Last year I pointed out that newly published Oregon Bond income limits for rural areas were substantially higher than HUD median incomes. Because of this I estimated that up to 90% of all rural households may have qualified for the Oregon Bond program, a program that was traditionally though to be focused at 80% MFI or below.
OHCS has just published their 2023 Oregon bond income limits (effective June 28) and
- Portland metro limit went up, as did income limits for Deschutes counties.
- Limits in ALL other Oregon counties went DOWN.
The PDF file HERE and embedded below shows the county by county difference by household size and for targeted and non targeted areas.
OHCS does not publish it calculation of Home Loan Bond income limits so I don't know if the reductions this year were specific corrections from last year, because of changing data, or because of policy choices. (I don't have an insight as to why even limits in Benton, Lane, Marion, and Jackson metro counties went down).
Note that OCHS bond loan are also subject to maximum purchase prices found HERE.
The current Oregon bond loan rates are Rate Advantage 5.875%/Cash Advantage 6.5%.
Portland Metro Income Limits as High As $157,920.
A Portland metro family of 3 or more can income qualify with an income as high as $141,547 AND if the home is in a targeted area the family can qualify with an income as high as $157,920. (Portland metro HUD 3 person MFI is $102,960).
The Oregon Bond 2023 maximum purchase price for Portland metro is $685,785, increasing to $838,182 for targeted areas. (The FHA mortgage limit is lower at $672,750).
Originally created and posted on the Oregon Housing Blog.
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