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- Matched with investor-friendly lenders
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Why Buy a Home in Oregon?
Oregon offers a mix of natural beauty, strong job growth, and high quality of life, making it an attractive place for first-time buyers. However, with rising property prices, finding the right loan program is critical to making homeownership affordable.
Best First-Time Homebuyer Loan Programs in Oregon
1. Oregon Bond Residential Loan Program
The Oregon Bond Residential Loan Program, offered by Oregon Housing and Community Services (OHCS), is one of the most popular options for first-time buyers. This program provides below-market interest rates and affordable 30-year fixed-rate mortgages for qualifying buyers.
Key Features:
- Competitive, below-market interest rates
- 30-year fixed-rate mortgages
- Available to first-time buyers and certain repeat buyers
- Option to pair with down payment assistance
Basic Requirements:
- Minimum credit score of 620
- Meet income limits based on county and household size
- Property must be owner-occupied
For more information, visit the OHCS website.
2. Oregon Down Payment Assistance Programs
Saving for a down payment can be a significant hurdle for first-time buyers. Oregon offers several programs to bridge this gap, including grants and forgivable loans.
Example Programs:
- Oregon Bond Down Payment Assistance – Can be used with the Oregon Bond Residential Loan Program to cover part or all of your down payment and closing costs.
- Portland Housing Center Down Payment Assistance – Provides up to $20,000 in down payment assistance for eligible buyers in Portland.
3. FHA Loans
FHA loans are a popular choice for first-time buyers due to their flexible credit requirements and low down payment options.
Key Features:
- Down payments as low as 3.5%
- Lower credit score requirements (typically 580+)
- Can be combined with Oregon down payment assistance programs
Learn more about FHA loans on our FHA Loan guide.
4. USDA Loans
For those buying in rural areas, USDA loans offer zero-down financing options with competitive rates.
Key Features:
- No down payment required
- Low mortgage insurance premiums
- Income limits apply
Check if your property qualifies for a USDA loan here.
5. VA Loans
If you’re a veteran or active-duty service member, VA loans offer some of the most attractive mortgage terms available.
Key Features:
- No down payment required
- No private mortgage insurance (PMI)
- Lower interest rates and closing costs
Learn more about VA loans here.
Additional Resources for First-Time Buyers
FAQs
What credit score do I need to buy a house in Oregon?
Most programs require a minimum credit score of 620, but some options, like FHA loans, may accept scores as low as 580.
Are there zero-down options for first-time buyers in Oregon?
Yes, USDA and VA loans both offer zero-down payment options for eligible buyers.
Can I use multiple assistance programs together?
Yes, many Oregon programs allow you to combine down payment assistance with first-time buyer mortgage options.
Ready to Get Started?
Take the first step towards homeownership today. Explore your mortgage options, calculate your affordability, and find the right loan program to fit your budget.
Check your affordability now or compare loan types.
Get Expert Financing
- Matched with investor-friendly lenders
- Fast pre-approvals-no W2s required
- Financing options fro rentals, BRRRR, STRs
- Scale your portfolio with confidence
Our advice is based on experience in the mortgage industry and we are dedicated to helping you achieve your goal of owning a home. We may receive compensation from partner banks when you view mortgage rates listed on our website.
