Program: Oregon State Bond Cash Adv. Home Loan
Detail Verified 1/30/2020 - Last Updated 11/3/14
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 to assist with closing costs.
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 or for a "Not-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.)
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?: 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
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.
Benefit: Very good interest rates
Lower your cash-to-close
Cash assistance is like a gift (no repayment)
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.