OHCS Rate Advantage FHA Loan Targeted
Best For: First Time Homebuyers, Low Down Payments, Low Credit Scores, Lowest Rates
Oregon Housing FHA program for targeted areas featuring below market interest rates and easy qualification.
Program Description
30-year fixed rate FHA insured mortgage from Oregon Housing for first time homebuyers or exempt veterans purchasing a home in a targeted area. This government loan option offers below market interest rates and a low credit score requirement but has purchase price and income limits that vary by county (limits which are significantly higher than the non-targeted programs). Check with an RMM PROLender to verify your property is in a targeted area.
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OHCS Rate 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 below market interest rates
- 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
Program Availability
OHCS Rate 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 has great rates and higher income and purchase price limits than the non-targeted programs."
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; higher purchase price and income limits
- Offers below market interest rates
- 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)
- 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.
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 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.
OHCS Rate Advantage Conventional Loan Targeted
Best For: Flexible Terms, First Time Homebuyers, Low Credit Scores, Lowest Rates
Oregon Housing Conventional program for targeted areas 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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