OHCS Rate Advantage USDA Loan Targeted
Best For: First Time Homebuyers, Lowest Rates, Zero Down
Oregon Housing USDA program for targeted rural Oregon areas featuring below market interest rates.
This loan program is not available in USA
Program Description
30-year fixed rate USDA mortgage from Oregon Housing for first time homebuyers or exempt veterans purchasing a home in a targeted rural area. This loan option offers below market interest rates and 100% financing, but has strict purchase price and income limits that vary by county. The property must be located in a designated USDA eligible area of Oregon that is also a targeted area. Check with an RMM PROLender to verify your property is in a targeted area.
Tags
Do you match this loan?
Our loanSMART system will tell you if this loan program is a good fit your scenario.
OHCS Rate Advantage USDA Loan Targeted
Min. Credit Score
600
Min. Down Payment
0%
Max Loan Amount
$726,200
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 below market interest rates
- Allows up to 50% DTI (Debt-to-Income)
- Also available for manufactured homes
- Available in targeted areas (certain counties, cities and census tracts)
- Income limit and purchase price restrictions apply
- Only available for 1-unit primary residences
- Restricted to USDA rural areas only
- USDA funding and annual fees apply
Program Availability
OHCS Rate Advantage USDA 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.
Talk to an Expert
An RMM PROLender can help you see if this or a different loan program is the right fit for your unique situation. Get Started.
“This USDA option from Oregon Housing for targeted areas has great rates and 100% financing, 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
$103,500 - $122,500
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.
Buying a Home?
Answer a few short questions and we'll build you a custom list of home loan program options. You're homeownership journey is in good hands.
Key Features
- USDA loan program from Oregon Housing for targeted rural areas
- Offers below market interest rates
- Must be a first time homebuyer or exempt 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)
- Homebuyer education is required only for first time homebuyer(s), including co-borrower(s)
- 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.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: USDA Gurantee Fee
The USDA loan program requires the borrower to pay a funding fee called the "Upfront Guarantee Fee" that is equal to 1.00% of the loan amount and can be financed into the loan.
Type: USDA Annual Fee
The USDA loan charges an annual fee based on the total remaining balance of the mortgage at a .35% rate.
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 Rate Advantage USDA Loan
Best For: First Time Homebuyers, Lowest Rates, Zero Down
Oregon Housing USDA program for first time homebuyers or exempt veterans in rural Oregon areas featuring below market interest rates.
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.
Related Resources
First Time Homebuyer Guide
Being a first-time homebuyer has its fair share of challenges. One of your biggest obstacles will be competing against other new or seasoned buyers. While bidding wars have tapered since the previous buying season, they can still occur.
Read More
2023 USDA Loan Guide
The U.S. Department of Agriculture is a complex, multifaceted entity that wears multiple hats. Under this umbrella is Rural Development, an agency part of USDA with the ultimate goal to help improve the economy and quality of life for Americans living in rural communities.
Read More
2023 Credit Score Guide and Tips for Improvement
Many borrowers often misunderstand what all goes into calculating a consumer’s credit score, focusing on the negatives such as delinquent payments and collection accounts. Let’s dive in and look at factors that impact your FICO credit score, how lenders factor your credit score into your mortgage rate, and ways to improve your credit score before you submit your mortgage application.
Read More
The Power of a Mortgage Review: Trusting a PRO Lender on ReviewMyMortgage
Explore the benefits of a mortgage review with a trusted PRO Lender on ReviewMyMortgage.com. Learn how you can save money, uncover refinancing opportunities, access expert knowledge, stay informed about market trends, and take advantage of the platform's user-friendly loanSMART dashboard. Secure your financial future by signing up for a free account on reviewmymortgage.com today.
Read MoreVisit our Mortgage Education Center for more resources.
* 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
Mortgage Program by:
ReviewMyMortgage.com is in no way affiliated with the companies or institutions listed here.
Start Your Journey
Whether your are buying a new home, or refinancing your current home loan, let the experts at Review My Mortgage guide you on your homeownership journey.
Are you a mortgage professional?
Learn about our unique sponsorships, including RMM PROLender, that can take your production to the next level.
Get in Touch