Oregon Bond Loan
The Oregon Bond loan is the main state sponsored subsidy for first time home buyers in Oregon. It is basically a 30 year fixed mortgage with 2 pricing options:
- An astoundingly low mortgage rate (AKA “the Rate advantage loan“)
- A slightly less astoundingly low mortgage rate but with a 3% lender credit to your closing costs. (AKA the “cash advantage loan“)
Go here to the state site for the available pricing today (As it changes from time to time).
A first time home buyer is defined by the state of Oregon as “someone who has NOT owned real estate in the previous 3 tax years”. This will be proven by providing the most recent 3 years tax returns to the lender as a way of documenting your bona fides as a first time home buyer. It also means that if you’ve owned property before, but have taken some time away from it, you could possibly still qualify for this program as a first time buyer.
Contact me for more details: james@pdxhomeloan.com
