First time home buyers now have an opportunity to buy a home in Bend using an FHA program that allows the seller to "gift" up to 6% of the sales price toward down payment and closing costs.
The minimum down payment is 3% and closing costs usually run around 3% so it is essentially a nothing down loan to the first time buyer. Unlike the sub-prime loans of the past a buyer must have good credit and a job that will easily make the loan payments.
Bend real estate prices are down and there are some nice homes under $250,000. You can search the Central Oregon Multiple Listing Service through my site at: http://bendoregonrealestateexpert.com/bendoregon.asp