First Time Home Buyer Programs
There are a few really great programs that we offer first time home buyers. Here at Mortgage Trust, we are equipped to get our clients the very best available terms, and if you are a first timer, we should explore all options.
The OR Bond loan is available for first time home buyers throughout the entire state. Link to more info here
For first time homebuyers within the city limits of Portland, there is another program that in many cases is an even better deal than the OR Bond loan: The Mortgage Credit Certificate Program AKA the MCC program.
So these 2 programs are specific to first time buyers only, but in addition to these programs there are 2 other special deals available for foreclosure properties-
For homes that have been repossessed by Fannie Mae, there is the Homepath loan. This is available for any borrower including investors, but I think is worth considering as a first time buyer. The Homepath, is very similar to FHA, but there is No PMI, and there is no appraisal needed for the property creating a very streamlined approval process.
For homes that have been repossessed by HUD, there are a couple programs worth noting. One is a special FHA loan that if used to buy a HUD repo, can have the down payment virtually WAIVED (there is a minimum requirement of $100 from the buyer). In addition to the ability to have some repairs financed into the purchase price!
Another special program that is available for financing HUD repo properties is something called “the good neighbor next door” program. While you don’t exactly have to be a first time buyer, its only available to those who do NOT currently own, and have NOT owned in the previous 12 months.
