Every state has down payment or homeownership assistance programs; some states have both. The programs are designed to provide affordable housing opportunities to homebuyers who might not ordinarily be able to afford a house.
Each program can have their own income and eligibility requirements but primarily the programs are available for first-time homebuyers or low-income families.
Keep in mind if you had no ownership in a principal residence in the previous 3 years, you are also considered a first-time homebuyer even if you owned a home prior to that 3-year period.
The programs are not usually administered directly through the State. Instead, they are nonprofit based and handled through a third party agency. The list below will start you on your search but be sure to confirm the program is currently available.
Oregon Downpayment Assistance Programs
The Oregon Housing and Community Services (OHCS) and Oregon Bond Residential Loan Program RateAdvantage offers the lowest interest mortgage loans to homebuyers with low-to-moderate income.
- RateAdvantage: Homebuyers can use an FHA, USDA or conventional mortgage to secure their home’s purchase. The program offers very low interest rates but you’ll still need to make a 20% down payment along with completing a homeowner’s education course.
- CashAdvantage Home Loan: This program offers low interest rates, up to 3% in closing cost assistance and no prepayment penalty. The assistance comes in the form of a grant, so no repayment is expected. You’ll still need to come up with a 20% down payment.
Oregon Statewide and Regional Programs
Oregon Housing and Community Services – homebuyer programs, including downpayment and closing cost assistance
Habitat for Humanity – through volunteer labor, builds and rehabilitates houses for families in need
USDA Rural Development Office – homebuyer programs in rural communities
Community contacts – find out if your community offers homeownership assistance
Housing Counseling Resources
Oregon Department of Veterans Administration