OHCS Cash Advantage FHA Loan Targeted
Best For: First Time Homebuyers, Low Down Payments, Low Credit Scores
Oregon Housing FHA program for first time homebuyers in targeted areas featuring a 3% credit towards closing costs and easy qualification.
This loan program is not available in Merriam, KS
Program Description
30-year fixed rate FHA insured mortgage for targeted areas from Oregon Housing for first time homebuyers or exempt veterans. This government loan option offers a 3% credit that can be used towards closing costs in exchange for the borrower accepting a higher interest rate. The program also features a low credit score requirement, but has strict purchase price and income limits that vary by county.
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OHCS Cash Advantage FHA Loan Targeted
Min. Credit Score
580
Min. Down Payment
3.5%
Max Loan Amount
$472,030 - $672,750
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Standalone program with 3% credit included (no 2nd mortgage)
- Available in targeted areas (certain counties, cities and census tracts)
- Easier to qualify for than other Oregon Housing programs
- Also available for manufactured homes
- Income limit and purchase price restrictions apply (higher than non-targeted areas)
- Only available for 1-unit primary residences
- Requires UFMIP (Upfront Mortgage Insurance Premium)
- Mortgage Insurance (MIP) is required for the life of the loan
- Higher rates than the OHCS Rate Advantage Program
Program Availability
OHCS Cash Advantage FHA Loan Targeteds are available in 1 state.
*Limited Availability: For targeted areas only, and not available in Oregon Counties without them. In some cases, the entire county is considered targeted and in others, only certain cities or census tracts are targeted.
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“This FHA loan option from Oregon Housing for targeted areas helps homebuyers defray their closing costs, but is subject to considerable income and purchase price restrictions."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
50.00%
Purchase Price Limit
$427,198 - $607,266
Income Limit
$127,800
Annual Household (1-2) Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- FHA loan for targeted Oregon areas; easier qualification than other options
- Offers a 3% credit that can be used towards closing costs
- Must be a first time homebuyer or veteran
Additional Conditions
- Veteran's Exemption: Eligible Veterans with proof of active duty and honorable discharge via Form DD214 may be exempt from the first time homebuyer requirement
- Can be combined with other down payment assistance programs (non-OHCS)
- Cash back to borrower(s) at closing is prohibited
- Co-signer(s) not permitted
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class may be required for this loan program.
Class Name: NeighborWorks Homebuyer Education Class or Other
Homebuyer education is required only for first time homebuyers, including co-borrowers. Education must be completed through an OHCS Homeownership Center, which can be found on the OHCS website.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
Required On All FHA Loans
Type: Annual Mortgage Insurance Premium (MIP)This FHA program requires the Annual Mortgage Insurance Premium (MIP) regardless of the amount of your down payment or home equity.
Type: FHA UFMIP
The FHA Up Front Mortgage Insurance Premium (UFMIP) is a one-time fee equal to 1.75% of your loan amount. This fee can either be paid at closing or financed into your loan amount.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
OHCS Flex Lending Conventional - Low Income
Best For: First Time Homebuyers, Large Down Payments, Low Credit Scores
Oregon Housing Conventional Loan for Low Income Oregon Residents that can be paired with OHSC's Flex Lending Down Payment Assistance (DPA).
OHCS Rate Advantage Conventional Loan
Best For: Flexible Terms, First Time Homebuyers, Low Credit Scores, Lowest Rates
Oregon Housing Conventional program for first time homebuyers featuring below market interest rates and no mortgage insurance.
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* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
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