1st Time Home Buyers

Eugene Oregon First Time Home Buyer Loans

If you’re a first time home buyer in Eugene Oregon, you’re preparing to purchase a home in one of the most beautiful states in the nation. But you’ll need a mortgage loan to finance your home purchase, and for this, you’ll need to get in touch with a Eugene mortgage broker. We can help you understand and complete this process.

Eugene OR First Time Home Buyer Information

This can be a little intimidating so if you’re not sure where to begin, start by calling us or Applying Online. Please review our First Time Home Buyers Checklist. It will help you understand the steps involved in the Eugene OR mortgage process. Listed are some of the more important steps that will be involved in this process.

Determine what you can afford.

It’s important not take out a loan that does not fit in your budget or income to repay. We can help you to review your financial situation to make sure you’re ready to purchase a home before moving forward.

Establishing a strong credit score can be very beneficial.

If you don’t have strong credit, you won’t get the best loans available. We are experts in helping improve your credit score so you can take advantage of the best home loans Eugene may have available in today’s market.

We can evaluate different Eugene mortgage loan types in the marketplace.

Different mortgage types offer different advantages; we will help you determine which loan will best fit within your current financial situation and long term goals.

Get pre-approved by calling us or applying online.

Most first time home buyers don’t feel that this step is essential, but it is. Becoming pre-approved will assure you that, barring some unforeseen financial event, you will receive the best Eugene mortgage loan you need to purchase your new home.

These 5 steps are essential to the first time home buyer in Eugene. To get started with the first step, analyze your financial situation. Use these mortgage calculators to help you with this. Or simply call us and we would be glad to walk you through the process.

 

Below are some First time Homebuyer assistance programs in Oregon available for both Eugene and Springfield Oregon Home Buyers

HAP Program (Homebuyers Assistance Program)

The City of Eugene launched its Home buyer Assistance Program (HAP) in July 1998

Program Description

Eugene’s HAP Program is available to low-income residents that are purchasing a home in Eugene Oregon. The City of Eugene program offers up to $10,000 to help with the down payment and other costs related to the purchase home in Eugene, OR . We can help determine if there are any minimum contribution requirements that might apply.

HAP loans are interest-free and no payments are made until the borrower sells or no longer occupies the home. HAP loans are funded from a grant from the Department of Housing & Urban Development (HUD) and are reserved on a “first come, first served” basis.

Requirement of the Home

The house must be within the Eugene city limits.

Must be buyer’s principal residence.

The sales price and value of the house, after any needed or required repairs, must not exceed $260,839.

At the time the house is listed for sale, it must be vacant or occupied by either the seller or buyer (as a renter).

The home must meet the minimum “Housing Quality Standards” (determined by HUD).

A condominium, Townhouse or manufactured home may qualify for HAP assistance; Call Us or Apply Online for more information.

Before HAP funds can be distributed the home must pass a visual inspection of interior and exterior paint. To meet HAP program requirements, paint must be smooth and intact (not pealing or flaking).

Eligibility:

A first-time home buyer is determined if you have not owned your primary residence within the past 3 years.

Must be pre-qualified for a Eugene home loan by a lending institution (bank, credit union, mortgage company, etc). Call us about other qualification requirements.

You must complete an approved home ownership preparation program, such as the ABC’s of Home buying administered by the Neighborhood Economic Development Corporation (NEDCO). Contact Us about available classes.

Your total annual household income meets the allowable amount listed below:

2009 Household Income
Household Size Income Limits
1 $32,050
2 $36,600
3 $41,200
4 $45,750
5 $49,400
6 $53,050

SHOP Program (Springfield Home Ownership Program)

This program is a no-interest loan that does not have to be paid back until your house is sold or refinanced, this can be a fantastic program for individuals who qualify!

The Springfield Home Ownership Program (SHOP) was created to encourage home ownership in Springfield Oregon by assisting low-income residents with there first-time home purchase.

The City of Springfield OR program offers up to $10,000 to help with the down payment and other costs related to the purchase of a qualified home in Springfield Oregon. We can help determine if there are any minimum requirements that might apply.

This program offers an interest-free loan and repayment is not required until the home is sold, refinanced or ownership is transferred.

Contributions by the buyer of at least $1,500 of his/her own funds toward the purchase of the home are required.

The SHOP program is funded through a grant by the U.S. Department of Housing and Urban Development (HUD).

For more details regarding the terms and conditions about the SHOP loan program, please contact us or apply online.

To get started with SHOP call us or apply online to see how easy it is to get started, and how to register for the required homebuyer course.

The SHOP funds are limited, and are reserved on a first-come, first-served basis. For more information about the SHOP, please contact us or the Springfield Housing Programs.

View and print the latest SHOP Brochure

HOPE Program

HCS is designed to help low to moderate-income families in Eugene Oregon buy their first home by providing below-market rate Eugene home loan rates and cash assistance through its Eugene Residential Loan Program. The program’s discounted Eugene mortgage rate helps eligible families increase their home purchasing power and lowers their monthly house payments.

Eligible borrowers will have two options to choose between – Cash Advantage Home Loan or Rate Advantage Home Loan.

With Cash Advantage (call us regarding availability) borrowers will receive 3 percent of the loan amount as a cash grant to use for down payment or closing costs, plus a home loan at a 5.00 percent interest rate.

Under Rate Advantage, borrowers do not receive any cash, but instead get a loan at the state’s best rate of 3.875 percent. The low fixed rate maximizes borrowers’ buying power.

1st Time Home Buyers Checklist

The Steps in the Home Purchase Mortgage Process First time home buyers are different in only one way from other purchasers; they have never bought a home before. The home purchase process can seem complicated and confusing for buyers who have never been through it, and this can create unnecessary stress. First time home buyers …

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