Every time you turn on the radio or TV you’re likely hearing about what MAY be happening to stimulate our economy. There are first time home buyer programs cropping up everywhere, all of them with slightly different guidelines. One program that looks fairly flexible is the “Oregon Mortgage Lenders Association Home Purchase Assistance Program” for first time home buyers. The cool thing about how this works is that using funds available fom the OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT, their lender members can make available to their clients a 0% interest $1500 second mortgage to use toward either a down payment and/or closing costs, along with matching assistance from their lender member (or other qualified source) valued at a minimum of $500. Who is eligible for this 0% interest loan?
· First time home buyer
· Occupy the property as your primary residence
· Household income can’t exceed 80% of area median income om the county where the home is purchased
· No major credit obstacles
· Have no more than $5,000 in liquid assets after the transaction closes
· Successfully complete an approved homebuyer education course
· Be a legal Oregon resident (or be pursuing permanent residency)
In addition, eligible properties include any new or existing single family residences located in the State of Oregon. This loan may be used in conjunction with FHA, VA or Rural Development loans. For more information, call one of our team members.