Current mortgage rates in Oregon

First-time homebuyer programs in OR

With below-market-rate financing and cash assistance through the Oregon Bond Residential Loan Program, OHCS makes it possible for more Oregonians to become homeowners.

To qualify, you’ll need to be a first-time homebuyer. Included in OHCS’s definition of first-time buyers are individuals who haven’t owned a home in the last three years.

Because these programs are designed to help low- to moderate-income households, you’ll have to fall within the purchase price limits and maximum household income limits set by OHCS.

You may have to contribute some of your own funds for your down payment. Depending on which loan program you use, the amount ranges from 0% to 3.5%.

More: Get a free credit score and credit monitoring from Credit Sesame.

First-time home buyer programs in Oregon

For first-time buyers, OHCS offers the Oregon Bond Residential Loan program. You get a choice between a lower interest rate or a grant you can use for your down payment and closing costs.

Working with one of OHCS’s participating mortgage lenders, qualified applicants can get the help they need to afford a quality home of their own.

Oregon Bond Residential Loan Program: Rate Advantage

The Rate Advantage stream offers competitive, 30-year fixed rates designed to help homebuyers lower their monthly mortgage payments.

The program is compatible with conventional, FHA, VA and USDA loans obtained through your participating lender.

More: Use these savings accounts to build up your down payment.

Oregon Bond Residential Loan Program: Cash Advantage

This program offers borrowers solid interest rates on their mortgage, as well as assistance grants of up to 3% of their loan amount. You can use the cash assistance to cover your down payment and closing costs.

You can apply for this program with a conventional, FHA, VA or USDA loan. OHCS only stipulates that you can’t use the grant to cover the minimum investment required with an FHA loan.

Oregon Down Payment Assistance

OHCS also provides funding to a number of community organizations — like Habitat for Humanity or the African American Alliance for Homeownership — to support their own down payment assistance programs.

Each organization will have its own terms and conditions. In addition, you’ll have to complete a homebuyer education program and recommended coaching from the organization.

Through this method, you can qualify for up to $15,000 to cover your down payment and closing costs. But even with down payment assistance, you’ll still have to contribute at least $1,000 of your own funds.

About the Author

Sigrid Forberg

Sigrid Forberg

Reporter

Sigrid is a reporter with MoneyWise. Before joining the team, she worked for a B2B publication in the hardware and home improvement industry and ran an internal employee magazine for the federal government. As a graduate of the Carleton University Journalism program, she takes pride in telling informative, engaging and compelling stories.

What to Read Next

Looking For Passive Income? There's One Option Right Below Your Feet

One company’s innovative approach makes farmland investing easier and more accessible.

What is a mortgage?

Yes, a mortgage is a big deal, but it's probably not as complicated as you think.

Want to earn big returns without the shaky stock market? Try art

Art investment is no longer reserved for the wealthy

How to Get a Mortgage: Follow These 9 Steps

It's a lengthy, complicated process, so just keep your eyes on the prize: your new home.