The Oregon Bond
Unlocking Homeownership Dreams: Our Guide to the Oregon Bond Program
We are excited to share insights into a fantastic opportunity for first-time homebuyers in Oregon. Our recent conversation with Aidan Keller, Licensed Loan Partner with the Keller Group at Guild Mortgage opened our eyes to the benefits of the Oregon Bond program, and we're here to pass that knowledge on to you.
What is the Oregon Bond Program?
Designed for first-time homebuyers, or those who haven't owned a home in the last three years, the Oregon Bond program is a lifeline for many. If you're in a targeted area and an Oregon resident, the first-time buyer requirement is even waived, widening the door to more potential homeowners.
Key Benefits of the Program
Rate Advantage: This option offers a favorable interest rate, currently at 5.75% as of February 1st, 2024, reducing your monthly mortgage payments significantly.
Cash Advantage: Alternatively, opt for the Cash Advantage, which grants 3% of your loan amount towards closing costs. The interest rate here is higher, at 6.875% as of February 1st, 2024, but the upfront financial relief is substantial.
Who's Eligible?
Income thresholds are in place to target those who can benefit most:
For non-targeted areas, a 1-2 person household's limit is $123,084, and for 3 or more, it's $141,547.
Targeted areas have slightly higher income limits, offering greater accessibility.
Loan Types Covered
The program is versatile, covering various loan types:
Conventional loans, usually requiring a 20% down payment.
FHA loans, known for lower down payment requirements.
USDA and VA loans, each with unique benefits for certain homebuyers.
Why the Oregon Bond Program?
For first-time buyers, this program can significantly ease the initial financial burden of purchasing a home. Whether it's through a lower interest rate or a grant for closing costs, these benefits can bring your homeownership dream within reach.
Final Thoughts
If you're a first-time buyer in Oregon or returning to homeownership after a break, the Oregon Bond program is an opportunity you shouldn't miss. We, along with experts like Aidan Keller at Guild Mortgage, are here to help you understand and navigate these options. Homeownership is a big step, but with the right support and guidance, it can be an incredibly rewarding journey. Let us help you make your dream of owning a home a reality!