–Steps to Buy a Home in Lake County
–What are the government loan limits in Lake County, OR?
–What parts of Alamance county are eligible for USDA loans?
–Do I need flood insurance?
–How do I learn about Property Taxes in Lake County
–What is the median home price in Lake County, OR?
–How many people live in Lake County?
–What are the major cities?
–How do I see FHA- and VA-Approved homes for sale?
–Is there a cost to have a real estate agent represent me?
–What closing costs do I need?
–How can I get assistance with closing costs?
–About Lake County
–How much of a loan can I qualify for, based on my income?
–Approved Condominium Projects in Lake County
How to Buy a Home in Lake County
Are you interested in buying a home in Lake County? This is a step by step guide to all the ins and outs of the homebuying process. For more detail about FHA loans, be sure to check out our complete guide. We also have an in-depth guide to VA loans and the USDA’s Rural Development home loan program.
For now, let’s look at the basic steps to buying a home – and what you’ll have to look out for in Lake County.
- Get in touch with a loan officer – give us a call at 877-432-5626 We can help you figure out what type of loan you might qualify for. Programs through the VA, USDA, and FHA allow you to buy a home with a small down payment – or no down payment at all. We will also check your credit and income to see how much of a loan you can qualify for. When we do this, we do a “soft pull” on your credit. This is different from an official credit inquiry and won’t hurt your credit score.
- Compare loan offers. Either call us or fill out the form on this page.
- Give your Loan Officer the information they need to find you a loan For a purchase loan or cash-out refinance:
- Your ID
- Previous two years of W2s
- Most recent 30 days paystubs
- Most recent 60 days bank statements
- Landlord and HR/Payroll Department contact info
For a refinance loan, you will also need information on the loan you want to refinance.
- Compare Loan offers Compare the interest rates and APRS – but keep in mind that the fixed- and adjustable-rate mortgages are apples and oranges. Use the Loan Estimate to compare the true costs of each loan, both month-to-month and over the life of the mortgage.
- Find a home Get connected with a FedHome Loan Centers Real Estate Agent. Once you meet with them to talk about your wants and needs, you can sign up for the property search feed. This will give you alerts about homes for sale in Lake County. Now you’re ready to preview properties and start touring homes.
- Make an offer and negotiate the terms of the sale
- Get the necessary and recommended inspections Required Inspections:
- Termite Inspection
- Well or septic inspections, if applicable
- We can help you check if your home is in one of the Lake County flood hazard areas.
Home Inspection, Roof Inspection, Sewer Inspection
- Get the home appraised Construction loans require a construction appraisal and permit approval
- Lock in your interest rate Pro Tip: Wait until the appraisal to lock in your loan rates. If it turns out you need to make repairs, it can push the closing back. Then you run the risk of losing that rate or having to pay an extension fee.
- Close the deal and get packing! You’re ready to go!
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What are the Loan Limits for Lake County?
- FHA Loan Limit $331,760 (Single family residence) / $424,800 (Duplex) / $513,450 (Triplex) / $638,100 (Fourplex)
- USDA Loan Limit $265,400
- VA Home Loan Limit $0 down up to $3,000,000 / 2 open VA loans at one time $510,400 *(Call 877-432-5626 for details).
What Parts of Lake County are eligible for USDA Loans?
- All of Lake County is eligible for a USDA Rural Development home loan.
- Eligible Zip Codes: 97620, 97630, 97635, 97636, 97637, 97638, 97640, 97641, 97735.
Do I need Flood Insurance?
- The FHA, USDA, and VA all require flood insurance in Special Flood Hazard Areas.
- There is no digital data about Lake county flood hazard areas in the FEMA Flood Map Service Center.
How do I learn about Property Taxes in Lake County?
- Dave Knowles is the Lake county tax assessor. His office is located at 513 Center Street Lake View, Oregon 97630, or can be reached by calling (541) 947-6000.
- The state of Oregon offers businesses that invest and hire in enterprise zones the option to be exempt from property taxes for at least three years. In addition, the Oregon Investment Advantage program encourages new businesses that are starting as well as the ones who are relocating to the state with various incentives. For example, the program offers income tax subtraction, and elimination of state income liability for new businesses for many years.
What is the Median Home Price in Lake County?
As of March 31st, 2020, the median home value for Lake County is $98,524. In addition, the median household income for residents of the county is $36,627.
How many people live in Lake County?
As of 2019, Lake County’s population is 7,869 which includes about 831 veterans. Moreover, demographically speaking, 84% of the population is White, with 8% Hispanic, and 4% Mixed Race.
What are the major cities?
The county has two cities, Paisley and Lakeview, with the latter one serving as the county seat. The other major city in the county Paisley which has a small population of 243.
How do I see FHA- and VA-Approved homes for sale?
Is there a cost to have a real estate agent represent me?
The seller must pay real estate professionals’ commission, not the buyer. This means that, as a homebuyer, there is no cost to have a real estate agent represent you. In fact, it’s a good idea to get your own agent in order to have someone in your corner during the negotiation process. For more information about real estate agents, click here.
What closing costs do I need?
For FHA loans, closing costs can end up being 3-4% of the loan amount. These costs include origination fees from the lender, any discount points purchased for a better interest rate, and pre-paid items like insurance and taxes.
Can I get assistance with closing costs?
There are several ways to reduce the amount you have to pay at closing. One way is to get down payment assistance. The FHA’s Within Reach program provides grants to help low- and middle-income families with their down payment.
About Lake County
Established in 1874 from part of Wasco County, the county was named after the many lakes that are around the area. Initially, the county was home to various native American people who inhabited the area for thousands of years before European arrival. Moreover, the county seat Lakeview was named after its view of Goose Lake to the south and was placed in its current location in 1876.
Today, Lake county’s economy depends on its livestock, forestry, agriculture, and recreation industries. Moreover, the biggest employment industries in the county are agriculture, public administration, and retail trade. Therefore, the most common jobs held by the residents of the county are management, office support, and production.
When it comes to education, the county is served by the Lake County School District which serves a total of 750 students K to 12. Moreover, its small size makes its student-teacher ratio 16 to 1, which affords the opportunity for a more personalized teaching structure.
Finally, the county is also home to multiple museums like the Fort Rock Homestead Village Museum, the Schminck Memorial Museum, and Lake County Museum. Moreover, there are multiple recreational areas within the county like the Warner Canyon ski area, the Summer Lake Wildlife Area, and the Hart Mountain National Antelope Refuge.
How much of a loan can I qualify for, based on my income?
|Monthly Income||Purchase Price|
Purchase Price subject to credit and income evaluation.
Approved Condos in Lake County
Currently no FHA or VA approved condos exist Lake County. However, give us a call (877-432-5626) and we can help you start a mortgage or the condo approval process.
Find Your Future Home in Lake County
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