Home Sweet Home

First time home owners are you looking for your first “Home Sweet Home”? The Oregon Bankers Association in conjunction with the Oregon Association of Realtors® has put together a program to assist first time home buyers in obtaining their first “Home Sweet Home”. The program is focused on providing homeownership opportunities for low and moderate income Oregonians earning less than or equal to 100% of the area median income.


To get started the first time home buyer must be working with a lender who is a member of the Oregon Bankers Association and a Realtor® who is a member of the Oregon Association of Realtors®. To help the first time home buyer your lender can make available to you a $2,000 grant for your down payment and/or closing costs, along with matching assistance from your lender or other qualified sources valued at a minimum of $500.


ELIGIBLE BORROWERS

To be eligible for a $2,000 grant you must:

• Be qualified as a first‐time homebuyer.

• Occupy the property you purchase as your principle residence.

• Not have household income over 100% of the area median income in the county where you purchase your home. Median income varies by county, so ask your lender for information on specific limits.

• Have no major credit obstacles.

• Have no more than $10,000 in liquid assets left after loan closing.

• Successfully complete an approved homebuyer education course.

• Be a legal Oregon resident or be pursuing permanent residency.


ELIGIBLE PROPERTIES

Eligible properties include any new or existing single‐family residences located in the State of Oregon, including site‐built homes, condominiums, townhouses and manufactured homes. Properties must meet quality standards required to qualify for a mortgage loan.


TYPES OF LOANS

The following types of loans may be used in conjunction with a HOME Sweet Home

Program grant: 􀁹 FHA 􀁹 Conventional

State Bond 􀁹 Rural Development 􀁹 VA


AMOUNT OF ASSISTANCE

In addition to the $2,000 grant, your lender will help you determine the type and amount of additional assistance from other sources that fits your needs and budget.


HOMEBUYER EDUCATION

Successful completion of an approved homebuyer education course is required to be eligible for assistance through this program. If you have not completed such a program, please contact your lender or visit www.oregonbond.us/OHCS/SFF_Homebuying_First_Time_Homebuyer_Training.shtml to learn about upcoming classes in your area.


ELIGIBLE LENDERS

All banks in Oregon that are members of the Oregon Bankers Association are considered
eligible lenders. A list of OBA member institutions can be found at http://www.oregonbankers.com/members/bank‐members/list/ . Qualified homebuyers must obtain financing through an eligible bank in order to access the HOME Sweet Home funds and must be a working with a REALTOR® in good standing.


Visit your bank to inquire about accessing the HOME Sweet Home Program.