Oregon Bond Program for Homebuyers | GO Mortgage

If you’re a first-time homebuyer in Oregon, navigating the path to homeownership can feel overwhelming, especially when it comes to affordability. 

Fortunately, Oregon offers special loan programs designed to make buying a home more achievable. 

Through the Oregon Bond Residential Loan Program, qualified borrowers can access competitive mortgage options that help reduce monthly payments and upfront costs.

This guide explains how these programs work, who qualifies, and how GO Mortgage can help you get started with the right loan solution.

What is the Oregon Bond Residential Loan Program?

Oregon Housing and Community Services administers the Oregon Bond Residential Loan Program, a tax-exempt bond initiative offered through approved lenders. 

This program offers low- and moderate-income homebuyers competitive interest rates, along with the option of either a fixed-rate loan or a 3% cash grant to help offset closing costs.

The program includes two distinct options:

• Rate Advantage Program
• Cash Advantage Program

Both are available through approved lenders, such as GO Mortgage, and can be used in combination with eligible loan types, including FHA, USDA, and conventional loans. 

These programs are especially popular with first-time homebuyers, though repeat buyers may also qualify under specific conditions.

How does the Rate Advantage program work?

The Rate Advantage Program provides borrowers with access to below-market fixed interest rates, which can significantly reduce monthly mortgage payments over time. 

The goal is to make homeownership more accessible and affordable by reducing the long-term cost of borrowing.

Here’s what you need to know:

• Available to eligible buyers purchasing a primary residence in Oregon
• Can be combined with low down payment options, as little as 3% down
• Works with FHA, USDA, and conventional loans
• No first-time buyer education course required (though it is encouraged)

Lower interest rates mean greater purchasing power, especially in competitive markets. 

Over the life of the loan, even a small drop in your interest rate can result in thousands of dollars in savings.

What are the benefits of the Cash Advantage program?

If you’re more concerned with covering upfront expenses, such as closing costs, the Cash Advantage Program may be the better fit. 

This program offers:

• A low fixed interest rate, slightly higher than the Rate Advantage
• A 3% cash grant to be used toward closing costs or prepaid items
• No repayment required on the grant amount
• Available for qualifying FHA and conventional loans

This grant can be especially helpful for buyers who have saved for a down payment but may be short on cash to cover final transaction costs. 

In reducing the amount of money required at closing, Cash Advantage makes the entire homebuying process more accessible.

Who qualifies for these Oregon Bond programs?

To be eligible for either the Rate Advantage or Cash Advantage programs, buyers must meet certain criteria:

• Must purchase a home located in Oregon
• The home must serve as your primary residence
• Household income must not exceed the county-specific limit, which varies according to family size and local area designations.
• Purchase price limits apply and differ by location
• Buyer must be creditworthy and meet lender underwriting standards

First-time homebuyers are strongly encouraged to apply, though non-first-time buyers may also qualify in targeted areas or under specific exceptions. You can view current income and purchase price limits by county on the Oregon Housing and Community Services website.

Want to see if you qualify now? Start your pre-approval with GO Mortgage and find out in just a few steps.

Are there any income or purchase price limits?

Yes. Both Oregon Bond programs are designed to serve homebuyers within specific income and purchase price ranges. 

These vary based on:

• The county where the home is located
• The number of people in the household
• The type of property (single-family, duplex, etc.)

As of 2025, typical income limits range from $90,000 to $130,000, and purchase price caps generally fall between $400,000 and $550,000, depending on the region. 

However, these numbers are updated annually, so it’s best to verify your eligibility with an approved lender or the state website.

What are the first steps to apply?

Ready to explore your options? Here’s how to get started:

1. Get pre-approved: Pre-approval gives you a clear picture of what you can afford and whether you qualify for one of the bond programs. Use our pre-approval tool to get started online.
2. Connect with a GO Mortgage loan advisor: We’ll walk you through the requirements for each program, calculate your potential monthly payment, and help you choose the option that fits your goals.
3. Find a home within program guidelines: We’ll ensure the home you’re purchasing falls within the designated price limits and meets all other criteria.
4. Complete your application and lock in your rate: Once you’ve chosen your program, we’ll lock in your below-market rate or apply the 3% grant toward your closing costs.

Learn more about the homebuying journey with our step-by-step guide.

Final thoughts: Make homeownership in Oregon affordable

The Oregon Bond Residential Loan Program can be a game-changer for first-time buyers and anyone struggling to break into the housing market. 

Whether you’re hoping to reduce your monthly mortgage payment or need help with upfront costs, the Rate Advantage and Cash Advantage programs offer valuable financial assistance.

GO Mortgage is proud to be an approved lender for the Oregon Bond program, and we’re here to help you take advantage of every tool available to make your homeownership dreams a reality.

Let’s find the right fit for your goals. Connect with a GO Mortgage advisor today to explore affordable mortgage options and take the first step toward your new home in Oregon.