First Time Home Buyer Loan Program
Financial Assistance for Homebuyers in Oregon
Available Assistance
The First Time Home Buyers Program provides assistance funds in the form of a zero-interest loan of up to $20,000 for low-income, first-time homebuyers purchasing within Corvallis. These funds can be put toward covering some or all of the down payment or closing costs associated with a mortgage.
Eligibility Requirements
Borrowers interested in applying for assistance via the First Time Homebuyer Assistance Program must meet certain requirements. They must be first-time homebuyers; they must not have owned a home in the last three years unless ownership was lost through divorce proceedings. All applicants must have an annual household income below 80 percent of the HUD’s area median income (limits shown below) and are required to attend and complete a Homebuyer Education program, provided by Willamette Neighborhood Housing Services. Any home being purchased must fall within the Corvallis City limit.
Income Limits
1 person household: $45,850
2 person household: $52,400
3 person household: $58,950
4 person household: $65,450
5 person household: $70,700
6 person household: $75,950
7 person household: $81,200
8 perso householdn: $86,400
The Corvallis Home Buyer Assistance Programs use federal funding and require that all applicants be in compliance with the Uniform Relocation Act (URA). Borrowers should contact the City's Housing and Neighborhood Services Division in order to learn about these requirements.
Note: these figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.
Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
Down Payment Grants in Oregon
City of Portland Down Payment Assistance Loan (DPAL)
The Down Payment Assistance Loan (DPAL) is designed with favorable terms to help first-time homebuyers purchase a home within the city limits of Portland.
City of Salem First-Time Homebuyer Downpayment Assistance Loan Program (FTHB)
The City of Salem offers a number of services to address the community’s housing needs, including rehabilitating our current housing stock, developing new housing opportunities, assisting families to acquire housing, and enabling struggling families to remain in their homes.
Extra Step and Project Reinvest Loans
Willamette Neighborhood Housing Services (WNHS), along with other organizations, aim to help individuals overcome the hurdles of homeownership by providing a combination of homebuyer education courses, counseling and financial assistance.
First Time Home Buyer Loan Program
The First Time Home Buyer Program assists individuals overcome the hurdle of these upfront costs with zero-interest down payment/closing cost loans of up to $20,000 for low-income, first-time homebuyers purchasing within the City of Corvallis.
HOME Foundation Buyers Assistance Grant
The Rogue Valley Association of Realtors (RVAR) together with the Oregon Association of Realtors (OAR) funds the HOME Foundation Buyers Assistance Grant. The program offers eligible homebuyers up to $1,000 to be used toward down payment, closing costs, or prepaid items.
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