In a recent move by Oregon Housing and Community Services (OHCS), the path to homeownership in Oregon is looking wider for many. OHCS has funneled a hefty $163 million from a bond sale into its revamped Flex Lending program, rolling out two new loan products, FirstHome and NextStep. This initiative is set on increasing accessibility to stable housing and creating more opportunities, particularly for those who have historically been left on the fringes of the American Dream — homeownership.
According to a press release from Oregon Housing and Community Services, the agency's director of Homeownership, Keeble Giscombe, articulated the mission clearly, "FirstHome and NextStep continue OHCS’ mission of increasing access to stable housing by establishing more pathways to homeownership for traditionally underserved Oregonians, especially first-time homebuyers and veterans on low incomes." It seems that the state is taking a more hands-on approach to addressing the needs of its residents by not just building homes but also crafting solutions that cater to a wider spectrum of hopeful homeowners.
The FirstHome loan product is designed as a bridge for first-time homebuyers, veterans, and even previous homeowners with the catch of purchasing in targeted areas identified by the U.S. Census. It's a nuanced successor to the old Oregon Bond Residential Loan program, now offering mortgage loans at below-market interest rates.
The NextStep product treads a similar path but drops the first-time buyer condition and introduces more lenient qualification requirements. The income ceiling for this loan is $125,000. However, in both cases, homebuyers are to work with OHCS-approved lenders. For the first-timers, there's a mandatory education class on homeownership to attend, which is offered through a network of certified counselors in the state.
