Strategic Realty, LLC – Empowering Your Path to Homeownership
In the state of Oregon, the path to homeownership is now more accessible than ever, thanks to the Oregon Bond Residential Loan Program. At Strategic Realty, LLC, we are committed to guiding our clients through the myriad of opportunities available to them, and this program is a prime example of such an opportunity.
In the state of Oregon, the path to homeownership is now more accessible than ever, thanks to the Oregon Bond Residential Loan Program. At Strategic Realty, LLC, we are committed to guiding our clients through the myriad of opportunities available to them, and this program is a prime example of such an opportunity.
The Oregon Bond Residential Loan Program
This state-sponsored initiative is a boon for first-time homebuyers, offering an array of benefits designed to make homeownership not just a dream but a reality. The program features two main loan options – the RateAdvantage Home Loan and the CashAdvantage Home Loan, each tailored to meet diverse homebuyer needs.
RateAdvantage Home Loan: Maximizing Purchasing Power
- Below-Market Rates: Enjoy hard-to-beat rates significantly lower than typical market offerings.
- Maximize Purchasing Power: With lower rates, your home-buying budget goes further.
- Long-Term Interest Savings: Benefit from substantial savings over the life of your loan.
- No Prepayment Penalty: Flexibility to pay off your loan early without any penalties.
This option is perfect for those looking to get the most house for their money.
CashAdvantage Home Loan: Easing the Path to Closing
- Competitive Rates: Still benefiting from a lower than average rate.
- 3% Cash Assistance: Receive cash assistance equal to 3% of the note amount towards closing costs.
- Lower Cash-to-Close Requirement: Eases the initial financial burden of home buying.
- No Prepayment Penalty: Offers the same flexibility for early repayment.
Ideal for those who need additional support with upfront costs.
You can check out the current rates on both programs at https://www.oregon.gov/ohcs/homeownership/Pages/loan-programs.aspx
Eligibility and Property Requirements
The Oregon Bond Residential Loan Program is designed for first-time homebuyers, with certain exceptions for veterans and properties in targeted areas. It includes both site-built homes and manufactured homes, offering flexibility in the choice of property. A qualified homebuyer cannot have an annual gross household income that exceeds program limits.
For the purposes of the program, first-time homebuyer means you have not owned and occupied a primary residence at any time during the three-year period prior to the date you sign your mortgage and Note. This requirement is waived if the property being purchased is located in a “Targeted Area” and you have transferred any residential property previously owned prior to closing the loan.
Targeted Areas include all of Baker, Clatsop, Coos, Crook, Harney, Jefferson, Josephine, Klamath, Lake, Malheur, Union, Wallowa and Wheeler counties; cities (within the city limits) of Ashland, Milton-Freewater, Myrtle Creek, Port Orford, Silverton, Turner and Vernonia, and portions of Albany, Eugene, Medford and Portland.
Properties eligible for the Oregon Bond Residential Loan Program encompass a wide range, including newly constructed or pre-owned site-built houses, permanently affixed manufactured homes, condominiums, and units within Planned Unit Developments. These qualifying homes can be situated in any part of Oregon. The upper limit on purchase price is determined by the county and is influenced by whether the property is situated in a designated Target Area.
Strategic Realty’s Role in Your Journey
At Strategic Realty, LLC, we provide expert guidance on how these loan options can best suit your needs. Our experienced team offers:
- Expert Navigation: Helping you understand and navigate the complexities of these loan options.
- Customized Solutions: Tailoring our services to fit your unique situation and requirements.
- Seamless Experience: Ensuring a stress-free journey from consultation to closing.
This program aligns perfectly with our vision, offering paths to homeownership that are both accessible and empowering. Connect with us to explore how this program can be integrated into your real estate journey in Oregon.
For more information, visit our website at www.oregonbond.us, or contact us – your trusted partner in the quest for home ownership in Oregon.