First-Time Portland Home Buyers get 3.625% Loans
Thinking of buying your first home? Know anyone who is? There's a loan program in Oregon that can make a big difference for first-time home buyers.
It's called the RateAdvantage Home Loan...offered by the State of Oregon, with a low, low rate of 3.625%. This interest rate is fixed for the life of the loan, either 15 or 30 year term. FHA approval criteria are used, with a minimum 3.5% down payment. There is also a down payment assistance program with a slightly higher rate.
There are people who think no money is available in this program. I've even heard stories of lenders telling buyers there is no money. Yes, there is! Plenty of money. And new bonds will be sold as needed to replenish the funds.
Program Benefits include...
Below market rates
Maximizes purchasing power
Lowers monthly payments
Long-term interest savings
No prepayment penalty
The program defines a first-time home buyer as not having owned or occupied a primary residence three years prior to signing the loan. And there are eligibility requirements based on income and the purchase price/appraised value. Loans must be insured under FHA or Rural Development. A loan-to-value of 80% or less does not require mortgage insurance.
The current OR Bond rate is 3.625%...a big savings! Let's compare this to the higher rate and see how much you'll actually save on your FHA loan. The monthly principal and interest (P&I) payment is $221 less, which means it's easier for you to qualify for the loan. Plus, the total mortgage interest paid is much, much less: saving you $79,758.00 over the life of the loan.
Who you work with matters, because there's a limited number of certified Oregon Bond lenders. And not all are familiar with how this works, or want to offer the option. It takes a bit more effort and specialized knowledge...but it's worth it to help you get into a new home.
Want more information? Text or call: 503-680-9390. Glad to send you additional program info and how you can get started today...because this rate won't last forever!
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Cash Advantage rate 3.625% (APR 3.75%) - rates subject to change.
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John Van Hogen - Principal Broker - Licensed in Oregon
Keller Williams Realty Profes. 9755 SW Barnes Rd #560 Portland OR 97225
Each Office Independently Owned & Operated - 503.546.9955