I am a big fan of the Oregon Bond loan program for first time home buyers. It has been very sad not having this tool in my chest, while the State of Oregon grappled with the stagnant bond market, unable to sell the bonds that fund this program except for a few higher priced buyers in the bond market. These State Bond programs run through the individual State Housing Finance Agencies are suffering with the scondary market issues we've had in the mortgage industry for the past 18 months.
Yesterday, the Oregon Housing and Community Service division who manages the Oregon Bond Home Loan program dropped the interest rate for this program. It is still a bit higher than other alternatives out there, but they are getting close!
I'll be keeping an eye on the Oregon Bond Loan rates and, maybe, just maybe, first time home buyers will have another tool to work with. Especially if they bring back the CashAdvantage program again!
See you at the closing table!
Karen Cooper - OR/CA Mortgage Consultant - 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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Thanks for the update.