The Oregon Cash Advantage Program provides down payment and closing cost assistance to help eligible homebuyers reduce upfront expenses and achieve homeownership.
Oregon Cash Advantage Program
The Oregon Cash Advantage Program, offered by Oregon Housing and Community Services (OHCS), is designed to provide financial assistance to homebuyers for down payments and closing costs. This program helps eligible residents reduce the upfront costs of purchasing a home, making homeownership more accessible across Oregon.
Benefits
Offers up to 3% of the loan amount in financial assistance for down payments and closing costs, reducing upfront expenses.
Assistance is provided as a non-repayable grant, ensuring no additional financial burden for homebuyers.
Available to first-time and repeat homebuyers who meet program eligibility criteria.
Can be paired with the Oregon Bond Residential Loan Program for affordable mortgage options.
Encourages stable housing and long-term equity building for low- and moderate-income households.
Eligibility Requirements
Applicants must meet income limits, which vary based on household size and property location within Oregon.
The property must be located in Oregon and used as the buyer’s primary residence.
A minimum credit score of 640 is typically required, with lender-specific underwriting criteria also applicable.
Participants must work with an OHCS-approved lender to access program benefits.
Completion of an OHCS-approved homebuyer education course is required to prepare for the responsibilities of owning a home.
Additional Information
The Oregon Cash Advantage Program is a valuable tool for homebuyers seeking to minimize upfront financial barriers and secure stable housing. By offering non-repayable financial assistance, the program empowers eligible buyers to achieve homeownership and build long-term equity. Administered by Oregon Housing and Community Services, this initiative supports sustainable homeownership and strengthens communities throughout the state.
Oregon Cash Advantage Program FAQ
What is the Oregon Cash Advantage Program?
The Oregon Cash Advantage Program provides down payment and closing cost assistance to eligible homebuyers as part of the Oregon Bond Residential Loan Program.
Who qualifies for the Cash Advantage Program?
Eligibility is open to first-time homebuyers or those who have not owned a home in the past three years. Buyers must meet income, credit, and property requirements and use the home as their primary residence.
How much assistance does the Cash Advantage Program provide?
The program offers cash assistance of up to 3% of the loan amount to help cover down payment and closing costs.
Is the cash assistance a loan or a grant?
The assistance is structured as a non-repayable grant, meaning buyers are not required to repay the funds as long as they meet program requirements.
What is the minimum credit score required for the program?
A minimum credit score of 640 is typically required, although higher scores may improve eligibility and loan terms.
Are there income limits for the Cash Advantage Program?
Yes, income limits apply and vary by household size and property location. These limits are updated annually to reflect current market conditions.
What types of properties are eligible for the program?
Eligible properties include single-family homes, condominiums, and townhouses. Manufactured homes may also qualify if they meet program requirements and are permanently affixed to a foundation.
Can the program be used to refinance an existing home?
No, the Cash Advantage Program is designed specifically for purchasing a primary residence and does not apply to refinancing.
Are there reserve requirements for the program?
No specific reserve requirements are imposed, but having financial reserves may strengthen an applicant’s overall loan profile.
Are there location restrictions for the program?
Yes, the property must be located in Oregon, and additional guidelines may apply depending on whether the home is in a targeted or non-targeted area.
What are the benefits of the Cash Advantage Program?
The program provides non-repayable cash assistance, affordable mortgage rates, and access to homebuyer education, making homeownership more achievable.
How do I apply for the Cash Advantage Program?
Applicants must meet eligibility requirements and work with a program-approved lender who will guide them through the application process.
What is the loan term for the Cash Advantage Program?
The program offers a 30-year fixed-rate mortgage, providing long-term stability and predictable monthly payments for homebuyers.
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