Hillsboro Mortgage Broker: New Construction and Silicon Forest Home Loans

Large builders in South Hillsboro and Reedville often offer closing cost credits, rate buydowns or upgrades if you use their affiliated lender. Federal law requires that the choice of lender be yours, and the builder cannot refuse to sell to you for using outside financing, though incentives can be conditioned on their lender.

How Frank compares them:

• He prices your scenario across his wholesale lenders for the same lock period the builder needs, which on new construction can be 60 to 180 days, and shows the extended-lock cost honestly.
• He lines up the builder's Loan Estimate next to his most competitive option: rate, points, lender credit, APR and cash to close, plus the cost over five and seven years.
• If the builder's credit is bigger than the pricing difference, he will tell you to take the builder's deal.

Watch for the lock. New homes slip, and a lock that expires before the certificate of occupancy can cost an extension fee or a worse rate. Frank's lenders offer long locks with float-down options on some programs. The buydown calculator shows what a builder-paid 2-1 buydown is really worth compared with a permanent rate reduction.

Hillsboro sits entirely in Washington County, the only Oregon county with a real estate transfer tax. Builder purchase agreements are written by the builder, and many assign the transfer tax to the buyer along with other customary seller-side costs, so read the cost allocation section before signing. On a $650,000 new home the tax is $650. The county also exempts certain transfers and requires payment or an exemption filing within 15 days of recording; your escrow officer handles it.

Property taxes on new construction are different from resale homes: because new construction is an exception to Oregon's Measure 50 cap, a new Hillsboro home is assessed close to market value in its first year, and the first full tax bill can be far higher than the partial-year estimate in the builder's paperwork. Frank's lenders set the escrow on the assessor's projected value, and the payment calculator lets you test a realistic figure.

Relocation into the Silicon Forest is constant, and Frank's lenders have clear rules for it. Fannie Mae allows closing before the first paycheck in some cases if the borrower has reserves, and FHA and VA have their own versions. What you need: the offer letter showing salary, start date and any contingencies cleared, plus proof of the funds you will use for the down payment and reserves.

Buying from out of state also means an appraisal, inspection and closing you may not attend in person. Frank's process is built for it: secure online application, remote notarization or a mobile notary where allowed, and Status Updates at each milestone so you are never guessing from another time zone. If you are selling a home elsewhere first, see how Frank handles buying before selling in the Lake Oswego guide; the same options apply.

Planned communities in Hillsboro commonly include an HOA for common areas, parks and sometimes front-yard maintenance. Lenders count the dues as a monthly obligation and may review the association documents on attached products. Orenco Station and similar mixed-use neighborhoods also have condominium and townhome buildings that trigger a project review, so tell Frank early if you are looking at attached housing.

Well-planned timelines matter more than anything on new construction. Frank will ask the builder for the realistic completion date, lock accordingly, and keep the file current so that when the certificate of occupancy arrives, funding follows within days.

Inside Hillsboro's urban area USDA is generally not available, but parts of unincorporated Washington County toward Forest Grove, Cornelius and the wine country can be eligible; check the exact address on USDA's map. Oregon's Bond Residential Loan program layers a reduced rate or closing cost help on a conventional, FHA, VA or USDA first mortgage within income and price limits.

Builders sometimes advertise rates that look impossible; those are usually temporary buydowns or permanent points paid by the builder. They are real savings, but compare the whole package. See loan programs for every option, and run the affordability calculator with your actual numbers.