Fantastic Home Loan Programs Buyers Need To Know About

Listing some of the fantastic programs that help first-time homebuyers.

One of the most common questions I receive from first-time homebuyers is about what special loan programs are available to them. To help clear this up, today I’m sharing a few great programs my buyers use all the time. As a caveat, remember that I’m not a mortgage adviser, so if you want specific details on these programs, reach out, and I’ll send you in the direction of a great lender. 

The first program I would like to mention is the Oregon Bond program, which offers below-market interest rates or cash grants for closing costs. Secondly, there’s the MAP 100% Financing, which can be combined with the Oregon Bond program to offer you a 100% loan with no down payment and below-market interest rates. 

One of the most common obstacles first-time buyers face is saving up for a down payment. Fortunately, there are several down payment assistance programs in the area, including some in Portland, Beaverton, Gresham, and Clackamas, as well as statewide programs in both Washington and Oregon. 

“There are a lot of great loan programs for first-time homebuyers.”

Additionally, there are 100% conventional loan financing and 100% FHA loan financing programs for our veterans. You can combine a VA 100% loan program with the Oregon Bond, War Vet, or Oregon Department of Veteran Affairs VA Loan Benefit Program to get 100% financing and below-market interest rates, even for those with lower credit scores or credit challenges. Lastly, there are also programs called Home Ready and Home Possible, along with specialized loan programs that offer leniency on student debt, which are all worth looking into. 

Vince Kingston of Guild Mortgage put this list together, and I am thankful for his help. Plus, Guild Mortgage has a resource called the 3-2-1 program, which offers a 3% down payment, a $2,000 credit to Home Depot, and an additional credit between $1,000 to $2,500, depending on your income and property type.

If you’re interested in reaching out to Vince Kingston or any other lenders, let me know, and I can put you in touch. They’re the experts and will know how all these programs work as well as the details. Also, don’t hesitate to call or email me with any questions. I am always willing to help!