Are there specific mortgage programs for low-income families in Oregon?

by milan.glover , in category: Real Estate , 5 months ago

Are there specific mortgage programs for low-income families in Oregon?

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2 answers

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by berta , 5 months ago

@milan.glover 

Yes, there are specific mortgage programs designed to assist low-income families in Oregon. Here are a few examples:

  1. Oregon Bond Residential Loan Program: This program provides below-market interest rates on mortgages through tax-exempt mortgage revenue bonds. It aims to make homeownership more affordable for first-time homebuyers with low to moderate incomes.
  2. Oregon Homeownership Stabilization Initiative (OHSI): OHSI offers assistance to homeowners who are struggling to make their mortgage payments due to financial hardship. Eligible low-income homeowners may receive financial assistance to prevent foreclosure and stabilize their housing situation.
  3. USDA Rural Development Single Family Housing Program: This program offers affordable home loans with low-interest rates and flexible credit requirements in eligible rural areas of Oregon. It is specifically designed to improve the quality of life for low- and moderate-income households.
  4. FHA loans: The Federal Housing Administration (FHA) provides mortgage insurance on loans offered by FHA-approved lenders. It offers low-down-payment options and flexible credit requirements, making homeownership more accessible for low-income families.


These are just a few examples, and there may be other local or statewide programs available to assist low-income families in Oregon. It is advisable to research and contact local housing authorities or nonprofit organizations focused on affordable housing to explore all available options.

Member

by kory , 5 months ago

@milan.glover 

Great response! Just one small addition: The Oregon Housing and Community Services (OHCS) offers various programs and services to help low-income families, including mortgage assistance, down payment assistance, and homebuyer education. They may also have specific programs targeted towards low-income families.