Whether the place you want to call home is urban or rural, the Residential Loan Program can help you buy
your first house. This brochure doesn’t include every program requirement, but it will give you an idea of
what 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, you
will get a low fi xed rate to maximize your
home 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, you
will get a low, fi xed-interest rate on your
home loan along with cash assistance equal
to 3 percent of the note amount. This option
helps you come up with the cash you may
need to close the loan.
A qualified homebuyer cannot have an annual gross
household income that exceeds program limits
effective April 19, 2009. Visit our website at
www.oregonbond.us for a complete list of limits by
region and household size.
To qualify, you must be a first-time homebuyer,
which means you have not owned and occupied a
primary residence at any time during the three-year
period prior to the date you sign your mortgage and Note.
How does the program work?
Oregon Housing and Community Services
(OHCS) is the state’s housing finance agency.
We periodically issue mortgage revenue bonds
to fund lower-than-market interest rate
mortgage loans for Oregon homebuyers. Lower
interest rates help eligible low to moderate income
homebuyers maximize their purchasing power.
What’s the first step?
Your first step toward homeownership is to contact
one of our lenders (the list is on our website at
www.oregonbond.us). Your lender will help you
pre-qualify—then you can begin looking for that
At that point, or any time before, contact Molly
and I can get you set up with a First Time Buyer's
GuideBook and a home search sheet!
Then we start looking at homes and when we find your
dream home we make an offer! It is easier than you may
think, especially when you have someone working for your
individual interests and rights!
If you have any questions on this program or any others,
don't hesitate to contact me!
For more information on the Oregon Bond Loans check
at www.oregonbond.us or you can call toll free at 1-877-ST8-BOND (1-877-788-2663).