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Financing Details
Oregon Housing and Community Services
Earth Advantage® has teamed up with Oregon Housing and Community Services and builders to offer a below-market rate loan program to low-income, first-time home buyers. The program is designed to help low-income families realize their dream of making their first home an energy-efficient and environmentally friendly Earth Advantage home.
Eligible borrowers
- Borrowers must be first-time home buyers, which means they have not owned and occupied a home of their own in the three years prior to the date of closing their new loan with the residential loan program.
- Borrower's gross household income may not, at the time of closing the loan, exceed 80 percent of the area median adjusted by family size as determined and periodically published by the U.S. department of Housing and Urban Development.
- Borrowers must agree to all the standard terms and conditions of the Residential Loan Program which includes occupying the single-family property as their principal residence, meaning they will live in the property until the home is sold, transferred or refinanced. The Borrower will also be subject to the program's Recapture Fee, if applicable, just like any other borrower.
Eligible properties
The property must meet all of the standard requirements for the Residential Loan Program, the mortgage insurance provider, the participating lender, and most importantly, the property requirements and standards for the Earth Advantage program. These requirements include the following:
- Purchase price (total cost to acquire property including down payment) may not exceed the limits of the Residential Loan Program.
- Newly constructed (not previously occupied) one-unit single-family home built by an Earth Advantage builder according to Earth Advantage standards.
- May be located anywhere within the State of Oregon.
- Home must pass all required Earth Advantage inspections and performance tests during construction. Upon completion, the home must receive a final Earth Advantage certification.
For more information, contact Oregon Housing and Community Services in Salem at 503-986-2000.
Contact information
To learn more about the Earth Advantage program, e-mail our Earth Advantage team or give us a call at 888-EARTH33 (888-327-8433).
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Use of insulated doors increased from 44% in 1987 to 85.2% in 1999. Use of insulated steel doors increased from 38.5% in 1978 to 87% in 1999. (Sources available upon request.)
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