to cover part of your closing costs as part of the negotiation, worth discussing when we write an offer.

Your credit score affects which loan programs you qualify for and the rate you're offered, but lenders also weigh your income, your existing debt, your job history, and your savings. If your score isn't where you'd like it, that's worth a real conversation with a lender about your specific options rather than assuming you're not ready to buy.

Every number in this post changes with your credit, your loan program, and current rates, which is exactly why I want you talking to a lender early, not after you've fallen for a house. Get in touch and I'll connect you with a lender I trust so you're working from real numbers, or start with how I help you buy a home.