One of the biggest misconceptions I hear from first-time buyers is:
“I want to buy a home, but I don't have enough money saved.”
And sometimes that's true. Sometimes we need to make a plan, save a little longer, work on credit or get a few other pieces into place.
But sometimes?
You're much closer to buying a home than you think.
Before you decide homeownership is out of reach, it's worth finding out what assistance and financing options are actually available to you.
You May Not Need the Down Payment You Think You Do
Oregon has down payment assistance programs that can help eligible homebuyers with some of the upfront costs of purchasing a home.
Depending on the program, your income, the property and other eligibility requirements, assistance may be available toward your down payment, closing costs and other allowable expenses.
And these aren't necessarily tiny programs.
Some current Oregon programs can potentially cover a significant portion of a qualified buyer's cash requirement at closing.
But here's the important part:
Down payment assistance programs are always changing.
Funding changes. Income limits change. Program availability changes. Eligibility can vary by county, and some programs may temporarily have limited or unavailable funding.
That's why I don't want buyers relying on an old Instagram post or a Google result from two years ago to determine whether they can afford a home.
If you're considering buying in Lincoln County — or anywhere in Oregon — start with Oregon Housing and Community Services (OHCS) and look at the current programs and organizations serving your county.
Then talk with a lender who actually works with these programs.
Work With a Lender Who Understands the Oregon Coast
Who you finance your home with matters.
And when you're purchasing on the Oregon Coast, I think it matters even more.
Coastal properties can come with considerations you don't encounter with every home: flood zones, insurance requirements, condos, manufactured homes, private roads, HOAs, vacation-rental histories and properties that don't always fit perfectly into a conventional box.
A good local lender isn't simply there to give you an interest rate.
They're part of your strategy.
They can help determine which loan programs you qualify for, whether down payment assistance can be paired with your financing, what your actual cash-to-close might look like and whether there are financing considerations specific to the property you're considering.
Get your Realtor and lender working together early.
That's when we can start putting the pieces together.
“Okay, But I Still Don't Have Enough for Closing Costs.”
This is where things get interesting.
Let's say you've found a down payment option that works for you.
You qualify for the mortgage.
The monthly payment makes sense.
But then you look at your estimated closing costs and think:
I don't have enough cash for all of that too.
That doesn't necessarily mean we stop.
Depending on your loan program, the property and the negotiation, we may be able to write your offer requesting seller concessions toward allowable closing costs.
In other words, rather than automatically reducing the price of the home, we can potentially negotiate for the seller to contribute toward certain expenses you would otherwise have to pay at closing.
The exact amount a seller is permitted to contribute depends on your financing and transaction, and concessions can never simply become extra cash in your pocket.
But used correctly, they can be an incredibly useful part of structuring an offer.
This Is Why Your Offer Is More Than Just a Price
Imagine this scenario:
You find out you qualify for down payment assistance.
You get pre-approved with a lender who understands your financing.
We find a home that works within your budget.
Then instead of simply submitting an offer at the asking price, we strategically request seller concessions to help cover allowable closing costs.
Now we're looking at the entire transaction — not simply the purchase price.
Down payment assistance. Financing. Seller concessions. Closing costs. Monthly payment. Property-specific considerations.
All working together.
That is a completely different conversation from: “I don't have 20% down, so I guess I can't buy a house.”
Please Don't Disqualify Yourself Before You Even Ask
You don't need to have 20% sitting in a savings account before talking to me.
You don't need to understand FHA, conventional, USDA or every down payment assistance program.
You don't need to know exactly what you qualify for.
And you don't need to be ready to make an offer tomorrow.
Sometimes the first step is simply saying:
“Kaitlin, what would I need to do to buy a house?”
From there, we can figure out where you actually stand.
Maybe you're ready now. Maybe you're six months away. Maybe there's an assistance program you didn't know existed. Maybe we find out exactly how much you need to save and create a roadmap to get there.
Either way, you'll have an actual answer instead of assuming homeownership isn't possible.
Thinking About Buying Your First Home on the Oregon Coast?
Ask me how to get started.
I'll help you understand the buying process, connect you with knowledgeable local lending resources and help you build a strategy around what you can realistically afford.
Because buying your first home doesn't start with having everything figured out.
It starts with asking what's possible.
Kaitlin O'Kane
Oregon Coast Realtor®
Coastal Luxury Real Estate
Financing programs, down payment assistance, income and purchase-price limits, seller concessions and eligibility requirements are subject to change and depend on the borrower, property and loan program. Buyers should confirm current requirements with Oregon Housing and Community Services and a qualified mortgage lender.
kaitlin@coastalluxury.realestate
541-921-4828