People who have not owned a home in three years are considered first-time homeowners, which is helpful for people who have rented apartments or rental homes.
In Oregon, bonds are sold through the Oregon Bond Residential Loan Program. This helps finance Rate Advantage and Cash Advantage Home Loans, which are below market-interest mortgages that are available to first-time home buyers.
OHCS Loan Programs
Oregon RateAdvantage Home Loan
Borrowers who qualify will receive the lowest fixed rate possible
Maximizes buyer’s power to purchase a home with an affordable monthly payment
Oregon Cash Advantage Home Loan
Borrowers will get a loan at a low, fixed interest rate – plus cash assistance equal to 3% of the loan amount
Helps reduce total closing costs
Cannot be used for the minimum investment needed for an FHA loan
Oregon Down Payment Assistance
Up to $15,000 in down payment assistance grants are available from local organizations that are qualified to offer help
People who apply need to complete homeownership education & follow-up counseling
The state of Oregon and the U.S. in general have a bunch of avenues to help out first-time home owners financially, so take a look at each option and see if you qualify for one or more.
You can get started by contacting an approved lender to get more details on the program and apply.