First Time Home Buying Program

First Time Home Buying Program
Sff first time homebuying program
(Oregon State Bond Program)

Page 1 of 3 (Revised 11/22/2010)

Homebuyer Program 1.877.788.2663 Program Overview OHCS is Oregon’s “State Housing Finance Agency.” The Department periodically issues mortgage revenue bonds to fund lower than market interest rate mortgage loans for homebuyers in Oregon.OHCS helps households in Oregon buy their first home by providing below-market rate financing and cash assistance through our Residential Loan Program, also known as the “Oregon Bond Loan”.The program’s below-market rate helps eligible families increase their home purchasing power and lower their monthly house payments to be affordable.

The Program offers eligible borrowers a choice between cash to close or our best rate.

1 – Cash Advantage Home Loan option

Borrowers will get a low fixed interest rate on their home loan along with cash

assistance equal to 3% of their loan amount.

The cash assistance will help reduce the total

cash they need to close the loan.Advantage Home Loan option

Eligible borrowers will get the lowest fixed rate possible to maximize their home

purchasing power.

Regardless of which pricing option they choose, the eligibility and program requirements are the same.

How to Apply To apply, simply contact a participating lender listed on our website at: participating lender can assist you in getting pre-qualified.

Eligible Borrowers and Income The eligible income levels for qualifying for this program are posted on our website at: http://www.oregonbond.usA qualified homebuyer must be a first-time homebuyer or not have owned and occupied a primary residence during the three-year period prior to the date the note and mortgage is signed.

This requirement is waived if they are purchasing in a targeted area.A qualified homebuyer must be (or intend to be) an Oregon resident, and must agree to occupy the home being purchased as their primary residence.

An applicant may not have been discharged from a bankruptcy within the past two years, or had a real estate foreclosure within the last five years, prior to closing the program loan.

Continued –

725 Summer St NE Suite B, Salem, Oregon 97301-1266 | TEL 503.986.2000


FAX 503.986.2020

| TTY 503.986.2100 Edited Date: 09/19/2007 2:13 PM

Page 1 of 3

(Oregon State Bond Program)

Homebuyer Program 1.877.788.2663

Page 2 of 3 (Revised 11/22/2010)

Loan Types and Terms Loans under this program must be insured by the Federal Housing Administration (FHA) or USDA Rural Development.The maximum loan amount will be determined by the mortgage insurance type and will be based on the appraised value of the property or purchase price, whichever is less.Conventional loans that close with a loan-to-value of 80% or less do not require mortgage insurance.

These funds may not be used to refinance an existing home loan.The mortgage loan may vary from 15 to 30 years.The loan origination fee and discount may vary with each loan, but in all cases, the combined loan origination fee and discount points together may not exceed 1.75% of the amount of Program funds may be used to buy eligible housing anywhere in Oregon; for either newly constructed or existing homes.Eligible housing may include: site-built homes; qualified condominiums; units in a qualified Planned Unit Development; and manufactured housing permanently affixed to acceptable foundations.Manufactured housing must meet the appropriate insurers requirements, which include a manufactured date after June 14, 1976, and have a living area of a least 400 square feet.Properties must meet the quality standards as determined by the mortgage Purchase Price Limits OHCS has established Purchase Price Limits which are governed by the Internal Revenue Service (IRS).Depending on the location of the home being purchased, the Purchase Price (acquisition cost) Limits are listed on our website at: http://www.oregonbond.usThe first-time homebuyer requirement is waived and there are higher Purchase Price Limits if the property being purchased is in a Targeted Area, and the borrower transfers any residential property previously owned prior to closing the Program Loan.

The targeted and non-targeted areas are listed on http://www.oregonbond.usThe Program is funded through the sale of federally authorized tax-exempt bonds.Borrowers who finance a home purchase with the program and also sell the home within nine years of purchase may be subject to a Recapture Fee, if the borrower and property sale meet certain requirements.

Continued –

725 Summer St NE Suite B, Salem, Oregon 97301-1266 | TEL 503.986.2000


FAX 503.986.2020

| TTY 503.986.2100 Edited Date: 09/19/2007 2:13 PM

Page 2 of 3

Homebuyer Program 1.877.788.2663

(Oregon State Bond Program)

Page 3 of 3 (Revised 11/22/2010)

The requirements for the fee are established by the Internal Revenue Service (IRS) as described in IRS Form #8828.If a Recapture Fee is due, it is paid to the IRS not the State of Oregon when the borrower pays their federal taxes.Borrowers who use the Residential Loan Program receive a full notice regarding the Recapture Fee at the time they apply for the loan with a Participating Lender.

