Oregon State Bond Program

Available in 15-20-25-30 year terms.

Desciption and Eligibility:

Primary requirement is that borrower has not lived in a home that they had a financial interest in for the past three years, unless it was a manufactured home in a park.
Total Household Income limit of $67,900 annually in Portland Metro area and $67,400 in Benton County, and $58,600 for the rest of the state.
Maximum Sale Price (existing homes) = $230,625 in Portland Metro area. Lower in other areas. Limits higher for new construction.
Can be either a Conventional or FHA Insured loan.

Maximum Loan Amount: Varies by Geographic area.
Loan Purpose: Purchase only.
Property Types: Single Family Attached/Detached, Condominiums or PUD's (with restrictions).
LTV - Loan to Value: 97% normally (restrictions apply).
PMI - Mortgage Ins. Premium: Per FHA Guidelines; normally 1.5%(financed) + .50% monthly. If a Conventional Loan then Conventional PMI required if loan to value exceeds 80%.
Buydowns: No.
Assumable: Yes, with restrictions.
Gift Funds Allowed: Yes, with restrictions.

Down Payment Assistance Allowed: Yes.

Advantages:

Enjoy a low fixed rate for the full term of your loan.
Excellent for first time buyers - small, or no investment needed to close.
Income/Debt ratios more lenient than Conventional loans.

These products and/or services are only offered in jurisdictions where they may be lawfully offered for sale. Facts and data provided are obtained from sources believed to be reliable, but we cannot guarantee that they are accurate or complete. This data is not intended to provide legal, accounting, or tax advice and should not be relied upon in that regard.

For more complete information call Howard Hudson at (503) 693-1894 or click here to send a message.

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