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Oregon State Bond Cash Advantage Home Loan - Detail Verified 6/4/13 Last Updated 11/14/12

Program Overview

Oregon State Bond Cash Advantage Home Loan - Detail Verified 6/4/13 Last Updated 11/14/12 is a program that helps eligible families increase their home purchasing power and lower their monthly house payments to be affordable. Eligible borrowers receive cash assistance and a low interest rate. This program is available statewide.

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.) Income limits apply. Program funds may be used to buy eligible housing in the State of Oregon. Houses that qualify for the Residential Loan Program can be new or previously owned, site-built homes, manufactured homes (permanently attached to acceptable foundations), condominiums, or units in a Planned Unit Development. Is this program for first time buyers only? Yes

Property Eligibility Requirements

Available in the State of Oregon. The sales price cannot exceed $ 381,645 (the limit may vary by county and if the house is located in a Targeted Area. For target areas, visit http://www.oregon.gov/ohcs/hd/sff/forms/ssf_target_areas.pdf). Allowable property types: site-built homes, manufactured homes (permanently attached to acceptable foundations), condominiums, or units in a Planned Unit Development

Benefit Details

With the CashAdvantage Home Loan, a borrower will get a low, fixed-interest rate on their home loan along with cash assistance equal to 3% of their loan amount. The cash assistance will help to reduce the total cash they need to close the loan. The maximum loan amount will be determined by the mortgage insurance type and will be based on the appraised value of the property or purchase price, whichever is less. Benefit: • Very good interest rates • Lower your cash-to-close • Cash assistance is like a gift (no repayment) • No prepayment penalty. 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.

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification contact a certified REALTOR member.