Oregon First-Time Home Buyer Programs
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Soaring Northwest prices can make purchasing a home in the Beaver State daunting for first-time home buyers. There’s help, though, whether you have your eye on a bungalow in Bend, a farmhouse in Fossil or a pied-a-terre in Portland’s Pearl District.
National programs make owning a first home more affordable. And Oregon Housing and Community Services’ below-market-rate mortgages and down payment and closing cost assistance programs offer still other avenues. You’re considered a first-time buyer if you have not owned a home in three years.
Here’s what to know about national and OHCS state programs and how to qualify.
National first-time home buyer programs
First-time home buyers in any state may use these national mortgage programs to make homeownership more affordable.
Conventional mortgage
Best for:
Low down payments, limited mortgage insurance premiums
What you need to know:
A conventional mortgage is a home loan that isn’t guaranteed or insured by the federal government. Conventional mortgages that conform to the requirements set forth by Fannie Mae and Freddie Mac allow down payments as low as 3% for first-time buyers or lower-income home buyers. Unlike FHA loans, conventional loans allow borrowers to eventually cancel their mortgage insurance or avoid mortgage insurance altogether if they put at least 20% down.
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on New American Funding
on New American Funding