Residential Loan Programs for First-time Homebuyers

Check the following residential loan programs for first-time homebuyers that are available for a limited time.

Ready to buy a home, but stuck on saving for the down payment? Perhaps there’s been a change to your credit history and you’re concerned that will disqualify you from home loans? Purchasing a home is possible with an FHA loan! An FHA loan is a mortgage loan that is supported by the Federal Housing Administration and is designed for today’s buyer. An FHA loan includes more flexible qualifications than a Conventional loan.

Favorable features:

  • Allows for credit scores of 580 or higher
  • Requires only 3.4% down payment
  • A government-backed loan with a low-interest rates
  • Great option for first time home buyers
  • Oregon State Bond Program


Oregon Housing and Community Service are now offering the Residential Loan Program. These mortgage revenue bonds fund loans at interest rates lower than current market rates, giving eligible first-time homebuyers a chance to maximize their purchasing power. Two interest rate options to choose from:

  • Rate Advantage will allow you to maximize your purchase power while minimizing monthly payments with hard-to-beat below-market interest rates.
  • Cash Advantage is designed to lower your cash needed at closing while still offering a very good rate on your home loan.


  • Can be used with FHA, USDA, and Conventional purchase loans with varying terms
  • Choose between Rate Advantage and Cash Advantage program to maximize buying power
  • Can be used for rural or urban homes
  • Available for pre-existing or newly constructed homes, and eligible condos and manufactured homes


  •  Must be a resident of Oregon
  • Must be the first-time homebuyer
  •  Annual household income limits apply
  • Some requirements waived for the program deemed “Targeted Areas”
  • The purchased home must be used as a primary residence

Call today to find out if the Residential Loan Program could help you purchase your first home. I’m happy to walk you through the whole process and help you decide which interest option is best for your situation.

Programs like these have a finite amount of money to lend, so don’t wait – contact me today!

Zero Down Payment USDA Rural Development Loans

A unique government-insured financing program makes homeownership possible for individuals and families buying a home in selected areas. Qualified borrowers under certain income caps can take advantage of USDA Rural Development loan program to get a fixed-rate home loan with Zero down.


  • Finance up to 100% of the value of the home
  • NO DOWNPAYMENT required
  • The seller can pay up to 100% of the closing costs
  • A Mortgage Certificate may be used, provided requirements for both programs are met
  • Also available for refinancing existing home loans

Home Ready

A 3% Down Payment Conventional Loan


One of the biggest barriers for homebuyers is acquiring the funds needed for a down payment and closing costs. However, in the time it takes to save a large down payment, a buyer may be losing buying power as interest rates increase or home prices rise.

Fannie Mae’s Home

The home Ready program helps creditworthy buyers purchase a home with fewer upfront costs.

Residential loan programs for first-time homebuyers is now easier to acquire. So come over to our office to learn more about these programs. Call us at 541-636-4580.