Program Search

OR State Bond Rate Advantage Home Loan - Program Detail Verified 02/20/2009 Last Updated 02/17/2

Program Overview

OR State Bond Rate Advantage Home Loan - Program Detail Verified 02/20/2009 Last Updated 02/17/2 is a loan where eligible borrowers will get the lowest fixed rate possible to maximize their home purchasing power. Program funds may be used to buy eligible housing anywhere in Clackamas, Multnomah or Washington Counties; for either newly constructed or existing homes.

Who is eligible for this program?

To qualify, you must be a first-time homebuyer. (This requirement is waived if the property being purchased is located in a “Targeted Area” and you have transferred any residential property previously owned prior to closing the loan.) Your Friendly Lender or OHCS can tell you for sure if the property you want is in a Targeted Area. Only Oregon residents or potential residents are eligible. The eligible income levels for qualifying for this program are posted on our website at: http://www.oregonbond.us. Program funds may be used to buy eligible housing anywhere in Clackamas, Multnomah and Washington Counites; for either newly constructed or existing homes. These funds may not be used to refinance an existing home loan. Is this program for first time buyers only? Yes

Property Eligibility Requirements

They can be situated anywhere in Clackamas, Multnomah or Washington Counties. The sales price cannot exceed $OHCS has established Purchase Price Limits which are governed by the Internal Revenue Service (IRS). Depending on the location of the home being purchased, the Purchase Price (acquisition cost) Limits are listed on our website at: http://www.oregonbond.us..

Benefit Details

• Hard-to-beat below-market rates • Maximize purchasing power • Lower monthly payments • Long-term interest savings • No prepayment penalty The maximum loan amount will be determined by the mortgage insurance type and will be based on the appraised value of the property or purchase price, whichever is less. Benefit: With the RateAdvantage Home Loan option eligible borrowers will get the lowest fixed rate possible to maximize their home purchasing power Owner Occupancy Required: Yes Other Program Comments: The Program is funded through the sale of federally authorized tax-exempt bonds. Borrowers who finance a home purchase with the program and also sell the home within nine years of purchase may be subject to a Recapture Fee, if the borrower and property sale meet certain requirements.

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification contact a certified REALTOR member.