Bootcamp For Buyers

Oregon Rate Advantage Program

The Oregon Rate Advantage Program, administered by Oregon Housing and Community Services (OHCS), is designed to help eligible homebuyers achieve affordable homeownership through reduced mortgage interest rates. This program lowers monthly payments, making long-term homeownership more accessible for residents across Oregon.

Benefits

  • Offers significantly reduced interest rates on 30-year fixed-rate mortgages, ensuring predictable and manageable monthly payments.
  • Provides an option for homebuyers seeking long-term affordability over upfront financial assistance.
  • Available to both first-time and repeat homebuyers who meet program eligibility requirements.
  • Can be combined with the Oregon Bond Residential Loan Program for additional support and flexibility.
  • Encourages stable housing and equity building for low- and moderate-income households.

Eligibility Requirements

  • Applicants must meet income limits, which vary based on household size and the location of the property within Oregon.
  • The property must be located in Oregon and used as the buyer’s primary residence.
  • A minimum credit score of 640 is typically required, with lender-specific underwriting criteria also applicable.
  • Participants must work with an OHCS-approved lender to access the program benefits.
  • Completion of an OHCS-approved homebuyer education course is required to prepare for the responsibilities of owning a home.

Additional Information

The Oregon Rate Advantage Program is an excellent option for homebuyers seeking lower interest rates to reduce long-term housing costs. By providing reduced-rate mortgages, the program supports eligible buyers in achieving stable homeownership while building equity. Administered by Oregon Housing and Community Services, this initiative promotes sustainable homeownership and strengthens communities throughout the state.

Frequently Asked Questions About Our Program

What is the Oregon Rate Advantage Program?

The Oregon Rate Advantage Program offers homebuyers a lower fixed interest rate on their mortgage, reducing monthly payments and making homeownership more affordable.

Who qualifies for the Rate 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.

Does the program offer down payment assistance?

No, the Rate Advantage Program focuses on providing a reduced interest rate without additional cash assistance for down payment or closing costs.

What is the main benefit of the Rate Advantage Program?

The program provides a lower fixed interest rate, which reduces monthly mortgage payments and long-term interest costs for eligible homebuyers.

What is the minimum credit score required for the program?

A minimum credit score of 640 is generally required, though higher scores may improve eligibility and loan terms.

Are there income limits for the Rate Advantage Program?

Yes, income limits apply and vary based on household size and property location. These limits are updated annually to reflect current economic conditions.

What types of properties are eligible for the program?

Eligible properties include single-family homes, townhouses, and condominiums. Manufactured homes may qualify if they meet program requirements and are permanently affixed to a foundation.

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Can the program be used for newly constructed homes?

Yes, newly built homes are eligible as long as they meet program guidelines and are intended as the buyer’s primary residence.

Is homebuyer education required for the Rate Advantage Program?

Yes, completing a homebuyer education course is mandatory to ensure buyers understand the responsibilities of homeownership.

What is the maximum purchase price allowed under the program?

The maximum purchase price is typically capped at $400,000, though it may vary depending on the location of the property.

Can the Rate Advantage Program be combined with other assistance programs?

No, the Rate Advantage Program cannot be combined with other assistance programs like the Cash Advantage Program, as it focuses solely on providing a lower interest rate.

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 Rate Advantage Program?

Standard loan-related fees, such as origination, appraisal, and closing costs, may apply. Borrowers should confirm these costs with their lender.

Can the program be used to refinance an existing home?

No, the Rate Advantage Program is designed specifically for purchasing a primary residence and does not apply to refinancing.

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What happens if I sell or refinance my home after using the Rate Advantage Program?

The reduced interest rate applies only to the original mortgage, and selling or refinancing will end the benefits of the program.

Are there reserve requirements for the program?

No specific reserve requirements are mandated, 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 Rate Advantage Program?

The program reduces monthly payments and long-term interest costs through a lower fixed interest rate, making homeownership more affordable.

How do I apply for the Rate Advantage Program?

Applicants must meet eligibility requirements and work with a program-approved lender who will guide them through the application and approval process.

What is the loan term for the Rate Advantage Program?

The program offers a 30-year fixed-rate mortgage, providing long-term stability and predictable monthly payments for homebuyers.

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