Program Overview

Oregon State Bond Rate Advantage Home Loan is a program that provides eligible borrowers with the 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 lender or OHCS can tell you if the property you want is in a Targeted Area. Only Oregon residents or potential residents are eligible. Income limits apply.

Program funds may be used to buy eligible housing anywhere in Clackamas, Multnomah and Washington Counties; 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

Available in Clackamas, Multnomah or Washington Counties.

The sales price cannot exceed $376,875 (the limit may vary by county and if the house is located in a Targeted Area. For current purchase price limits you can call toll free at 1-877-ST8-BOND
Allowable property types: site-built homes, manufactured homes (permanently attached to acceptable foundations), condominiums, or units in a Planned Unit Development

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.