OHCS Flex Lending USDA Loan
Best For: First Time Homebuyers, Zero Down
Oregon Housing USDA program that can be paired with OHSC's Flex Lending Down Payment Assistance (DPA).
Program Description
30-year fixed rate USDA mortgage from Oregon Housing that can be paired with OHSC's Flex Lending Down Payment Assistance (DPA), which provides up to 5% in down payment and closing cost assistance. This program is available to first time and repeat Oregon homebuyers.The property must be located in a designated USDA eligible area of Oregon.
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OHCS Flex Lending USDA Loan
Min. Credit Score
620
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
- Can be combined with up to 5% in assistance
- Allows up to 50% DTI (Debt-to-Income)
- Also available for manufactured homes
- 100% financing (no down payment required)
- Income limit restrictions apply
- Only available for 1-unit primary residences
- Restricted to USDA areas only
- USDA funding and annual fees apply
Program Availability
OHCS Flex Lending USDA Loans are available in 1 state.
*Limited Availability: Properties must be located in a USDA-designated Oregon rural area.
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“This USDA loan option from Oregon Housing can be combined with up to 5% in down payment and closing cost assistance"
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
No Limits
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.
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Key Features
- USDA loan program from Oregon Housing for rural areas
- Can be combined with OHSC's Flex Lending Down Payment Assistance (DPA)
- No first time homebuyer requirement
Additional Conditions
- Can be combined with other down payment assistance programs (non-OHCS)
- No minimum borrower investment required
- Non-occupying co-borrower(s) and cosigner(s) allowed
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.
Grants, Bonds & 2nd Mortgages
There are certain programs that can be combined with this OHCS Flex Lending USDA program to help cover all or a portion of your down payment and closing costs, or provide additional borrower benefits.
OHCS Flex Lending DPA - Silent Second
|OHCS Flex Lending USDAThe Oregon Housing Flex Lending DPA program provides up to 4% in down payment assistance in the form of a deferred payment, forgivable mortgage.
Max. Loan Amount
$726,200
Min. Credit Score
620
Min. Down Payment:
0%
OHCS Flex Lending DPA - Standard
|OHCS Flex Lending USDAThe Oregon Housing Flex Lending DPA program provides up to 4% in down payment assistance in the form of a standard second mortgage.
Max. Loan Amount
$726,200
Min. Credit Score
620
Min. Down Payment:
0%
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 Cash Advantage USDA Loan
Best For: First Time Homebuyers, Zero Down
Oregon Housing USDA program for first time homebuyers or exempt veterans in rural Oregon areas featuring a 3% credit towards closing costs.
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.
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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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