These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Oregon

Hey there! If you're thinking of buying a home for the first time, and haven't saved up for a down payment, you still might be able to get it done.

Before I jump into the programs, let me briefly explain how down payment assistance works.

How it works

Down payment assistance comes in two forms: a grant, or a loan

A grant doesn't require repayment.

A loan does require repayment, but there are 3 different ways:

Monthly repayment. This is where they charge you interest and a monthly payment until the loan is paid off

Silent second. This is where they don't charge you interest, they don't charge you monthly payments, they just require that you pay it back when you sell the home.

Forgivable. This is where they forgive the loan as long as you meet certain criteria. A common requirement is that you live in the home as your primary residence for a set number of years. Once you've completed the timeframe, they forgive your loan and you don't need to pay it.

Approved lenders only

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Now that we have that out of the way, let's jump in! Below are the local programs available to help make homeownership more accessible.

Oregon Bond Residential Loan Program

Oregon Individual Development Account (IDA) Initiative

  • Assistance: A matched savings program where participants can receive 3:1 matching funds for their down payment.

  • Terms: No repayment required.

  • Eligibility: Homebuyers meeting income and savings requirements; income limits based on Area Median Income (AMI).

  • More Information: Oregon IDA Initiative

OHCS Down Payment Assistance Program

  • Assistance: Provides up to $60,000 or 20% of the purchase price (whichever is less) for down payment and closing costs.

  • Terms: Assistance may be offered as a grant or forgivable second lien.

  • Eligibility: First-time and first-generation homebuyers with incomes at or below 100% of the AMI; homebuyer education course required.

  • More Information: OHCS Down Payment Assistance

Portland – Down Payment Assistance Loan (DPAL)

  • Assistance: Provides up to $80,000 in down payment and closing cost assistance.

  • Terms: Forgivable after 15 years if the buyer remains in the home.

  • Eligibility: Homebuyers purchasing within Portland city limits; income limits based on HUD guidelines.

  • More Information: Portland Housing Bureau DPAL

Springfield – Home Ownership Program (SHOP)

  • Assistance: Offers up to $7,000 for down payment and closing costs.

  • Eligibility: Low-income residents purchasing within Springfield; homebuyer education course required.

  • More Information: Springfield SHOP Program

Deschutes, Crook, and Jefferson Counties – NeighborImpact Down Payment Assistance Program

  • Assistance: Provides up to 20% of the sales price with a 30-year term loan.

  • Eligibility: Low-to-moderate income first-time homebuyers in these counties.

  • More Information: NeighborImpact Down Payment Assistance

Additional Resources

DevNW

  • Services: Provides down payment assistance, homebuyer education, and counseling services in various regions of Oregon.

  • More Information: DevNW Homebuyer Assistance

Program availability and terms can change, so it's essential to verify the most current information directly with the administering agencies.

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.