Oregon - Government Backed Loans

Oregon Housing and Community Services is Oregon's housing finance agency, providing financial and program support to create and preserve opportunities for quality, affordable housing for Oregonians of lower and moderate income.

The current agency was created in 1991, when the legislature merged the Oregon Housing Agency with State Community Services. The coordination between housing and services creates a continuum of programs that can assist and empower lower-income individuals and families in their efforts to become self-reliant.

Purchase Programs

RateAdvantage Home Loan Option

The RateAdvantage Home Loan Option provides eligible homebuyers with the lowest mortgage rate available in order to make homeownership a viable option. This program is only available to first-time homebuyers who fall within the income and purchase price limits, unless purchasing within a target area.

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Home Ownership Assistance Program

The Home Purchase Assistance Program provides first-time homebuyers with downpayment and closing costs assistance in the form of an interest-free, deferred-payment second mortgage in the amount of $1, 500, as well as matching assistance from the lender at a minimum of $500. Eligible borrowers must fall within the income and purchase price limits and have a maximum of $5, 000 in liquid assets after the loan closes.

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American Dream Downypayment Initiative - ADDI

ADDI is a Federally funded down payment assistance program designed to assist first-time homebuyers with the upfront costs associated with purchasing and financing a home. Funding is provided in the form a forgivable loan equal to 6% of the home's purchase price. Homebuyers must be purchasing a home located within a designated rural area in order to qualify for ADDI.

Homebuyer Program

The Homebuyer Program is funded through the sale of tax-exempt Mortgage Revenue Bonds. First-time homebuyers are provided with downpayment and closing costs assistance in the form of below market mortgage loans usually at 0.75% to 1% lower interest rates.

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