New Home Loan Help: Oregon Housing and Community Services

By Gil Mackey
Local Lender Columnist
Apr 16, 2008
When you have poor credit, a low income, or little or no cash for a down payment, qualifying for a new home loan in Oregon can seem almost impossible. You don't have to go it alone--OR Housing and Community Services may be able to help.

Mortgage Homework: It Pays to Educate Yourself

It's always a good idea to learn as much as you can about the various home loan programs available to you as an OR resident. You just might come across a state program that can help you become a new homeowner. Oregon Housing and Community Services (OHCS), was formed to help support affordable housing for lower and mid-level income families. Through their efforts in program and financial support they have a number of home loan programs offered through a network of OR lenders that could provide the assistance you need.

OR Residential Loan Programs

Through the Residential Loan Program eligible first-time homebuyers can receive cash assistance for closing costs or a down payment, or a below-market interest rate on their mortgage. This program offers OR homebuyers two options: the CashAdvantage home loan and the RateAdvantage home loan. The CashAdvantage program not only offers homebuyers a low fixed-rate on their mortgage, but also up to 3% of their home loan amount in cash assistance. The RateAdvantage mortgage program gives homebuyers the lowest fixed rate possible to maximize purchasing power on their new home loan.

Home Loan Options

As you shop around with mortgage lenders to try and find the best possible deal on your home loan, check to see if they are approved OCHS lenders. You might find that you qualify for assistance through one of these programs and get approved for the home loan you need.

Source:
OHCS

About the Author
Gil Mackey has been a writer and artist for the past twenty years. In addition to freelance writing, Gil writes for his local paper, and lives with his two children in Nevada.