Oregon Bond - Amazing LOW Rates Now Available...

Don’t think you make enough money to buy a home? Intimidated by the current interest rates? The Oregon Bond program just got re-funded! Here’s what that means for you…

The Oregon Bond program is a HUD program that offers below-market interest rates to Oregon residents, which helps eligible families increase their home purchasing power and lower their monthly house payments to be affordable. There are two categories of loans. For both loan options, the eligibility and program requirements are the same.

1. RateAdvantage Home Loan – Currently offering a rate of 3.375% to qualified applicants.
2. CashAdvantage Home Loan – Currently offering a rate of 3.875% + 3% cash gift toward your down-payment or closing costs.

Do you qualify for Oregon Bond? Here are the requirements:

• Income Limits – Limits vary by county and the number of people in your household. A household of 1-2 people in Multnomah or Clackamas Counties is limited to a gross annual household income of $86,400. A household of 3-4 people has a limit of $100,800. You must be able to show reliable, verifiable income for the preceding two tax years.
• 1^st Time Home Buyer – You may not have owned a home within the 3 years preceding the date your loan closes (unless your purchase address is in a targeted area and the other property is transferred before closing).
• Principal Residence – Your new purchase (no refinances, sorry) must be intended as the home in which you live. Second homes and investment properties do not qualify.
• Housing and Debt to Income Ratios – As with all other loans, there are limits to the amount of monthly expenses you can have when compared to your monthly gross income. This is both typical and unavoidable, and part of the reason we ask for so much up-front documentation!
• Credit Score – You must have a minimum decision credit score of 640 or higher. You cannot have any bankruptcy judgments within the last 2 years, or any foreclosures within the last 5 years.

How it works:

• The first step is to get pre-qualified for an Oregon Bond loan with an approved lender. Call us at 503.419.8010 to begin your pre-approval process.
• You find a home that you’d like to own. Limits on the purchase price will vary by county. The limit for Multnomah County is $381,000, while Clackamas County is $307,000.
• You or your realtor will make a Purchase Offer and negotiate a Sales Agreement with the seller.
• As soon as the Sales Agreement is accepted by all parties, your lender will request a reservation of monies from OHCS, Oregon Housing and Community Services.
• Once your loan closes (after you sign all of the documents), OHCS will purchase your loan from the lender.

This loan is available throughout the state of Oregon to all qualified buyers. Additional details (and there are many, of course) may be found here: http://www.oregon.gov/ohcs/pages/sff_homebuying_low_interest_home_loans.aspx.

Call Team Das at River Capital now to begin your pre-approval and take advantage of these INCREDIBLE rates! We thrive on providing clear, competent, and caring service. Call us today to begin your preapproval!

Mona Das

Ph. 503.419.8010

Email: mona@rivercapitalpdx.com