We've been receiving warnings that the Oregon Bond Loan funds were running out, with insufficient interest by investors to purchase the bonds that fund this program. The time has come - funds are gone! Until more bonds have been sold to re-fund the Oregon Bond Loan, first time home buyers in Oregon will not have this tool available to them. This only effects those buyers who have not already reserved their Oregon Bond Loan funds.
In the meantime, there are still some great "market rate" programs available, like the USDA Guaranteed Rural Housing program for buyers with no down payment looking to purchase homes in eligible areas, and the FHA loan that requires a 3.5% down payment which may be a gift from a family member. Interest rates have once again reached historic low levels helping buyers increase their buying power.
And don't forget the $8000 tax credit eligible first time home buyers may use for homes they close escrow on by December 1, 2009! Call for your free consultation to find out what your homoe buying options are, and put my 25 years of experience to work for you.
See you at the closing table!
Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com
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