Where To Find Below Market Mortgage Rates in 2 Steps

There are subsidized loan programs that can save you money on your downpayment or lowering mortgage rates below the market rate. You’ll have a lower monthly payment and less interest payment over the length of your loan by using some of these programs.

Many of these loan programs are available through your city, county and/or state. Sometimes, it’s at a federal level like the 2008-2009 Homebuyer’s Tax Credit ($7500 and $8000). Locally available loan programs are typically limited and you need to meet certain qualifications. It is very important to find loan officers who have these programs available in their companies. Otherwise, you may not hear about it because the profit margins might be smaller than widely known loan programs.

The biggest challenge for First-Time Buyers is the initial savings for downpayment and closing costs. Make sure to research all available programs and compare to find the best suited loan program for your situation. It will save you money and set you apart to have a great start for your first home ownership.

Also, privately/conventionally offered “assistance programs” might look attractive, but those can be similar to predatory lending. So, get multiple loan estimates from different lenders, ask questions and fully understand before committing to a loan. If things don’t line up well, be ready to walk away.

If you are in Oregon, contact me and I’d be happy to connect you to loan officers who handle some of these programs.

Where To Find Below Market Mortgage in 2 Steps

Search the following keywords:

(Your State) First-time homebuyers (Oregon)
(Your City) first-time homebuyers (Portland)
(Your County) first-time homebuyers (Clackamas County)
Go to https://www.hud.gov/states, pick your state and search “home buying” in your state home page.

2. Other Keyword to search: Homeownership assistance, home buying assistance, downpayment assistance.

Avoid all Sponsored (paid) links, .com sites. Stick to .GOV and .ORG sites. You’ll have better luck finding these programs.

More links for Oregon Home Buyers

Oregon Down Payment Assistance: https://www.oregon.gov/ohcs/homeownership/pages/downpayment.aspx

City of Beaverton: https://www.beavertonoregon.gov/1111/Seeking-Lower-Cost-Homeownership

City of Hillsboro: https://www.hillsboro-oregon.gov/Home/Components/News/News/9501/

Clackamas County: https://www.clackamas.us/development/downpaymentloan.html

Oregon Realtors: https://oregonrealtors.org/homebuyer-resources/down-payment-assistance-by-county/

Oregon Homebuyer Education by County: https://www.oregon.gov/ohcs/homeownership/Pages/homebuyer-education.aspx

African American Alliance for Homeownership (Clackamas, Multnomah, Washington): https://www.aaah.org

Bend-Redmond Habitat for Humanity (Deschutes): https://bendredmondhabitat.org

Bienestar (Washington County): https://bienestar-or.org

Columbia Cascade Housing Corporation (Hood River, Sherman, Wasco): https://mid-columbiahousingauthority.org

Community Action Programs of East Central Oregon (Gilliam, Morrow, Umatilla, Wheeler): https://www.capeco-works.org

Community Connection of Northeast Oregon (Baker, Grant, Union, Wallowa): https://ccno.org

Community in Action (Harney, Malheur): https://communityinaction.info

DevNW (Benton, Clackamas, Lane, Lincoln, Linn, Marion, Polk): https://www.devnw.org

Habitat for Humanity of Oregon (Benton, Clackamas, Columbia, Coos, Deschutes, Douglas, Hood River, Jackson, Josephine, Lane, Lincoln, Linn, Marion, Polk, Tillamook, Wasco, Washington, Yamhill): https://habitatoregon.org

Habitat for Humanity Portland Region(Clackamas, Multnomah, Washington): https://habitatportlandregion.org

Hacienda Community Development Corp (Clackamas, Multnomah, Washington): https://www.haciendacdc.org

Klamath Housing Authority (Klamath, Lake): http://www.klamathhousing.org

Kor Community Land Trust(Deschutes): https://rootedhomes.org

Native America Youth and Family Center (Clackamas, Multnomah, Washington): https://nayapdx.org

Nixyaawii Community Financial Services (Umatilla, Umatilla Indian Reservation): https://www.nixyaawii-cdfi.org

NeighborWorks Umpqua (Coos, Curry, Douglas, Josephine): https://www.nwumpqua.org

Portland Housing Center (Clackamas, Columbia, Multnomah, Washington, Yamhill): https://portlandhousingcenter.org

Proud Ground (Clackamas, Jackson, Lincoln, Multnomah, Washington): https://proudground.org

***Above links (updated Auguest 9th, 2023) providers are not affiliated with or vetted by Shawn Realty. Please compare many loan programs and check with your local Realtors as well. If you need assistance in finding a realtor in your area, we can help.