- Oregon RateAdvantage Home Loan for OHCS’ lowest interest rates on a fixed-rate loan
- Oregon Cash Advantage Home Loan for below-market interest rates paired with closing cost assistance
- Oregon Down Payment Assistance for a grant of up to $15,000 to put towards your home purchase
Oregon Bond Residential Loan Program
The program offers:
- Assistance for first-time homebuyers
- Affordable 30-year fixed interest rates
- Zero cash down payment
- Down payment assistance grants of up to $15,000
- 3% closing-cost assistance grant with a lower-rate mortgage
- First-time homebuyers in Oregon
- Must use a participating lender from the OHCS’s approved list
- Complete a home buyer education course
- Meet household income limits
Purchase Price Limits
County Non-Targeted Area Targeted-Area
- Benton $357,417 $436,843
- Clackamas $436,049 $532,948
- Clatsop Not Applicable $374,436
- Columbia $436,049 $532,948
- Deschutes $382,947 Not Applicable
- Hood River $423,794 Not Applicable
- Jackson $296,145 $361,956
- Marion $304,315 $371,940
- Multnomah $436,049 $532,948
- Polk $304,315 $371,940
- Washington $436,049 Not Applicable
- Yamhill $436,049 Not Applicable
- All Other Counties $294,600 $360,067
*If the county is not specifically listed, use the “All Other Counties” figures.*
National First-Time Homebuyer Loan Programs
- FHA Loans – FHA home loans are very popular with first-time homebuyers cause they require a 580 credit score with just a 3.5% down payment. Debt-to-income ratios up to 50% are allowed making them perfect for low-income borrowers.
- Conventional Loans – Conventional loans require a 620 credit score and a 5% to 20% down payment. If you put 20% or more down, mortgage insurance will not be required.
- USDA Loans – USDA mortgage loans are for low-to-median income borrowers buying a home located in a USDA-eligible rural area. They provide 100% financing with a 620 or higher credit score. Mortgage insurance is required but the rate is the lowest of any type of mortgage program available.
- VA Loans – Veterans of the U.S. military may be eligible for a VA home loan. No down payment or mortgage insurance is required and veterans with a 580 to 620 credit score are eligible.
- HomeReady and Home Possible Loans – Freddie Mac and Fannie Mae created the HomeReady and Home Possible loan programs for low-income first-time homebuyers whose income does not exceed 100% of the area median income requiring just a 3% down payment and a 620 credit score.
Statewide and Regional Programs
Other Home Purchase Programs by Area
Buying a Home
Owning and Maintaining Your Home