Effective immediately; The OHCS (Oregon Housing and Community Services) Home Loan Program, otherwise know as the Oregon Bond Loan, will no longer be accepting "new" reservations for new loans that require Mortgage Insurance. This is due to MI company rating downgrades. If you currently have a loan reserved with the OHCS they will still honor it. What does this mean? Now that this has been iliminated, the few loan programs that are left for the low to no down payment options would be:
FHA - Requiers 3.5% down payment - This can be combined with Oregon Bond Loan
Rural Development Guarantee - No down payment, but currently has no funds. This can also be combined with Oregon Bond Loan.
Federal VA - No down payment - must be a Veteran of the Armed Forces - this loan can not be combined with the Oregon Bond Loan.
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