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The Oregon Bond Loan: Helping make homeownership more affordable for first time buyers
Whether the place you want to call home is urban or rural, the Residential Loan Program can help you buyyour first house. This brochure doesn’t include every program requirement, but it will give you an idea ofwhat Oregon Housing and Community Services has to offer.
There are two interest rate loan programs you can choose between:
Rate Advantage Home Loan• Hard-to-beat below-market rates• Maximize purchasing power• Lower monthly payments• Long-term interest savings• No prepayment penalty
With a Rate Advantage Home Loan, youwill get a low fi xed rate to maximize yourhome purchasing power.
 
Cash Advantage Home Loan
• Still a very good rate• 3 percent cash assistance• Lower your cash-to-close• Cash assistance is like a gift (no repayment)• No prepayment penalty
With a Cash Advantage Home Loan, youwill get a low, fi xed-interest rate on yourhome loan along with cash assistance equalto 3 percent of the note amount. This optionhelps you come up with the cash you mayneed to close the loan.
 
Qualifications
A qualified homebuyer cannot have an annual grosshousehold income that exceeds program limitseffective April 19, 2009. Visit our website atwww.oregonbond.us for a complete list of limits byregion and household size.
To qualify, you must be a ... more

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