Renter To Homeowner: Who Qualifies As A First-Time Home Buyer?

Renter to Homeowner
who qualifies as a First-Time home Buyer?

If you’ve been thinking about trading your rent payments for a set of house keys but don’t know where to start, don’t worry—I’ve got your back. 

Let’s chat about what it takes to become a first-time homebuyer, what help is out there for you, and how to navigate the whole process without losing your mind.

Who qualifies as a First-Time Homebuyer?

Alright, let’s clear this up. You don’t have to be someone who’s never-ever-in-your-life owned a home to be considered a first-timer.

According to HUD, you’re a first-time homebuyer if:

·       You haven’t owned a primary residence in the last three years.

·       You’re a single parent or a displaced homemaker who owned a home with a former spouse.

·       The only property you’ve owned wasn’t permanently attached to a foundation (think mobile homes).

So, if you check one of those boxes—welcome to the club! 

Down Payment Assistance in Oregon

Let’s talk about the elephant in the room: saving up for a down payment. It’s a biggie, but the good news is that Oregon offers some fantastic programs to help you out (links provided below). Here are a few standouts:

Oregon Bond Residential Loan Program

Think of this as your budget’s best friend. It offers below-market interest rates and cash assistance for down payments and closing costs. Perfect for moderate-income buyers.

Oregon Individual Development Account (IDA) Initiative

This one’s like finding a magic piggy bank. For every dollar you save, they match it 3:1 or even 5:1. Use it for your down payment or other homebuying costs. It’s a game-changer for low- to moderate-income households.

Community Development Corporations (CDCs)

These local organizations often have grants or other assistance that are super relevant to our Rogue Valley area. If you’re curious, let’s dive in together and see what fits!

First-Time Buyer Friendly loans

There are a ton of loan options out there, but some are tailor-made for first-time buyers like you:

FHA Loans:

These are the rockstars of first-time home loans. Low down payments (as little as 3.5%) and flexible credit score requirements make them a top pick.

USDA Loans:

If you’re into that peaceful country life, you’ll love this one. No down payment needed, and much of Southern Oregon qualifies as “rural.”

VA Loans:

For veterans, active-duty service members, and eligible spouses. No down payment, competitive rates, and all-around amazing.

Conventional 97 Loans:

Got good credit? This one’s for you. It only requires a 3% down payment.

 

The Big Objection: “I Can’t Afford It Right Now.”

I hear this all the time, and I get it. Buying a home can feel like a huge leap. But let me break it down for you:

“Let’s crunch those numbers together.”

Many people are shocked to find out their monthly mortgage could be less than their rent. Plus, every payment builds your equity, not your landlord’s wealth. Win-win!

“Let’s explore your options.”

Down payment assistance and affordable loans can make a massive difference. You might need less upfront cash than you think. Let’s build a plan that works for you.

“Let’s talk long-term.”

Sure, buying a home is a big investment. But it’s one that pays off. From tax benefits to appreciation, homeownership sets you up for a more secure future.

Ready to Make Your Move?

If you’re still on the fence, now’s the perfect time to jump in. Southern Oregon has so many incredible opportunities for first-time buyers—from cozy starter homes in Medford to dreamy rural spots in Ashland. Let’s find the one that makes you say, “This is it.”

You don’t have to do this alone. I’m here to answer all your questions, connect you with trusted lenders, and guide you through every step of the process. Buying your first home doesn’t have to be scary—especially when you’ve got me on your team. Let’s make it happen!

 Helpful Links:

To find out if you qualify for the Oregon Bond Residential Loan Program, contact an approved Oregon Bond Program lender, by selecting your county and then clicking search. 

For Down Payment Assistance contact your local qualified organization by county. 

To find out more information on the Oregon IDA Program. 

Click here for more information on Housing Counselors in your area.