As a First Time Home Buyer, you have probably weighed all of the options of buying v.s. renting your own home, and you've come to the conclusion that buying a home is still a great investment into your future.
In my series for First Time Home Buyers, I have outlined the steps that you should take to ensure that your first home purchase is a smooth transaction. If you have been following the steps, you know that it is very important to know what you can afford. You also know that you will have a distinct advantage in purchasing your new home, if you've taken the time to get pre-qualified, or better yet, pre-approved.
If you are like many other First Time Home Buyers, you might have concerns about the down payment, and the closing costs.
If you live in Oregon and you are in the low to moderate income range, Oregon Housing and Community Services offers many options to assist you in your goal of home ownership.
Some of these services include down payment assistance programs. Here's one that you can research:
Home Purchase Assistance Program (HPAP): This is a state wide program, targeted specifically toward down payment and closing cost assistance.
Home Purchase Assistance Program Brochure
Home Purchase Assistance Program Brochure - En Espanol
Program Income Limits (Opens in an excel file)
The Department of Housing and Urban Development also offers many helpful resources for the First Time Home Buyer who lives in Oregon. You can find those resources here.
If you would like additional information, assistance or a referral to a lender who specializes in any of the programs you have read about, please send me an email, or you are always welcome to give me a call.
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Written By: Alecia A. Barnes -Proud to be a Realtor® in the State Of Oregon - Serving Albany, Brownsville,
Corvallis, Eugene/Springfield, Halsey, Lebanon, Sweet Home, and the surrounding areas. If you are thinking of
moving to Oregon, or are looking to list or buy property, give me a call, I'd love to help. Contact Me For A FREE Homebuyers Booklet!
I Represent Buyers, Sellers, Investors and Builders, in Albany, Brownsville, Lebanon, and surrounding areas in Linn County. Search MLS Listings and more at: www.trhunter.com
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You put this together, right on! I enjoyed reading although I am not in Oregon. I like the way you presented it. Thanks for sharing. Happy and safe holidays to you and your family.
I love the down payment assistance programs, but I was talking to one of my mortgage brokers on Tuesday and that program is going to be all but gone after January 17th, 2008.
To a first time home buyer, down payment assistance can truly make the difference in obtaining the home or not. At a recent First Time Home Buyer's Seminar earlier this month, we invited a counselor from the local non-profit agency to discuss it's grant program for First Time Home Buyers.
Alecia: This option can make the difference for many first time homebuyers. GREAT INFORMATION! I love your series...very valuable to your clients. God bless you!!
Alecia: What an outstanding post for First Time Homebuyers. You laid it out so clearly. Super.
Alecia-I love your first time home buyer's series. The down payment assistance programs helps so many buyers as well as seller's....
Great information, Alecia. I've layered the Oregon PAL (purchase assistance loan) with the Oregon Bond Loan RateAdvantage program presently at 5.125%, and it is amazing how far a first time home buyer that meets these criteria can go.
P.S. I contacted my lender of choice for Oregon Bond/PAL/HPAP programs. She felt the news Todd relayed from his mortgage broker contact "should be reported as a farce". She called the State to check the discontinuance of HPAP, and was told there is no such plan, that although the program is not used frequently and could be phased out, there is presently enough funds allocated to HPAP to do 20-30 more transactions, and there is no plan to stop doing so. Sorry, Todd...
Hi Alecia ! Looks great, as always! Have a great Christmas, my friend! :)
Alecia: Very professional. I see you website is powered by P2 and don't you really like what they offer? Also, I'm so intrigued by your properties in Oregon. I know it must be heaven on earth out there.
Thanks I will have to bookmark this. Great links.