Would you like to find out how you may use the City of Medford Oregon’s first time home buyer program? Are you a first time home buyer who earns less than 80% of the area median household income? Have you decided the time has come for you to purchase your own home instead of renting someone else’s? Have you been able to set aside $1,000 to do this with? Are you looking to buy in Medford? If your answer is “yes” to these questions, it’s pretty likely you are eligible for the City of Medford Oregon’s First Time Buyer Down Payment Assistance Program.
The City of Medford First Time Home Buyer Program is a “silent second” mortgage, meaning it has zero interest and no monthly payments, just sitting there until you sell, refinance or move out of this home. This helps eligible first time home buyers with matching down payment funds and closing costs up to a total of $15,000. This program would be used in conjunction with your primary mortgage, and requires the following:
You are eligible for this program if:
- You are a first time homebuyer or you have not owned a home in the past three years.
- You are pre-approved for a loan by an approved lender.
- You have enrolled in the ABC's of Homebuying Class, given by ACCESS, Inc.
-
Your household income does not exceed the median income for Medford. For example, the median income for a family of four is $44,300.
To qualify, the home to be purchased must:
-
Be located within the Medford City limits.
- Be your primary residence.
- Have a full home inspection conducted, including a lead based paint inspection.
The FHA Loan is a great first time home buyer program that can be used for the primary mortgage. Oregon Bond, when funding is available, is another great program that may be used with the City of Medford First Time Buyer Program.
The entry level price ranges (under $200,000) in the Rogue Valley real estate market have been very active, with buyers taking advantage of the many great programs available to them. Do you want to find out what you might be qualified for? Call or e-mail me for a free, no pressure consultation and see what tools you might be able to use for your home purchase. I’m familiar with the City of Medford First Time Buyer Program, as well as many others.
See you at the closing table!
Karen Cooper – OR/CA Mortgage Consultant – www.Quality4Loans.com
The Series:
How To Buy A Home in the Rogue Valley, Oregon | Using Neighborhood Stabilization Program Funds
How To Buy A Home in the Rogue Valley, Oregon | Using USDA Guaranteed Rural Housing Loan No Money Down Program
How to Buy A Home In The Rogue Valley, Oregon | If You Are A Self-Employed Borrower
Karen Cooper - Oregon|California Mortgage Consultant - www.Quality4Loans.com
NMLS #223305, CA DRE #01180222
Providing high Quality, Professional, Ethical service to Oregon and California home buyers and owners since 1983.
;)
;)
;)
Karen: Every area should have a cheerleader like you! Great and informative series.
Hope all this information is helpful for your buyers ... and beneficial for your business, as well.
Gene