Programs In Oregon For 1st Time Buyers
First time home buyers in Oregon have many options available to them for help in purchasing their first residence. The Oregon Housing and Community Services (OHCS) provides some very fruitful programs for Oregon residents seeking to purchase their first home.
Here are some highlights:
OHCS periodically issues mortgage revenue bonds to fund lower than market interest rate mortgage loans to help Oregon households buy their first home. Our Residential Loan Program, also known as the “Oregon Bond Loan”, provides below-market rates helping eligible families increase their home purchasing power and keep their monthly house payments affordable.
Two Loan Options
The Program offers eligible borrowers a choice between cash (closing cost assistance) or our best rate. For both loan options, the eligibility and program requirements are the same.;
Borrowers will get a low fixed interest rate on their home loan along with cash assistance equal to 3% of their loan amount. The cash assistance will help reduce the total closing costs needed to purchase the home. Cash Advantage funds cannot be used for the minimum investment required for an FHA Loan.
Eligible borrowers will get the lowest fixed rate possible to maximize their home purchasing power with an affordable payment.
How To Apply
To apply, simply contact one of our lenders and they will assist you in getting pre-qualified for one of our home loans.
For complete details on these programs, including contact information and instructions on how to apply, please visit this OHCS program page.
More Oregon First Time Buyer Programs
In addition to the above homebuyer programs offered by OHCS, there are local housing agencies in various towns, cities and counties throughout the state that provide financial assistance to 1st time property buyers as well. To determine if there any near you, please visit local first time home buyer programs in Oregon.