Oregon Housing and Community Services Has Two Programs For First Time Buyers

Oregon Housing and Community Services (OHCS) has just announced that it’s Oregon Bond program currently has financial aid available to help first-time home buyers get a mortgage loan at below market interest rates.

“For many members of our community, homeownership remains a key part of the American dream,” said Margaret Van Vliet, Director. “My agency, Oregon Housing and Community Services, is pleased to be able to help qualified first-time home buyers access loan products that will help ensure their home remains affordable for years to come.”

The Oregon Bond Loan currently has two programs: the first offers a below market interest rate of 3.25%; the second program offers a 3.75% interest rate and gives home buyers the ability to apply up to 3% of the loan towards paying closing costs. Eligible homeowners can buy a new or existing home any where in Oregon, including site built homes, qualified condominiums, and manufactured housing.

Buying a home is a life-long dream for many families and provides them with an opportunity to secure a better future for themselves and their kids,” said Aubre Dickson, Chair of the State Housing Council. “Purchasing a home at an affordable interest rate is one of the best ways to ensure they will be able to continue to remain stable in their homes for years to come.”

The Oregon Bond Loan program uses the proceeds from tax exempt revenue bonds to finance below market rate mortgage loans for qualified first-time home buyers. OHCS works in partnership with participating mortgage lenders, local governments, and non-profit organizations to assist homebuyers. OHCS works with participating mortgage lenders to offer this product to first-time home buyers. A list of participating mortgage lenders is available here: http://o.hcs.state.or.us/lenders/lenderlocator.jsp.

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