The OHCS notice, Notice to Borrowers Regarding Ahow the annually adjusted, qualifying income limits must be exceeded to trigger the Recapture Fee.

The recapture fee is relevant if, and only if, the borrowers annual income exceeds the applicable income limit for the year in which the home is sold.Households that are made up of three or more people or who purchased homes in a targeted area are allowed even higher minimum incomes.After nine years of ownership, no fee is due regardless of the bor
Income1 person 2 persons 3 persons4 persons5 persons6 persons7 persons 8 persons$37,650 $43,000

First Time Home Buyer Down Payment Assistance Program - 2 - 3091 County Center Drive, Suite 260 loans.Additional Requirements

Eligible applicants will be required to: 1.Provide a minimum of a 3% down payment, 2.Prior to being accepted as a program participant (but not required prior to application for the program), provide Home Buyer's Seminar certificate of completion for all three classes (Home Buying Process, Budgeting, Home Maintenance/Good Neighbor),additional information regarding home buyer certificate training you may contact The Home Loan Counseling Center of Sacramento at or NeighborWorks HomeOwnership Center at

Selection of a Home The home selected must be located within un (No homes within an y such as Roseville, Rocklin, Loomis, Auburn, Colfax, etc.are eligible).

For information on other housing programs: Roseville, Rocklin , Lincoln home must be owner-occupied or unit which has been vacant for a minimum of four months.

For for the Down Payment Assistance Program, unless the current tenant will also be the home purchaser.

Type and Condition of Home Single-family dwellings, condominiums, half-plexes, and manufactured homes on permanent foundations are eligible for purchase under the Program.

Any dwelling purchased with a loan under this Program must be of appropriate size and number of bedrooms for the number of persons in the purchaser's household.

The County will inspect the dwelling for compliance with Housing Quality Standards (basic health and safety requirements)
first time home buying program
Sff First Time Homebuying Program - State Of Oregon: State Of …
Oregon Housing and Community Services Department . Homebuyer Program (Oregon State Bond Program) Page 1 of 3 (Revised 11/22/2010) Homebuyer Program (
First Time Home Buyer Down Payment Assistance Program
First Time Home Buyer Down Payment Assistance Program - 1 - ... program), provide Home Buyer's Seminar certificate of completion for all three classes (Home Buying (
Buying Your First Home?
BUYING YOUR FIRST HOME? THE CITY OF EL PASO Has a First Time Homebuyers Program that can help a family of four making less than $39,450 a year qualify to (

Any violation of these standards must be corrected prior to County's final ons can be made if homebuyer is using 203(k) rally funded program which allows the homebuyer to finance both a mortgage and a rehabilitation loan into one primary loan.)

Purchase Price The participant's maximum purchase price will be calculated based on the maximum first mortgage amount, down payment and County loan.

In any case,$635,000 which is 95% of the median

First Time Home Buyer Down Payment Assistance Program - 3 - 3091 County Center Drive, Suite 260

How to Apply Fill out an interest form.

When we have received your completed interest form and you meet the program requirements you will be sent an application packet.

You will need to provide a first

with your completed application.Once we have received your completed application and prequalificname will be placed on a waiting

Loan Terms tion loan, 30-year loan, secured by a promissory note and deed of trust.

No payments are required as long as the home remains the primary residence of the qualified low income, first time home buyer.

The loan for the first mortgage

be a minimum 30-year fixed term loan an exception may be made when combined with a CalHFA or Rural Development loan.The County's note becomes due and payable when the home owner sells thproperty, adds someone to title other than an immediate family member, or changes the use from single family residential, or 30 years, which ever occurs first.

The note becomes due and payable upon refinance, if the refinance is not approved by the County or the refinance exceeds the homeowner's equity at the time of refinance.

Monitoring The County will monitor annually to ensure the home has remained the program participant's primary residence.

This monitoring may require contacting the homeowner annually or the homeowner

Recapture of Investment Term: The Promissory Note shall be for a term of Thirty (30) years at which time all unpaid principal and shared appreciation remaining will be due and payable.

