1.     CashAdvantage Program is a first-time buyer program in Oregon which offers you assistance for reducing the total closing costs needed to purchase a property. You must keep in mind that this program borrows funds that cannot be used for the minimum investment required for an FHA Loan. To become eligible, your annual gross household income cannot exceed the program limits established by Oregon Housing and governed by the Internal Revenue Service (IRS). You may access the CashAdvantage Program if you are a first-time homebuyer or may not have held ownership in a principal residence during the three-year period prior to the date of the new mortgage.

CashAdvantage Program offers you a low fixed interest rate and a 3% of your loan amount (as a non-repayable gift). But if you use an FHA loan as part of this program, you won’t be able to benefit of the 3% of your loan amount. The loan may vary from 15 to 30 years.

CashAdvantage Program demands to be a State resident and to be the occupant of the home purchased as your primary residence. Another condition for eligibility is you haven’t been discharged from a bankruptcy within the last two years and you haven’t had a real estate foreclosure within the last five years. Federal Housing Administration (FHA insured), USDA Guaranteed Rural and Conventional Uninsured are the types of loans accepted by the program.

 

2.     RateAdvantage Program is a first-time homebuyer loan program for borrowers who may not have held ownership in a principal residence during the three-year period prior to the date of the new mortgage.

If you become an eligible borrower, you will be able to loan at the lowest fixed rate possible and to maximize your home purchasing power with an affordable payment. The loan may vary from 15 to 30 years.

RateAdvantage Program offers you hard-to-beat below-market rates, lower monthly payments and long-term interest savings.

RateAdvantage Program demands to be an Oregon State resident and to be the occupant of the home purchased as your primary residence. Another condition for eligibility is you haven’t ever been discharged from a bankruptcy within the past two years and, before the closing, you haven’t had a real estate foreclosure within the last five years. Federal Housing Administration (FHA insured), USDA Guaranteed Rural and Conventional Uninsured are the types of loans accepted by the program.

 

3.     DownPayment Assistance is a down-payment and closing costs assistance program available in Oregon. The program is offered through various partners available only in specific countries. The Habitat for Humanity Program awards people and uses its fee to expand the State's supply of homeownership housing for low-and very low-income families and individuals, with particular focus on underserved population.

To be eligible, you have to be a first-time homebuyer (not having owned a home in the past three years), benefit of an annual household income at or below 80% of StatesMedian Family Income and maintain the home as your primary residence.

The DownPayment Assistance Program offers you up to $15,000 for down payment and/or closing costs, a 30-year loan term, 0.00% interest per year with an Annual Percentage Rate (APR) of 0.012%. You also have to attend a US Department of Housing and Urban Development (HUD) approved homebuyer education class.  


ADDITIONAL DOWNPAYMENT RESOURCES

IN-DEPTH ARTICLES ON DOWNPAYMENT ASSISTANCE