Notice has gone out that based on current demand levels, the Oregon Bond Loan will likely be out of funds sometime in April 2009. Due to the upheaval in the bond market, there is no set time frame for when this program will be re-funded, as the sale of the mortgage revenue bonds that provide this funding have not been doing any better than the sale of bonds funding "market rate" mortgages. So, although first time home buyers in Oreogon received a blessing with the $8,000 tax credit, a tool is being taken away from our chest right behind it.
There are still some fabulous programs available for buyers to use, like the USDA Guaranteed Rural Housing loan program that requires no down payment, a program we use frequently here in Southern Oregon, and even though many lenders are not currently funding these loans due to this program's depletion of funds, there are those that WILL.
See you at the closing table!
Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com
Comments(0)