Bend ended 2023 with a median sale price of $650,000—down 5 % from the 2022 peak but still 38 % above pre-pandemic levels. Deschutes County’s unemployment sits at 3.7 %, lower than the Oregon average, and remote-work migrants continue to outnumber new listings by a 4:1 ratio. The hottest price band is $500K–$700K where two-thirds of all contracts occur; expect 5–8 offers within the first weekend if the home is turnkey. Investors have pulled back because short-term rental permits are capped at 825 citywide, pushing many would-be Airbnbs back into the long-term pool and easing inventory slightly.

Property taxes are friendlier than in Portland: Deschutes County’s average effective rate is 0.90 %, so a $650K home runs about $5,850 per year. Oregon’s lack of sales tax also stretches your monthly budget, but be prepared for HOA dues in master-planned communities—NorthWest Crossing charges $95/month, while Awbrey West averages $220/month for snow removal and common-area irrigation.

• Old Mill District: Riverfront condos and walkability to 19 restaurants and the Les Schwab Amphitheater. Median condo price $590K, HOA $275–$450. Perfect for lock-and-leave second-home owners.
• NorthWest Crossing: Solar-oriented homes, community gardens, and Friday farmers’ markets. Elementary rated 9/10, pushing single-family medians to $725K. New zero-lot-line cottages start in the mid-$500s.
• Shevlin: Forested lots up to 0.4 acres. Buyers accept smaller square footage (1,600–1,900) for trail access; expect septic inspections and well-water testing. Values up 9 % year-over-year.
• Awbrey Butte: Panoramic Cascade views and the city’s highest concentration of $1M-plus sales. Building pads command $350K before construction. NMHL’s jumbo ARM products are popular here.
• Summit West: Bend’s most attainable starter-home tract under $550K. Many 1990s builds need cosmetic updates; we offer FHA 203(k) and FNMA HomeStyle renovation loans that fold upgrades into one mortgage.

Oregon Bond Residential Loan Program pairs below-market rates with up to $15K in assistance. Income caps range from $95K (Jefferson County) to $125K (Deschutes) for a two-person household. You can combine the bond with FHA (580 score) or conventional (660 score), and the assistance is forgiven after nine years of occupancy. Bend’s median household income is $78K, so nearly half of local renters qualify.

If you’re a nurse, firefighter, or K-12 teacher, the PacificSource Foundation grants $10K forgivable over five years. Stack that with NMHL’s 3 % lender credit on our 5/5 ARM and you can walk into a $450K townhome for roughly $9K out-of-pocket—less than two months of market rent.

Credit-challenged buyers can use the Oregon Individual Development Account (IDA) that matches every $1 you save with $3, up to $9K total. It requires a 550 minimum score and completion of a HUD-certified homebuyer class (free at NeighborImpact on 2nd Street). NMHL underwriters will accept the IDA match as your entire 3.5 % FHA down payment.

With more breweries per capita than Portland and a tourism sector that never really shuts down, Bend is a magnet for freelancers, seasonal guides, and craft-food entrepreneurs. Traditional W-2 income docs rarely capture full earnings, so NMHL offers 12- and 24-month bank-statement programs that count 100 % of business deposits minus a 15 % expense factor. Average scores in 2024: 720, 10 % down on loans to $1.2M.

We also approve DSCR (debt-service-coverage-ratio) loans for STR investors. If the property’s projected rental income equals or exceeds the new mortgage payment at a 1:1 ratio, personal income documentation is not required. Recent deal: a buyer with 659 FICO closed on a $525K duplex in the Orchard District using 75 % of projected Airbnb income and put only 15 % down.

Seasonal workers who receive 1099s from Mt. Bachelor or Sunriver Resort can qualify with only six months of statements if they show year-over-year consistency and have a 660 score. We average the last two ski-season incomes to create an annualized wage that underwriters accept.

Deschutes County’s 2024 VA zero-down limit is $766,550, but you can still buy above that with 25 % down only on the excess. A $1M cabin on the Deschutes River requires just $58K down—about 6 %. Among Bend mortgage lenders, NMHL leads with a 21-day average close and a 4.7/5 customer rating from 312 local veterans since 2020. We waive the 1 % VA funding fee for service-connected disability ratings of 10 % or higher, saving clients up to $7,665 on a max loan.

Veterans can reuse entitlement if they’ve paid off a prior VA loan; Bend’s rapid appreciation makes this a smart wealth play. One client sold a $420K starter in Boyd Acres, retained $190K equity, and used her restored entitlement to purchase a $750K forever home in Tetherow with zero additional down payment.

Property requirements: VA appraisals can be strict about peeling paint on pre-1980 builds common in the River West neighborhood. NMHL’s roster of VA-certified appraisers keeps turn-times to 10 days, not the 17-day state average, so you stay competitive.

Despite 6 %–7 % purchase rates, Bend owners have gained an average $180K in equity since 2019. If your current rate is under 4 %, a cash-out refinance may not pencil, but NMHL’s second-mortgage HELOC goes to 90 % combined loan-to-value with no draw restrictions. Use it to build the ADU you’ve already permitted or buy a second lot in Three Rivers before prices jump again.

Rate-and-term refis make sense for FHA owners who’ve crossed 20 % equity. Converting to conventional drops monthly MI and often lowers the note even if the rate is flat. Recent client saved $287/month switching from a 4 % FHA to a 6.125 % conventional because MI removal offset the rate delta.

Investors who bought STRs at 7 % are flocking to DSCR no-ratio refis. If the property cash-flows at today’s rental rates, we can reduce the rate by up to 1 % without documenting personal income—perfect for owners whose tax returns show heavy depreciation.