Oregon Cash Advantage Program Guide

Guide to the Oregon Cash Advantage Program

The Oregon Cash Advantage Program is a home financing initiative designed to make homeownership more attainable for residents of Oregon. With affordable fixed-rate mortgages and financial assistance to cover upfront costs, this program is an excellent choice for first-time buyers and others who need help purchasing a home. Below is a detailed guide to the program’s features, eligibility requirements, and application process for 2025.

1. Program Overview:

• Purpose: The Oregon Cash Advantage Program provides affordable home loans and down payment assistance to reduce the financial barriers to homeownership.
• Loan Terms: The program offers a 30-year fixed-rate mortgage, ensuring consistent monthly payments and long-term affordability.
• Down Payment Assistance: Participants can benefit from a grant to cover down payment and closing costs, making it easier to purchase a home without significant upfront expenses.

2. Eligibility Requirements for 2025:

To qualify for the Oregon Cash Advantage Program, applicants must meet the following criteria:

• First-Time Homebuyer: The program is primarily intended for first-time buyers, defined as individuals who have not owned a home in the past three years. Exceptions may apply, such as for veterans or buyers in targeted areas.
• Income Limits: Household income must fall within program limits based on area median income (AMI). These limits vary by location and household size and are updated annually.
• Credit Score: Applicants need a minimum credit score of 640. Additional credit requirements may apply depending on the lender.
• Property Requirements: Eligible homes must be located in Oregon, used as the buyer’s primary residence, and meet price limits established by the program.
• Homebuyer Education: Completion of a homebuyer education course is required to ensure buyers are fully prepared for the responsibilities of homeownership.

3. How to Apply:

Follow these steps to apply for the Oregon Cash Advantage Program:

• Find a Participating Lender: Contact an OHCS-approved lender who can help you navigate the application process and determine your eligibility.
• Prepare Required Documentation: Gather documents such as proof of income, tax returns, credit history, and your certificate of completion for the homebuyer education course.
• Submit Your Application: Work with your lender to complete the application and provide all necessary documentation. The lender will process your information and inform you of your loan approval status.

4. Homebuyer Education Course:

• Mandatory Requirement: All applicants must complete an approved homebuyer education course. This course provides valuable insights on budgeting, mortgage terms, and managing the responsibilities of owning a home.
• Course Format: The course can be taken online or in person. Upon completion, participants receive a certificate that must be included with the loan application.

5. Down Payment Assistance:

• Grant Assistance: The Oregon Cash Advantage Program provides a grant to cover down payment and closing costs. This grant does not require repayment, making it an ideal option for buyers seeking to reduce upfront expenses.

6. Finalizing the Loan:

• Loan Approval: Once your application is approved, your lender will guide you through the final steps, including reviewing loan terms, signing documents, and preparing for the closing process.
• Closing Costs: While the program assists with significant upfront costs, buyers may still be responsible for additional closing expenses. Your lender will provide a clear breakdown of these costs.

The Oregon Cash Advantage Program is a valuable resource for homebuyers in Oregon, offering financial assistance and affordable loan options to make homeownership achievable. With this program, buyers can reduce the financial challenges associated with purchasing a home and take a significant step toward securing their future. Begin your homeownership journey today with the Oregon Cash Advantage Program.