Have I mentioned before how great I think the Oregon Bond Loan program is for the first time homebuyer purchasing their home in Oregon? This program is designed to help the first time home buyer by giving them a below-market interest rate AND the option to buy a slightly higher, but still below-market, rate if a lack of savings is their hurdle to fulfilling their American Dream of homeownership.

Buyers need to qualify for the Oregon Bond Loan, proving they have sufficient income to purchase a home within the criteria of this program. It also has credit history guidelines, and is not a sub-prime loan. There are mortgage insurer guidelines that need to be met, so buyers need to have reasonably good credit.

The Oregon Bond Loan, both the RateAdvantage presently offering 4.95% (*5.642% a.p.r.) and CashAdvantage presently offering 5.45% with a 3% cash credit (*6.154% a.p.r), are a great fit for the first time homebuyer that meets the income and credit criteria, plans to make the home they are purchasing their primary residence, and is buying a home in good condition. Many qualified buyers have layered this program with a down payment assistance program further helping to keep their monthly housing expense affordable.

If you would like to find out more about this program, or wish to be pre-qualified at no cost to you, call us - we'd love to be part of helping another Oregon buyer fulfill the American Dream.

Update: For Buyers looking in Medford, Jackson County, Oregon, check out this listing I found posted by Krista Bolf of Coldwell Banker Pro West, one of the best Realtors I know.

See you at the closing table!

Karen Cooper - OR/CA Mortgage Consultant - http://www.quality4loans.com/

*Based on a purchase price of $195,000 with 5% down payment o.a.c.; rates/terms effective 2/4/08