Buying your first home is an exciting milestone, and if you’re considering purchasing a home in Bend, Oregon, you’ll be pleased to know that there are several local programs and incentives designed to support first-time homebuyers. As an independent real estate professional familiar with Bend’s market, I’m here to provide you with valuable information about these programs.
**1. Oregon Bond Residential Loan Program:
- The Oregon Bond Residential Loan Program offers first-time homebuyers below-market interest rates on mortgages. This program aims to make homeownership more affordable.
- Income limits apply, and the property you purchase must meet certain price limits. It’s an excellent option for those looking to save on interest over the life of their mortgage.
2. Bend Affordable Housing Program:
- The Bend Affordable Housing Program provides financial assistance to eligible first-time homebuyers in the form of down payment assistance loans.
- To qualify, you must meet income requirements and agree to live in the property as your primary residence. This program is a great way to make homeownership in Bend more attainable.
3. USDA Rural Development Loan:
- While not exclusive to first-time buyers, the USDA Rural Development Loan is a fantastic option for those looking to purchase a home in eligible rural areas around Bend.
- This program offers 100% financing, meaning no down payment is required, and competitive interest rates.
4. FHA Loans:
- The Federal Housing Administration (FHA) offers loans that are accessible to first-time buyers with lower credit scores and down payment requirements compared to conventional loans.
- FHA loans can be an excellent choice for buyers with limited savings for a down payment.
5. Homebuyer Education Programs:
- In Bend, there are various homebuyer education programs that offer workshops, counseling, and resources to help first-time buyers navigate the homebuying process.
- These programs provide valuable information on budgeting, credit, and the responsibilities of homeownership.
6. Down Payment Assistance Programs:
- Some local organizations and nonprofits offer down payment assistance grants or loans to first-time homebuyers in Bend.
- These programs can help cover part or all of the required down payment, making it easier to purchase a home.
7. Mortgage Credit Certificates (MCCs):
- MCCs are tax credits that can reduce a first-time homebuyer’s federal income tax liability. They are available to eligible buyers in Bend.
- By reducing your tax liability, MCCs can free up more funds for your mortgage payments.
8. Veteran Affairs (VA) Loans:
- If you’re a military veteran, the VA loan program offers favorable terms, including no down payment and competitive interest rates.
- VA loans are a valuable option for eligible veterans looking to purchase a home in Bend.
It’s important to note that each program has its eligibility criteria, requirements, and application processes. As a first-time homebuyer in Bend, it’s advisable to work with a knowledgeable local Realtor who can guide you through these programs and help you determine which one aligns with your financial situation and homeownership goals.
Bend’s first-time homebuyer programs are designed to make the dream of homeownership a reality. By exploring these options and seeking guidance from a Realtor experienced in Bend’s real estate market, you can take confident steps toward owning your first home in this beautiful city.
