OHCS helps low and moderate-income families in Oregon buy their first home by providing below-market rate financing and cash assistance through its Residential Loan Program. The program’s below-market rate helps eligible families increase their home purchasing power and lowers their monthly house payments.
Eligible borrowers will have two options to choose between - CashAdvantage Home Loan or RateAdvantage Home Loan.
With CashAdvantage, borrowers will receive 3 percent of the loan amount as a cash grant to use for down payment or closing costs, plus a home loan at a low interest rate.
Under RateAdvantage, borrowers do not receive any cash, but instead get a loan at the state’s best rate of 3.50 percent. The low fixed rate maximizes borrowers’ buying power.
