An official website of the State of Oregon
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Below are helpful answers to homebuyer frequently asked questions.
OHCS helps low and moderate-income families in Oregon buy their first home by providing below-market-rate financing and cash assistance through its Oregon Bond Residential Loan Program. The below-market-rate helps eligible families increase their home purchasing power and lowers their monthly house payments.
The program works with locally
approved lenders to ensure all Oregonian homebuyers have access to safe and affordable housing. In addition to helping homebuyers and homeowners, we also finance rental housing and work to prevent and end homelessness.
Contact an Oregon Bond participating lender to discuss your needs, learn more about which program options are right for you, and start the pre-qualifying process.
Typically it is most helpful to work with a participating lender to get pre-approved for a mortgage loan first, and then work with a real estate agent to help you shop for a home within the home purchase price limit.
No – the Oregon Bond Residential Loan program defines a first-time homebuyer as someone who has not owned and occupied their principal residence for the past three years. Consult with your participating lender for more information.
No – down payment and closing cost loans are only available when you get an Oregon Bond Residential Loan. Additional eligibility requirements may apply, including
You can get free, confidential, and non-biased advice from a Housing Counselor. Additionally, a lender may help you review your credit and determine if there are any quick and effective steps to take to improve your credit.
Required down payments range from 0-3.5% depending on the underlying loan product (Conventional, FHA, RD, VA). If you qualify for down payment assistance, you typically must contribute at least $1,000 of your own funds toward the transaction.
OHCS does not permit co-signers
The Oregon Bond Residential Loan program does not finance home repairs.
Gross household income.
Consult with a lender to review income eligibility guidelines.
Manufactured and mobile homes are eligible under some mortgage products. Manufactured homes must be permanently attached to a foundation, and taxed as real estate (not personal property). Consult
an approved lender for more information.
Oregon Residential Loan Program FAQs
These are the underlying loan products that you can choose from when you're buying a home. A conventional loan is any type of mortgage that is not secured by a government-sponsored entity such as the FHA, VA or RD. We offer FHA, VA, RD, and Conventional loans, and each has its own requirements. Talk to participating lender about which products you qualify for, and the lender can explain the advantages and disadvantages of each.
Check out the Consumer Financial Protection Bureau web page explaining mortgage insurance.
A targeted area is an economically distressed area designated by the U.S. Department of Housing and Urban Development (HUD). The Oregon Bond Residential loan products help restore federally-designated targeted census tracts by making our affordable first-time homebuyer loan products and competitive interest rates available to eligible buyers purchasing a home in these areas.
Please note: OHCS Homeownership Division does not make or arrange loans. It is neither an originator nor creditor and is not affiliated with any Lender. The law requires the Lender to provide the following information to the consumer:
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