Program offered through Oregon Housing and Community Services

Oregon Housing and Community Services has lowered the interest rate for its first-time homebuyer program, known as the Oregon Bond Loan, to a record low interest rate of 3.125 percent.

The program has also lowered the interest rate for its cash advantage home loan to 3.625 percent — also a record low. The cash advantage loan includes a closing cost grant equal to 3 percent of the loan amount, and helps first-time homebuyers reduce the total amount of cash needed for their purchase.

Both options are for 30-year fixed rate loans, with a combined loan origination and discount fee of 1.75 percent of the loan amount. To qualify for either option, borrowers generally need to be first-time homebuyers who haven’t owned a home of their own for the last three years.

Borrowers must also meet program income limits and purchase price limits, which vary by county. Loan approval is determined by participating lenders, and borrowers must meet all applicable lending and credit standards.

OHCS has partnered with banks and mortgage companies to offer the Oregon bond program since 1977. Since inception, the program has helped more than 35,700 households finance and purchase a home, for more than $2.9 billion in total loans.

To learn more about the program, contact a loan officer at one of the many participating banks and mortgage companies who are approved to offer the program. Visit to find a loan officer.

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