The Oregon State Bond CashAdvantage and RateAdvantage Home Loans are once again funded and active. This program offers qualified borrowers a choice between two different ways to increase their home purchasing power. With the CashAdvantage option, borrowers receive a low, fixed interest rate on their home loan, as well as cash assistance equal to 3% of their loan amount. Borrowers who choose the RateAdvantage option receive the lowest possible fixed rate (currently 3.875%).

The Oregon State Bond Residential Loan Programs are now active and searchable on HOWNW.com.

Source: PMAR.com

Many would-be buyers have mentally disqualified themselves, despite the great economic climate for buying a home, because they have heard it is so difficult to get a mortgage.  The fact is, with a 620 credit score and a 3.5 percent down payment (plus closing costs, in some cases), an FHA loan can finance the purchase of your home. 

 Start with the basics - get referrals to a local mortgage broker who can pull your credit score – the same ones the banks will look at – and let you know where you stand, as well as giving you some tasks to boost your score to where you need it to be, if it’s too low.  Don’t talk yourself out of even applying for a home loan; instead, get a professional’s opinion about your purchasing power and their help in getting yourself ready to buy.

The other big to-do list item is saving up  “cash to close” – the money you need for your down payment and closing costs.  Again, work with a real estate broker or agent and the mortgage broker or professional – local to your area – to help you figure out about what your target savings amount needs to be. Then, get started going through your last month’s bank account statements to see where you can eliminate expenses and direct those funds into savings, automatically and every paycheck, ideally. 

Source: Trulia