First Time Home Buyer Programs in Oregon
Are you thinking of buying your first home in Oregon? Would you like information on the various programs available that provide assistance, including a free gift of money to help you purchase that first home? If you answered yes to these two questions, there is great news for you. The state of Oregon provides several programs – including free grant money – for its residents who are first time home buyers and need help with the down payment and closing costs. This money comes in the form of state grants. This is free money that shouldn’t be passed up! The grant awards can be in the thousands of dollars. There are also various local programs in several cities and counties. It will be well worth your time to educate yourself about the first time home buyer programs that the State of Oregon provides.
Oregon First Time Home Buyer Grants
The agency in Oregon that provides assistance to first time home buyers is The Oregon Housing and Community Services. OHCS provides down payment grants up to $5,000.00. To get more details on this program, please visit the Oregon Housing and Community Services website page specifically describing how the program works. Just navigate to Oregon first time home buyer programs.
OHCS has awarded $725,325 to nine organizations for providing downpayment assistance to first-time homebuyers. The awards are funded by the state’s document recording fee, which we use to expand the state’s supply of homeownership housing for low- and very low-income families and individuals, with particular focus on underserved populations.
The newly awarded funds will allow the organizations to continue or expand their existing downpayment assistance programs. Homebuyers, who have completed a homeownership education program, may qualify for up to $5,000 for a downpayment and/or closing costs.
Here is the contact information for Oregon Housing and Community Services:
725 Summer Street NE, Suite B
Salem, OR 97301-1266
Local First Time Home Buyer Programs Throughout Oregon
In addition to the grant programs described above, the U.S. Department of Housing and Urban Development provides home buyer assistance and grants in every state. There are multiple grant programs designed specifically for people that meet certain requirements, such as grants for people with disabilities so they can continue to live independently at home. It is worth visiting HUD’s website to see what assistance is currently available. For your convenience, simply go to first time home owner grants in Oregon.
Here is the contact information for the HUD office in Oregon:
Portland Field Office
400 SW 6th Avenue
Portland, OR 97204-1632
Phone: (971) 222-2600
Fax: (971) 222-0357
There are also these local first time home buyer programs:
Clackamas County Homeowner Assistance Program (CHAP) (503) 655-8591
“The CHAP Program can loan up to $14,000 to help qualified first-time homebuyers pay for downpayment and reasonable closing costs. CHAP loans are zero-percent interest deferred-payment loans.
The CHAP program is funded by a grant from the federal Department of Housing and Urban Development (HUD). The program is subject to funding availability. Homes purchased through the CHAP program must be the primary residence of the homebuyer. Other program requirements apply.”
Corvallis First Time Home Buyer Program (FTHP) (541) 752-7220
“The City’s First Time Home Buyer program now provides no interest loans of up to $15,000 for low-income first time home buyers to cover a portion of the down payment/closing costs associated with their purchase of a home within the City of Corvallis. Qualified low-income buyers must have an income that is no higher than 80% of the current median level for Corvallis. Buyers must also complete an education program designed to prepare them for home ownership. The education program is provided by Willamette Neighborhood Housing Services, which may be reached by phoning (541) 752-7220.”
Eugene Homebuyer Assistance Program (HAP) (541) 682-5529
“Eugene’s HAP Program is available to low-income residents who are first-time buyers* planning to purchase a home in Eugene. The City of Eugene may loan up to $10,000 to help with the down payment and closing costs related to the purchase of an eligible Single Family Detached/Condo/PUD (SFD) home in Eugene. Your 1st lender will determine any minimum borrower contribution requirement that may apply. HAP loans are interest-free and no payments are made until the borrower sells or no longer occupies the home as their primary residence. ”
City of Medford Homebuyer Down Payment Assistance Programs (541) 779-6691 est. 333
“City of Medford Oregon / Neighborhood Resources / Housing / First Time Homebuyer Down Payment Assistance Program
Homebuyer Down Payment Assistance Programs
First Time Homebuyers with Mayor Wheeler
The City of Medford offers a down payment assistance program geared toward first time homebuyers that are income eligible. The First Time Homebuyer Down Payment Assistance Program targets first time homebuyers who earn 80% of median income or less offering down payment and closing cost assistance up to $15,000.
Applicants are required to take the ABC’s of Homebuyer course offered through ACCESS. For more information please call Karen Cooper, Lead Housing Resource Specialist, Southern Oregon Housing Resource Center at ACCESS (541) 779-6691 est. 333.”
Portland Housing Center Closing Cost Assistance (CAP) (503) 282-7744
“First-time homebuyers Must be owner occupied
Rate Advantage – lower rate
Cash Advantage – 3% for closing costs”
“Portland Housing Center is one of the only nonprofit housing agencies in Oregon that is also a licensed mortgage lender. We offer safe, competitive mortgage loans to our clients who have taken our first time home buyer classes and worked with our certificate HomeBuying Specialists.
Our first time home buyer education services and first mortgage loans are open to everyone in Clackamas, Multnomah, and Washington counties.”
Portland Shared Appreciation Mortgage Program (SAM) (503) 823-3401
Salem Deferred Payment Loan (DPL) (503) 588-6173
“Upon the City receiving all supporting documentation, a minimum of 14 business days will be required for processing. The City will process all requests as quickly as possible. Please do not request an exception to the time requirements. Each request is reviewed on a case by case basis to assure there is no deterioration to the City’s security.”
Springfield Home Ownership Program (SHOP) (541) 726-3799
“The Springfield Home Ownership Program (SHOP) was created to encourage home ownership in Springfield by assisting low-income residents with the first-time purchase of a home.
The City can loan up to $7,000 toward the down payment and related costs of buying a qualified home in Springfield.
The loan is interest-free and repayment is generally not required until the home is sold, refinanced or transferred. For details regarding the terms and conditions of repayment of a SHOP loan, please contact the Springfield Housing Programs at 726-2358.
The buyer must contribute at least $1,500 of his/her own funds toward the purchase of the home.”