Oregon Bond Residential Loan

The Oregon Bond Residential Loan program offers a diverse selection of low-interest home loans for first-time home buyers in Oregon, including conventional, Federal Housing Administration, Veterans Affairs, and USDA mortgages. This Oregon first-time home buyer program also offers two assistance- Cash Advantage & Rate Advantage choices to aid the budget and purchasing power of eligible home buyers.

The Cash Advantage alternative combines a below-market mortgage with a cash contribution totaling 3% of the loan amount designated for closing expenditures. (Note: The 3% cannot be applied toward the necessary down payment for an FHA loan.)

The Rate Advantage option solely offers an even lower interest rate compared to the Cash Advantage—significantly below current average rates as of January 2024—although without any cash assistance.

Both choices under the Oregon Bond Residential Loan program aim to make homeownership attainable through affordable monthly payments and reducing initial expenses.

The borrower and property stipulations for either alternative encompass:

• It should satisfy Oregon Bond Residential Loan income constraints, which range from $98,800 to $138,320, depending on the area of the home and your family size.
• It must be situated in Oregon. Residing elsewhere would disqualify one from the program.
• It should meet Oregon Bond Residential Loan purchase price constraints, which range from $481,176 to $838,182.

The Oregon Bond Residential Loan is moreover attainable for repeat homeowners if the purchaser obtains it in a targeted region previously defined.

OHCS Flex Lending Program

The OHCS Flex Lending program is available for individuals earning less than $125,000 per year. This program provides an additional loan between 4 percent and 5 percent of your first mortgage for down payment and closing costs. Borrowers classified as low-income (earning 80 percent or less of the AMI) may qualify for loan forgiveness. For moderate-income borrowers (above 80 percent of the area median income), the loan is repaid in monthly installments at an interest rate of 1 percent higher than the first mortgage's interest rate. A minimum credit score of 620 is required, but there is no mandate to be a first-time home buyer in Oregon.

ACCESS: Jackson and Josephine counties

Qualified buyers contributing at least $500 themselves may secure a $2,500 grant for a down payment, closing fees, or prepaid costs. Completing homebuyer training as a first-time buyer qualifies one. Unlike loans, this Oregon first-time home buyer grant requires no repayment.

Portland Housing Center: Multnomah, Washington, Clackamas, Yamhill, and Columbia Counties

The Portland Housing Center aids Oregon first-time home buyers earning 80% or less of the area average in Multnomah, Washington, Clackamas, Yamhill, and Columbia counties. It offers low-interest loans up to $80,000, covering down payments and closing costs. An IDA program provides a $5 match for every $1 saved for a down payment. While this program is now full, one can join a waiting list when funds become available again.

Community Connection of Northeast Oregon: Baker, Grant, Union, and Wallowa Counties

Community Connection of Northeast Oregon assists homebuyers in Baker, Grant, Union, and Wallowa counties. Its IDA matches $5 for every $1 up to a maximum of $21,600 ($3,600 of one's savings plus $18,000 in matches) saved for a down payment.

DevNW: Marion County Down Payment Assistance

DevNW offers homeownership aid in rural Marion County. First-time purchasers may solicit up to $25,000 for down payment and closing charges through their Marion County Down Payment Assistance Program. A section of the funding will be pardoned if ownership is retained for at least ten years. The residence must be situated outside the boundaries of Salem.

DevNW: Springfield Down Payment Assistance

Similarly, Springfield applicants can entreat DevNW for up to $25,000 to mitigate initial costs. Contrary to the Marion County offering, this loan must be completely repaid upon any subsequent sale or refinancing of the mortgage. Both Oregon first-time home buyer grants necessitate meeting income limitations and completing a homebuyer education class. Some may also demand a minimum contribution from the buyer.

FHA Loans

With only 3.5 percent of the purchase price required upfront, FHA loans provide candidates with a credit score of at least 580 the chance to apply.

VA Loans

VA loans offer huge perks to qualifying military personnel, veterans, or suitable spouses, such as no necessity for private mortgage insurance, no down payment necessity, and some of the most competitive interest rates accessible.

USDA Loans

USDA loans are worth investigating for buying in an eligible rural area (verify if your property fits the requirements) since no down payment is necessitated, and USDA-approved lenders typically necessitate a minimum 640 credit score alone.