Plans are in the works to help provide down payment assistance for first time home buyers looking to purchase a home in Medford Oregon. The State of Oregon's and the City of Medford's Purchase Assistance Loan programs have been out of funds for several months, leaving first time home buyers looking for this assistance high and dry.
Southern Oregon Housing Resource Center who administers the City of Medford's down payment assistance program is working to provide a limited amount of interim funding from their own sources to help eligible home buyers ready willing and able to buy now while interest rates are still low. The recommendation is for all home buyers buying in Jackson County Oregon for this round.
These programs require first time home buyers attend a HUD approved Homebuyer Education Course. The next course will be at Rogue Community College on Saturday August 23rd, so reserve your spot right away. With such a limited amount of funding available, those buyers that have been preapproved for their financing and have located a home will stand the best chances of obtaining down payment assistance. Those that miss out on this opportunity will hopefully have another opportunity when the funding becomes available again for the Oregon Bond CashAdvantage program, which I hear may happen some time between November 2008 and January 2009.
Stay tuned to see if SOHRC approves this funding request, and feel free to contact me for updates!
*** September 2008 UPDATE - The program was funded, and Jackson County Oregon home buyers took advantage of these funds, depleting the funds in less than one month! The City of Medford is working to obtain additional funds to fund their program, so stay tuned.
See you at the closing table!
Karen Cooper - OR/CA Mortgage Consultant - www.Quality4Loans.com
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