Beaverton Real Estate: As Interest Rates Rise, consider the Oregon Bond Program for First Time Homebuyers
By Julia Garriott
Oregon Housing and Community Services (OHCS) is the state’s housing finance agency. They issue mortgage revenue bonds to fund lower-than-market interest rate mortgage loans for Oregon homebuyers. Lower interest rates help eligible low to moderate income homebuyers maximize their purchasing power especially in a rising rate environment as well as higher home prices.
There are two options with the Oregon Bond Program. One is called Rate Advantage and the other Cash Advantage. The Rate Advantage gives the buyer an opportunity to take advantage of a much lower interest rate than market rate (typically around 1.5% lower than current interest rate). The Cash Advantage is a slightly higher interest rate than the Rate Advantage program but still considerably better than market rate, and also provides the buyer with up to a 3% credit of the loan amount towards any closing costs.
This program can be used in conjunction with FHA, USDA, and VA loans. It can be used with a Conventional loan however more beneficial with the previous aforementioned.
This program does have income limits to qualify and if you would like more information, contact Julia Garriott, NMLS #487451, with HomeStreet Bank 503-730-9090.