I am excited to announce I am now able to offer the State of Oregon’s FLEX Loan.
This allows 0% down purchases in all of Oregon, without costing an arm and a leg like other $0 programs. This is ran by Oregon Housing and Community Services and is an affordable housing program that actually helps.
Here are some main criteria and notes:
Max Qualifying Income- $125,000. The kicker with this is we can EXCLUDE other household members if needed. Only the income needed to qualify on the loan counts toward the limit. Zero down payment needed out of pocket.
Co- Signors, and non Occupying borrowers are allowed!
This works for Conventional, FHA, VA, and USDA loans.
NO ADDED HOME COST LIMITS! The only limits are the standard Conventional, FHA, VA, and USDA limits. VA and USDA already offer Zero percent down, but this can still be used for one off scecnarios.
THERE IS NO RECAPTURE TAX!!!!- With other State and Federal programs there is a future tax on the equity. This is not true for this program. All home equity is yours when you sell.
Your down payment is applied as a second loan, the terms vary depending on your income (the lower the more favorable) but WORST case scenario is a ten year second at 1% higher than the note rate on your first mortgage. Below are the terms for Deschutes County, and Crook County. There are even more beneficial terms for certain scenarios, but as a generic scenario based only on the income see below.
Deschutes County:
Income Below $83,520 a year- 20 Year Term 0% Interest Silent Second which starts to get forgiven after year 5, fully forgiven at year 20.
Income From $83,520 a year- $125,000 A year 20 Year fully amortizing second loan. Rate is 1% higher than note rate.
Crook County:
Income Below $68,560 a year- 20 Year Term 0% Interest Silent Second which starts to get forgiven after year 5, fully forgiven at year 20.
Income From $68,560 a year- $102,840 A year 20 Year fully amortizing second loan. Rate is 1% higher than note rate.
Income From $102,840 a year- $125,000 A year 10 Year fully amortizing second loan. Rate is 1% higher than note rate.
Please call me today with more questions! This is an amazing program that only a few of us are lucky enough to offer on the State of Oregon’s behalf.
Current Rates are AVAILABLE HERE
