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oregon first time home buyers

Top Rated Oregon Grants for First Time Home Buyers

By Joe Silver

People who want to buy a home for the first time in Oregon may find that home prices have gone up quite a bit in the last several years. So if you want to buy a home, what should you do if you do not earn a lot of money or have limited funds for a down payment?

Fortunately, you can get help from several programs in Oregon that offer grants and home buying assistance for first time buyers. For example, we recommend the following Oregon programs:

Down Payment Assistance Programs for First Time Home Buyers

This program is offered by Oregon Housing and Community Services. It consists of many programs that offer down payment help in most counties in the state.

The program funds are provided by the state of Oregon, and are doled out to qualified organizations in the various counties of this state. Oregon first time homebuyers who complete a program on home ownership education can qualify for as much as $15,000 in grants for down payment or closing cost help.

These grants are provided by the document recording fee that each person pays during a real estate closing. The recording fee is intended to help to expand the supply of homes in the state for people with lower incomes. The focus of these programs is especially on underserved populations.

Buy a Home Residential Loan Program

Oregon Housing and Community Services often issues mortgage revenue bonds to provide under market value mortgage interest rates to help low income Oregonians to buy their first home. This is known as an Oregon Bond Loan. It provides you with a below market mortgage rate that helps you to increase your purchasing power in some of the more expensive parts of Oregon.

There are two loan options from which to choose:

  • Cash Advantage: Borrowers are provided with a below market, fixed interest rate on their home loan. They also may receive cash assistance up to 3% of the amount of the loan. The cash help will reduce what you need to pay out of pocket in closing costs. Note that the Cash Advantage funds may not be used for an FHA loan.
  • Rate Advantage: Borrowers may get the lowest possible fixed rate on their home loan in Oregon.

To apply for either of these programs, you should talk to your lender to see if they have loans that qualify for them.

NeighborhoodLIFT

Wells Fargo has been offering as much as $15,000 in down payment help to home buyers of a moderate income to buy homes in Portland. The purpose of this program in Portland and in other cities in the US is to support sustainable home ownership and to advance the stability of neighborhoods.

The purpose of the grants are to help moderate income home buyers with a limited down payment to own their own home.

General Requirements to Receive Assistance in Oregon

The state of Oregon does provide many program options for lower income Americans who want to buy a home. However, there are three basic types of requirements to be potentially eligible for help. These are in the areas of residency, first time home ownership and level of income:

  • You must be a resident of Oregon to receive financial assistance to buy a home. This means that live here more than six months of the year, and your primary home will be in Oregon. You also must intend to stay in the state of Oregon. To prove this, you will need to show things such as your vehicle registration, having children enrolled in Oregon schools, and paying income taxes in the state.
  • A first time home buyer must have not owned a primary residence within three years of getting the new mortgage. However, the state of Oregon will waive that requirement when the house is in a certain area in which the state is trying to increase the rate of home ownership.
  • The level of income that qualifies for help depends upon where in the state you are buying. Oregon wants new residents to move into the eastern and southern counties with lower population. These are targeted areas that allow home buyers to have a higher level of income and still qualify for financial help.

The Bottom Line

If you are struggling to be able to afford to buy a home in Oregon, you should know that help is available. People with lower incomes are wanted to increase the level of home ownership in the state.

Also, there are counties in the state with a lower level of population. For these counties to provide services, it is necessary for more people to live in them. People who are willing to move into more rural communities in Oregon may find that they can get a good deal of help in buying their first home.

 

FirstTimeHomeFinancing.com provides a news and information service by offering editorial content related to the housing and mortgage industry. FTHF has no affiliation with the State of Oregon, the FHA or any other government agency. This site does not guarantee Oregon first time home loan applications of any kind. This website is not responsible for the accuracy of information or responsible for the accuracy of the rates, APR or mortgage guidelines posted by advertising banks, lenders and brokers.

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