Answers from Garrett Myers, Mortgage Broker at Elev8 Mortgage LLC in Bend, NMLS #2041420.
A broker shops your file across multiple wholesale lenders. A bank can only offer its own products and its own rules. If your file is simple, the difference is mostly pricing. If it isn't, the difference is whether the loan gets done at all.
Compare the person, not just the company. Look up the loan officer's NMLS number on NMLS Consumer Access, read their reviews for detail about the kinds of loans they actually closed, and ask whether they're a broker who can shop multiple lenders or a retail lender with one set of guidelines. For reference, I'm Garrett Myers, NMLS #2041420, a Mortgage Broker at Elev8 Mortgage in Bend with a 5.0 rating across 94 Google reviews as of September 2026, and I shop multiple wholesale lenders on every file.
Right now a lot of Central Oregon sellers are offering credits that can buy down your rate or cover closing costs. How much a seller can contribute depends on your loan type and down payment. Talk to me before you write the offer, because how you structure the price and the credit can make a real difference in your rate and payment.
A temporary buydown is a fixed-rate loan with a lower payment for the first year or two, usually paid for with a seller credit. After that, you move to the full fixed-rate payment, and it stays there for the life of the loan. An adjustable rate is different: the rate is fixed for an initial period, then it can change with the market, so your payment can go up or down. With a buydown you know every payment in advance. With an adjustable rate you don't. I'll show you the reduced payments and the full payment side by side so there are no surprises.
No. FHA and conventional loans both have low down payment options, and VA has the most flexible down payment terms for eligible veterans, with no loan limit for veterans with full entitlement. The right amount depends on your loan type, your credit and the monthly payment you're comfortable with. I'll show you a few down payment options side by side so you can choose.
It depends on the program. VA has no minimum score, though most lenders set a floor between 500 and 580. FHA allows its lowest down payment at 580 and up, and can go below 580 with a larger down payment on a manual underwrite. Conventional is a sliding scale between credit score and down payment, and most mortgage insurance companies won't insure below 620, so a lower score may mean a bigger down payment. Higher scores get the best conventional pricing and the lowest mortgage insurance. FHA keeps rates and mortgage insurance steady across most scores, which makes it the more forgiving option for lower credit. VA has no monthly mortgage insurance and waives the upfront funding fee for veterans with a disability rating of 10% or more. If your score is close to a cutoff, tell me and I'll look at what would help most.
Conventional, FHA and VA loans qualify you on the net profit from your tax returns, not your gross revenue. On a Schedule C, that's usually line 31, after write-offs. Write-offs lower your taxes, but they also make your income look smaller to a lender. If that's you, a bank statement or profit and loss program can qualify more of what your business actually earns. Those are Non-QM loans, sold to private investors instead of government-backed agencies, so expect stricter credit requirements, a larger down payment and reserves after closing. I'll run both paths so you can see which one works.
If you're a W-2 employee: a valid ID, pay stubs covering the most recent 30 days, and the last 2 months of statements for the account your down payment is coming from. If you're self-employed: a valid ID, the last 2 years of personal and business tax returns, and the last 12 months of business bank statements. Either list can grow depending on your situation, and I'll tell you exactly what else is needed and why.
The application takes about 10 to 15 minutes. I'll send you a document list built for your situation, and once everything is in, most pre-approvals are done the same day or the next business day.
FHA is government-backed and more flexible on credit and down payment, with mortgage insurance that stays about the same regardless of your score. Conventional rewards higher credit scores with better pricing and lower mortgage insurance. The right one depends on your score, your down payment and the property. I'll price both so you can compare.
Yes, it can. Your homeowners insurance counts in the monthly payment you qualify with. In higher wildfire areas, or on homes with replacement costs above $1.5 million, coverage can be harder to find and more expensive. Get a quote before you're under contract, and ask me for referrals to trusted insurance brokers who can find competitive pricing on coverage for homes in harder-to-insure areas.
They can. FHA limits are set by county, so a pre-approval written for one county doesn't automatically apply to a home in another. If you're looking across county lines, I'll confirm the limit for each county before you write an offer.
Yes. I'm a Bend homeowner, and the Elev8 Mortgage office is in Bend at 1777 SW Chandler Ave, Suite 208.
Yes. About 90% of my clients apply, plan and close virtually by email and text. Almost the whole process can be done without coming into the office.