Said maturity shall be on the same day of Shared Appreciation: The County will share a portion of the net profit the purchaser would make in subsequent sales, based on the original 2nd mortgage value divided by the market value of the home..
First time homebuyer program english and spanish flyer


Has a First Time Homebuyers Program that can help a family of four making less than $39,450 a year qualify to buy a home!

For more information call:

YWCA Home Ownership Center

at 577-2530

El Paso Credit Union Affordable Housing

at 838-9608 or Project Bravo

At 562-4100

Effective June 1, 2011


individuals and families in achieving their goal of homeownership as well as to promote affordability.

To be eligible for participation in the and/or comply with all the following Program criteria:


Applicant(s) must complete a "Guide to Homeownership Course" offered by the YWCA Home Ownership Center, The El Paso Credit Union Affordable Housing or Project Bravo prior to submitting an application.


must be


60% - 80% of the median income for the City of El Paso, as published by HUD on an annual basis.
60% Annual

80% Annual

Gross Income

Gross > > applicants may be considered if other secondary financing is being utilized (i.e., Sec.8
FHLB, etc.) as long as the housing cost ratio does not exceed 35% of

Purchase Price Limits:

The maximum sales price for the City of El Paso First Time Homebuyers Program is $121,000 which is based on 95% of the average median purchase price for the area.

The maximum sales price will be adjusted annually.

Location and Characteristics: Property to be purchased under this Program must be located within the geographical limits of the City of El Paso.

Property to be purchased must be a single family property, one unit in a 2-4 unit property, condo, or manufactured home, which must be permanently affixed to the ground.

Subsidy Limits: The minimum assistance is $1,000 and the maximum assistance is $35,000 which is provided only for the purpose of principal reduction.

Funds Required: Applicants must have a minimum investment amount of $1,000 of their own funds.

The maximum assistance is $5,000 which will be in the form of a 3% interest forgivable loan with a term of 10

For additional information, please contact the agencies listed on the cover.

Tiene un programa para Compradores de su Primer Vivienda para ayudar a una familia de cuatro miembros con un sueldo anual de menos de $39,450 a calificar para comprar su primer vivienda!

Para mas informacin llame a:

YWCA Home Ownership Center


El Paso Credit Union Affordable Housing

838-9608 o a
Project Bravo al 562-4100


El propsito del Programa Para Compradores de Primer Vivienda de la Ciudad de El Paso es asistir a individuos y familias de bajo y moderado ingreso a comprar su primera casa y a promover la adquisicin de casas a bajo costo

Para ser elegibles para la participacin del Programa Para Compradores de su Primer Vivienda de La Ciudad, los solicitantes deben alcanzar y cumplir con el criterio siguiente del Programa:

cietarios de Hogar, El Paso Credit Union Affordable Housing o Project Bravo antes de entregar una aplicacin.

CUALIFICACION DE SOLICITANTES: El ingreso bruto anual del ncleo familiar debe ser entre

60% - 80% del

ingreso promedio correspondiente a la Ciudad de El Paso, segn es publicado por HUD en base anual.

60% Ingreso

80% Ingreso
Anual Bruto
Anual Bruto





Otros solicitantes pueden ser considerados si otro financiamiento secundario es utilizado (como son; Dueos de , FHLB, etc.) mientras los gastos del hogar no excedan el 35% del ingreso mensual bruto del solicitante.

Limites de Precio de Compra: El precio mximo de compra para la Ciudad de El Paso es $121,000.00, que se basa en el 95% del precio promedio de compra para el rea.

El precio mximo de compra se ajustara anualmente.

Localidad y Caractersticas: La propiedad adquirida a travs del programa deber estar situada

dentro de los lmites territoriales de la Ciudad de El Paso.

La propiedad a ser adquirida deber ser una vivienda unifamiliar independiente, una unidad en una propiedad de 2-4 unidades, condominio, o casa fabricada, que este permanentemente cimentada.


Limites de Subvencin y Estructura de Prstamo: La asistencia mnima es de $1,000 y la asistencia mxima es de $35,000 la cual es otorgada solo con el propsito de reducir el principal.

Requisitos de Fondos y restriccin: Los solicitantes debern contar con un mnimo de $1,000 para aportar de sus propios fondos.


La cantidad mxima de asistencia es de $5,000 en forma de un prstamo sujeto a condonacin con una tasa de 3% de inters y un plazo de 10 aos..
MD first time property buyer incentives
This type of mortgage may appeal to first-time buyers with no plans to refinance or upgrade their home within
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