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52 °F Forecast | Road Cams Monday, April 5, 2004 Today's News | Classifieds | Autos | Homes | Jobs | Tempo | Health | Community | Home Delivery SECTIONS Home Page Local News Sports Business Obituaries Life Opinion - Politics AP News Weather Classified Archives Site Map EXTRA Newspaper in Education Personals Movie Times TV Times E The People CLASSIFIEDS Find a Car Find a Home Find a Job Find a Rental Place an ad eSouthernOregon Automotive Communities Entertainment Publications Recreation Calendar CUSTOMER SERVICE Frequent Questions Advertising Information Home Delivery Employment Contact Us Media Kit Network Affiliate Email Story to a Friend March 27, 2004 State to offer more home-loan assistance Changes in a state home loan assistance program qualify more low- and middle-income Jackson County residents for below-market rate loans to buy a house. The state has significantly increased both the maximum limit for a borrower’s income and the maximum purchase price for homes. The household income limit in Jackson County is now $58,600 and the purchase price limit is $217,687. The median selling price (half sold higher, half lower) of homes in Jackson County in February was $185,500, according to Medford appraiser Roy Wright. In addition, the program’s mortgage rates are currently 4.5 percent for a 30-year fixed-rate mortgage — among the best available. Program loans that offer cash to cover a portion of closing costs (3 percent of the mortgage amount) are currently at 5 percent. "More homes and households than ever before qualify for our program’s record low rate, putting home ownership within reach for more low- and moderate-income households," said Bob Repine, director of Oregon Housing and Community Services, which administers the program. To be eligible, borrowers must live in the home as their principal residence. Borrowers also must be "first-time" buyers or not have owned a house within the last three years. An exception to this requirement is made for certain "target areas," which include Josephine County, Ashland and portions of Medford, among others statewide. A "recapture fee" may be required if the home is sold within nine years and the borrower exceeds an adjusted income limit (the limit increases 5 percent per year) at the time of the sale. The below-market rates and closing assistance are made possible through the sale of tax-exempt bonds issued by OHCS. The program helped 1,018 Oregon families purchase a home in 2003. Home ownership offers significant tax benefits because mortgage interest is deductible. Detailed information on the loan program is available at www.oregonbond.us on the Web, or by calling 877-788-2663. Mail Tribune Home Local News | Sports | Business | Obituaries | Life Opinion - Politics | AP News | Archives | Site Map E Southern Oregon | Classified Copyright © 1997-2004 Mail Tribune. All rights reserved. Privacy Policy | Terms & Conditions Website Feedback 3 WEEKS FREE! ADVERTISERS A D V E R T I S E R S RESOURCES Oregon Road Conditions & Cams SPECIAL SECTIONS Auto Finder Job Finder Home Finder Joy Magazine Homelife Magazine Tempo Readers' Choice Real Estate Showcase Since We Asked Food for Thought Wellness Connection Outdoor Journal Moving to Southern Oregon? Volunteer Opportunities Prime Times