Finance
A first-time Oregon homebuyer hears about 'below market rate' first mortgage programs. Oregon's first-time homebuyer programs often include:
AFree mortgages with no repayment required
BBelow-market interest rates combined with down payment assistance through OHCS programs✓ Correct
CDirect loans from the Oregon Real Estate Agency
DMortgage guarantees available only through Oregon state banks
Explanation
Oregon Housing and Community Services (OHCS) offers first-time homebuyer programs combining below-market first mortgages (Oregon Bond Residential Loan) with optional down payment assistance grants or second mortgages. These programs help qualifying buyers purchase homes with lower monthly payments and reduced upfront costs.
People Also Study
Related Oregon Questions
- Oregon Housing and Community Services (OHCS) provides:Finance
- An Oregon homebuyer wants to use an Oregon Bond Residential Loan. This program is administered by:Finance
- A buyer purchases a $400,000 home with a 5% down payment. The lender requires PMI at an annual rate of 0.85% of the loan amount. What is the monthly PMI cost?Real Estate Math
- A 6% mortgage on a $250,000 loan has a monthly payment of $1,498.88. After the first payment, what is the remaining loan balance?Real Estate Math
- A $400,000 mortgage at 7% annual interest for 30 years has a monthly payment of $2,661.21. After the second payment, what is the approximate remaining loan balance?Real Estate Math
- Oregon's 'Homebuyer Education' program requires first-time buyers using certain state programs to:Finance
- What is the function of the Oregon Housing and Community Services (OHCS) agency?Finance
- An Oregon buyer's monthly income is $7,500. Their existing monthly debts (car, student loan) total $600. The lender allows a maximum back-end DTI of 43%. What is the maximum monthly mortgage payment (PITI)?Real Estate Math
Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Math Concepts
Study This Topic
Practice More Oregon Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Oregon Quiz →