Good News!
The Oregon Bond Loan rates are going down effective Monday October 22nd. The Rate Advantage Program will be 5.125% for a 30 year fixed and the Cash Advantage Program with the 3% Credit toward the buyer's closing costs/down payment will have an interest rate of 5.625% (5.866% APR on $219,000 loan amount example referenced here).
What does this mean? Well, for one buyer I am working with who was approved with a high back-end debt-to-income ratio, he can now afford a home worth $10,000 more, helping him get in to the home more in line with his needs, as he has been struggling to find a home with the room count he needs. Or, he can take the lower housing expense payment and pay down one of those bills that is sending his debt ratio up instead of selling the collateral, as he planned to do.
There is still Down Payment Assistance available, too. Opportunity abounds! For more information, contact us at www.Quality4Loans.com .
Karen Cooper - OR|CA Mortgage Consultant - www.Quality4Loans.com
Providing high Quality, Professional, Ethical service to Oregon and California home buyers and owners since 1983. Whether you are taking out your first home loan or your fiftieth, for your home, your second home or for investment, put my knowledge and expertise to work for you.
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