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Oregon Bond Loan: First Time Homebuyer Program
Oregon Housing and Community Services
Program Term Sheet
Oregon Housing and Community Services | Oregon Bond Program | (503) 986-2000 | Revised 5/6/2016
Program Sponsor
Oregon Bond
Participating Lenders
Currently not accepting new lenders.
Program Overview
The Program is designed to increase homeownership opportunities for low-to-moderate income, first time
home buyers.
Mortgage Loan Types and
Terms
• 30 year fixed with full amortization, 80% LTV max
• FHA; in accordance with FHA guidelines
• USDA; in accordance with USDA guidelines
• Fannie and Freddie guidelines apply to all loans purchased by Oregon Bond.
Borrower Eligibility
Borrower must meet the following requirements:
• Occupy the residence as their primary residence; non-occupant co-borrowers are not
allowed
• Cannot have owned a home in the last 3 years unless purchasing in a target area.
• Must meet Fannie Mae and Freddie Mac guidelines and be approved and funded with
lender/servicer
• Cannot exceed program income limits
Maximum Loan
Amount
Cannot exceed property purchase price limits
Reservations
Online reservation system is here: https://egov.hcs.state.or.us/reser/login.jsp
Program Manger shall publish the Mortgage Rate on its Reservation Portal.
The published Mortgage Rate is subject to change at any time.
Participating Lender shall register Qualifying Mortgage Loans using the Reservation Portal.
Purchase agreements should be e-mailed to: hcs.Reservati[email protected]
For access to the Reservation Portal, a Lender needs to fill out the Loan Officer Application Form.
Modifications to a reservation will require approval.
Reservation locks are valid for 90 days.
A 90 day lock extension is allowed, any more will need approval by Program Manager.
Lender may cancel the loan registration via the Reservation Portal, which will provide electronic
confirmation of cancellation to lenders.
If a Lender cancels a loan, lenders may re-register the loan only after 30 calendar days from cancellation
date via the Reservation Portal.
Lender automatically reserves fund for Cash Advantage and Rate Advantage programs at the time of loan
registration via the Reservation Portal