What is the Oregon Cash Advantage Program?
The Oregon Cash Advantage Program provides down payment and closing cost assistance to eligible homebuyers as part of the Oregon Bond Residential Loan Program.
Who qualifies for the Cash Advantage Program?
Eligibility is open to first-time homebuyers or those who have not owned a home in the past three years. Buyers must meet income, credit, and property requirements and use the home as their primary residence.
How much assistance does the Cash Advantage Program provide?
The program offers cash assistance of up to 3% of the loan amount to help cover down payment and closing costs.
Is the cash assistance a loan or a grant?
The assistance is structured as a non-repayable grant, meaning buyers are not required to repay the funds as long as they meet program requirements.
What is the minimum credit score required for the program?
A minimum credit score of 640 is typically required, although higher scores may improve eligibility and loan terms.
Are there income limits for the Cash Advantage Program?
Yes, income limits apply and vary by household size and property location. These limits are updated annually to reflect current market conditions.
What types of properties are eligible for the program?
Eligible properties include single-family homes, condominiums, and townhouses. Manufactured homes may also qualify if they meet program requirements and are permanently affixed to a foundation.
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Get Started NowCan the Cash Advantage Program be used for newly constructed homes?
Yes, newly built homes are eligible as long as they meet program guidelines and are intended to be the buyer’s primary residence.
Is homebuyer education required for the Cash Advantage Program?
Yes, completing a homebuyer education course is mandatory to ensure buyers are prepared for the financial responsibilities of homeownership.
What is the maximum purchase price allowed under the program?
The maximum purchase price is typically capped at $400,000, though this may vary depending on the location of the property.
Can the Cash Advantage Program be combined with other assistance programs?
Yes, the program can be combined with other state or local assistance programs to maximize financial benefits.
Are there debt-to-income (DTI) ratio limits for the program?
Yes, the program generally allows a maximum DTI ratio of 45%, though exceptions may apply depending on other financial factors.
What fees are associated with the Cash Advantage Program?
Standard loan-related fees, such as origination, appraisal, and closing costs, may apply. Borrowers should confirm these costs with their lender.
What happens if I sell or refinance my home after receiving cash assistance?
Since the assistance is a grant, there is no repayment requirement when you sell or refinance your home.
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Get Started NowCan the program be used to refinance an existing home?
No, the Cash Advantage Program is designed specifically for purchasing a primary residence and does not apply to refinancing.
Are there reserve requirements for the program?
No specific reserve requirements are imposed, but having financial reserves may strengthen an applicant’s overall loan profile.
Are there location restrictions for the program?
Yes, the property must be located in Oregon, and additional guidelines may apply depending on whether the home is in a targeted or non-targeted area.
What are the benefits of the Cash Advantage Program?
The program provides non-repayable cash assistance, affordable mortgage rates, and access to homebuyer education, making homeownership more achievable.
How do I apply for the Cash Advantage Program?
Applicants must meet eligibility requirements and work with a program-approved lender who will guide them through the application process.
What is the loan term for the Cash Advantage Program?
The program offers a 30-year fixed-rate mortgage, providing long-term stability and predictable monthly payments for homebuyers.