How to Buy a Home in Oregon

The stability of owning your own home is closer than you think.

Image: wikinut.com

(SALEM, Ore.) - According to a report published in the Statesman-Journal last year, the rental market in Salem has definitely been on the rebound.

Developers have come in because of the high rental occupancy rate and hundreds of new units have been built to accommodate the rental population (which is why rental prices are coming down). That’s great if you’re a renter, but what if you want to buy?

Buying a house is still, for many Oregonians, very difficult. This isn’t just because the housing market hasn’t recovered as quickly as we had hoped. It is also because our state’s economy is still in some real trouble.

Our unemployment rate is almost 7%. We have a relatively high minimum wage, sure, but the number of jobs being created here isn’t as large as anticipated.

So what can you do if you want to buy a house but are unemployed, have a low income or are facing other issues?

Getting Educated

The State of Oregon offers two methods for residents to learn about the home buying process and to introduce themselves to resources that might be available to low income/no income or otherwise mortgage-challenged individuals.

Residents can pay a visit to one of the Oregon Housing Centers to find out what kind of housing is available for families in their individual situations (as well as how to obtain it).

The State also offers a Homebuyer’s class—that is also available online—to walk people through the steps involved with purchasing a home.

Specific Programs

There are a lot of housing programs and mortgage companies that cater to specific demographics. One such company, LowVaRates.com, specializes in supplying low VA rates for veterans.

One of the benefits of having served (whether nationally or as part of the Oregon National Guard) is that serving qualifies people for lower mortgage rates than those who haven’t served.

The reason more veterans aren’t taking advantage of these benefits is because not all real estate agents and mortgage lenders are properly educated in how to apply those rates and how to work with the Veteran’s Association to verify service records, etc.

Another program that has helped a lot of Oregonians—particularly those who are fighting against the stigma of a low income—is the State funded Down Payment Assistance Program.

This is a grant program in which individuals who have completed a homeownership educational program can apply for assistance of up to $5000 to be put toward either a down payment or mortgage closing costs.

Benefits and Resource Based Programs

Salem has gained national attention recently for the “seamless” way that it has paired its Welfare to Work programs with the TANF (Temporary Assistance to Needy Families) program.

Each family who participates in this program is assigned a case worker who tracks their progress, assesses their need and makes sure that they get the assistance they need to find and/or keep their housing.

Sometimes, because of savings and employment history, these families spend some time as renters but, often, they are able to obtain mortgages through the program as well.

There are so many programs available in Salem (and outlying areas) that can help residents make the transition from temporary or rental housing to permanent home ownership.

Whether you’re a Veteran or simply a casualty of a faulty economy, you can get the home you want and that your families need. Most of the time it’s simply a matter of finding the program that has been set up to help someone with your specific needs.