HOME Foundation Buyers Assistance Grant
Financial Assistance for Homebuyers in Oregon
To qualify for the program, all applicants must meet certain requirements. The program is only available to first-time homebuyers who have not owned a home in the past three years. They must be pre-approved for a conventional or government insured/guaranteed home loan. The buyers’ household income should not exceed the State of Oregon Median Income, $64,600, and they must contribute at least $500 of their own funds. Applicants are required to attend and complete the Realizing the American Dream Homebuyer Education class, given by ACCESS at one of the campuses of the Rogue Community College, or the eHome America online alternative class available at www.ehomeamerica.org. They must also meet with a Certified Homeownership Counselor at ACCESS within the last 12 months.
Any property being purchased must be located in Jackson or Josephine County, Oregon, and serve as the buyer’s primary residence.
Once a buyer has completed the homebuyer education course and met with a counselor at ACCESS, he/she can apply for the HOME Foundation Buyers Assistance Grant. They must work with lenders and real estate agents who are active members of the Southern Oregon Multiple Listing Service, who pre-approve them for a qualified mortgage and submit the application to ACCESS on the buyer’s behalf.
*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but States and Local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price and income limits.
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
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.
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.
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.
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.
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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