Housing Help for First Time Buyers
Bond revenues support below market rates
9/9/2015, 3:41 p.m.
Resources are available to help first-time homebuyers get a mortgage loan at below market interest rates, officials from Oregon Housing and Community Services announced last week.
“For many members of our community, homeownership remains a key part of the American dream," said Margaret Van Vliet, director. "My agency, Oregon Housing and Community Services, is pleased to be able to help qualified first-time homebuyers access loan products that will help ensure their home remains affordable for years to come."
One program offers a below market interest rate of 3.25 percent; a second offers a 3.75 percent interest rate and gives buyers the ability to use up to 3 percent of the loan to pay closing costs. Eligible homeowners can buy a new or existing home anywhere in Oregon, including site built homes, qualified condominiums, and manufactured housing.
"Buying a home is a life-long dream for many families and provides them with an opportunity to secure a better future for themselves and their kids," said Aubre Dickson, chair of the State Housing Council. "Purchasing a home at an affordable interest rate is one of the best ways to ensure they will be able to continue to remain stable in their homes for years to come."
The Oregon Bond Loan program uses the proceeds from tax exempt revenue bonds to finance the below market rates, working in partnership with mortgage lenders, local governments, and nonprofit organizations to assist homebuyers.
To learn more and see if you qualify, visit oregon.gov/ohcs.