Financing for First Time Home Buyers in OregonYour HomeSmart Oregon partners want you to get the best available financing. We know that buying a home is one of biggest financial investments of your life. We are experts at helping home buyers purchase their first homes safely, securely and affordably.
There are many different kinds of financing opportunities available for first time home buyers. These financing options will help make your home purchase more affordable.Talk to your local HomeSmart Oregon partner today to find out which programs are available to you in your area.
First Mortgage Loans
There are several low cost mortgages available for first time home buyers including:
- Oregon Bond Loans – mortgage products funded by the State for first time home buyers with low to moderate income
- FHA Loans - mortgage loans that are insured by the Federal Housing Administration and require 3.5% for a down payment
- VA Loans – home loans for current and former members of the United States military
- USDA – mortgage loans for homes purchased in rural areas
- HomePath - a mortgage program that provides access to Fannie Mae-owned foreclosure properties that require as little as 3% for down payments
- Bank Mortgage Products - specialized mortgage products offered by individual banks such as 100% financing options for low income home buyers and special deals for teachers, police officers and firefighters
Grants & Down Payment Assistance
Talk to your local HomeSmart Oregon partner about programs that may be available to help you with the upfront costs of purchase of a home.
Individual Development Accounts (IDAs)
IDAs are matched savings programs that could turn your $2,000 into $8,000 toward the purchase of a home! These programs were created to help people build assets through a pattern of savings. For every dollar you save, you may be eligible for a $3 match. If you save for three years, you could earn as much as $12,000 toward the purchase of your home!
Down Payment Assistance
Coming up with money for a down payment can be a big hurdle for new home buyers. HomeSmart Oregon Partners can help connect you with low cost down payment assistance and closing cost loans. In addition, many cities offer down payment assistance and your local HomeSmart Oregon partner can help you identify those in your area.
Home Buyer and financial education classes -- including eHomeAmerica -- are typically required to access grants and down payment assistance programs.