Oregon Bond
OHCS helps low and moderate-income families in Oregon buy their first home by providing below-market rate financing and cash assistance through its Residential Loan Program. The program's below-market rate helps eligible families increase their home purchasing power and lowers their monthly house payments.
Program Highlights:
Eligible borrowers will have two options to choose between - CashAdvantage Home Loan or RateAdvantage Home Loan.
• Cash Advantage – Borrowers will receive 3% of the loan amount as a cash grant to use for closing costs or down payment, plus a low fixed rate loan (currently 4.75%).
• Rate Advantage – Borrowers do not receive any cash, but will get the lowered fixed rate (currently 4.375%) maximizing borrowers' purchasing power to qualify for more home.
Regardless of which pricing option they choose, the eligibility and program requirements are the same. There is no "Pre-Payment Penalty" for this loan program, but there is a "Recapture fee" If you sell your home during the first 9 years and your income has risen above the CURRENT guideline requirements for the county.
These loans must be insured by either FHA or Guaranteed by USDA which means that you must follow qualification guidelines one of these program and OVERLAY the requirements established by the Oregon Bond Program.
After the loan closes OHCS will purchase the loan to hold as a long term investment. They may sell the servicing rights to another vendor, but your mortgage will be owned by Oregon housing and Community Services.
Who Qualifies?
Most Bond users are First time buyers, however, the first-time homebuyer requirement is waived and there are higher Purchase Price Limits if the property being purchased in a Targeted Area, and the borrower transfers any residential property previously owned prior to closing the Program Loan. Additionally there are Income and Purchase price restrictions
North Pacific Financial
11925 SE Dorset Lane
Happy Valley, OR 97086
Cell: (503) 784-0299
Fax: (503) 926-9243
Doing business in the following states:
OR ML #2338
NMLS Branch ML #365143/1850
WA CLA#365143
