Program: Oregon State Bond Rate Advantage Home Loan
Detail Verified 4/10/2018 - Last Updated 11/3/14
A program that provides eligible borrowers with the lowest fixed rate possible to maximize their home purchasing power.
Program funds may be used to buy eligible housing anywhere in the State of Oregon; for either newly constructed or existing homes.
Who is Eligible for this Program?
To qualify, you must be a first-time homebuyer. (This requirement is waived if the property being purchased is located in a “Targeted Area” and you have transferred any residential property previously owned prior to closing the loan or for a "Non-Targeted Area" may not have held a present ownership interest in a Principal Residence at any time during the three-year period ending on the date the Program loan is executed.)
Your lender or OHCS can tell you if the property you want is in a Targeted Area.
Only Oregon residents or potential residents are eligible.
Income limits apply.
Program funds may be used to buy eligible housing anywhere in the State of Oregon; for either newly constructed or existing homes. These funds may not be used to refinance an existing home loan.
Is this program for first time buyers only?: No
Property Eligibility Requirements
Available in the State of Oregon.
The sales price cannot exceed $$---- The Purchase Property Price Limits may vary by 1) county and 2) if the house is located in a Targeted Area. For pricing information, please refer to http://www.oregon.gov/ohcs/HD/SFF/forms/Property-Purchase-Price-Limits.pdf.
Allowable property types: site-built homes, manufactured homes (permanently attached to acceptable foundations), condominiums, or units in a Planned Unit Development
Hard-to-beat below-market rates
Maximize purchasing power
Lower monthly payments
Long-term interest savings
Benefit: With the RateAdvantage Home Loan option eligible borrowers will get the lowest fixed rate possible to maximize their home purchasing power.
Homebuyer Counseling / Education Required: No
Owner Occupancy Required: Yes
Other Program Comments: The Program is funded through the sale of federally authorized tax-exempt bonds. Borrowers who finance a home purchase with the program and also sell the home within nine years of purchase may be subject to a Recapture Fee, if the borrower and property sale meet certain requirements.