Buying Your First Home In OregonTaking a home buyer class or talking with a trained housing coach before you purchase can help you save money up front and in the future. When you’re buying your first home, it’s helpful to understand the process and it makes sense to seek guidance from an unbiased housing expert. In Oregon, there are a number of nonprofit, HUD-certified housing agencies that can provide you with coaching and in-person workshops designed to help you make smart decisions about buying your first home. Several of these housing agencies are also a part of HomeSmart Oregon, a statewide organization that connects home buyers with convenient, on-line home buyer classes through eHome America.
Pre-purchase housing counseling and education works!Home buyer coaching and classes help first time home buyers:
- Learn about safe and affordable financing
- Determine their housing needs and what they can afford
- Improve credit scores
- Develop savings plans
- Apply for down payment assistance
- Avoid foreclosure down the line
Neighborworks Amercia recently released the results of a study on the effectiveness of pre-purchase housing counseling. The study shows that home buyers who received counseling before they purchase a home were one-third less likely to fall behind on their mortgages after two years than home buyers who didn’t. The study, conducted by Neil Mayer and Associates and Experian, is based on approximately 75,000 mortgage loans originated in 2007, 2008 and 2009.“Mortgage delinquency and foreclosure continue to be high in Oregon and throughout the country. This new research clearly tells us what works to help families with their housing issues ahead of time. This helps with staving off family stress, financial difficulties and costs that are borne by neighbors and the city.” -- Brigetta Olson, Deputy Director for Willamette Neighborhood Housing Services and HomeSmart Oregon representative.