Oregon Down Payment Assistance
Those who want to live in Oregon may enjoy stories of the wild west or its wonderful nature. However, rising real estate prices can make home ownership in Oregon difficult. Luckily, local and national programs exist that offer down payment assistance and grants to qualified applicants. The Willamette Neighborhood Housing Services and the Rogue Valley Association of Realtors are two organizations that offer such programs.
If you're thinking about purchasing a home in Oregon, you may have options to help with the down payment or closing costs. Read below to learn more about any program and see if it can help with your home purchase!
Extra Step and Project Reinvest Loans
Both of these loans are offered by Willamette Neighborhood Housing Services, but they are listed together here because although the programs vary slightly, they have the same requirements Individuals can apply for just one or both of these loans.
With the Extra Step loan, as much as $10,000 is offered to help qualified individuals with the expense of the down payment. Applicants for this loan cannot have a total annual household income higher than 80% of the area median income.
For the Project Reinvest loan, as much as $10,500 is offered. The difference here is that applicants for this loan can earn as much as (but no higher than) 100% of the area median income.
Both loans are meant for first-time homebuyers in Benton, Lincoln, or Linn Counties. Additionally, both loans are interest free with deferred payments. They do not need to be repaid until the property is sold or refinanced.
Both loans require a minimum of 8 hours of homebuyer education and 1 hour of homebuyer counseling. There may be additional requirements that you should discuss with your lender.
First Time Home Buyer Loan Program
Offered in Corvallis, Oregon, this program provides down payment and closing cost assistance to eligible applicants.
As the name suggests, this program is meant for first-time homebuyers, which means those who have not owned a house in the previous three years. However, if ownership of a house was lost as the result of a divorce, that applicant could still be eligible.
As much as $20,000 is offered as a 0% loan.
Like many other programs, this program has an annual household income limit. This limit is 80% of the area median income.
Applicants must also finish a homebuyer education program.
HOME Foundation Buyers Assistance Grant
The HOME Foundation Buyers Assistance Grant is offered by the Rogue Valley Association of Realtors in combination with the Oregon Association of Realtors. As much as $1,000 can be accessed to help with prepaid items, closing costs, or the down payment.
In order to be eligible, an applicant must be a first-time homebuyer, meaning they have not owned a house in at least three years. Applicants must also be pre-approved for a loan.
As of 2020, the applicant’s income should not be more than $64,000, which is the median income of Oregon. Applicants must also put forth a minimum of $500 from their own funds towards the home purchase.
Finally, applicants must complete an approved homebuyer education course and finish approved homebuyer counseling.
Only properties serving as the applicant’s primary residence and found in Jackson or Josephine County will be allowed.
