STATEWIDE PROGRAMS

Residential Loan Programs

Assistance Available:
Oregon Housing and Community Services issues mortgage revenue bonds periodically to fund below market interest rates in order to assist low and moderate income residents in achieving homeownership.

The CashAdvantage Home Loan offers 3% cash assistance for downpayment and closing costs.

Qualifications:
You must be a first time homebuyer (have not owned a home in the past 3 years). Your gross, annual, household income may not exceed the program limits. The maximum purchase price is determined by the county in which the property is located and whether or not the property is located in a community designated as a target area. You may purchase property anywhere in Oregon.

New and existing single family homes, condominiums, and planned development units are eligible. Manufactured homes permanently affixed to approved foundations as also eligible.

CITY AND COUNTY PROGRAMS

Willamette Valley
Downpayment Assistance Programs

Assistance Available:
Willamette Neighborhood Housing Services works with NeighborWorks Homeownership Center and other agencies to provide financial assistance, counseling, and education to help make the dream of owning a home a reality. You can use the programs below separately or in combination to obtain as much as $36,000 for assistance in purchasing a home.

Extra Step Loan
First time homebuyers interested in purchasing property in Linn, Benton, or Lincoln can get up to $10,000 in downpayment assistance. These are zero interest loans with no monthly payments. The loans are not due until the property is sold or refinanced. Your income may not exceed 80% of the area median. Completion of a homebuyers education course and home purchase consultation is required.

City of Corvallis First Time Homebuyer Program Loan
Qualified borrowers can get up to $20,000 to assist with the costs of downpayment and closing. These are zero interest loans designed for low income homebuyers. You must purchase property within the city limits of Corvallis. You must be a first time homebuyer unless you lost your home due to divorce. Your gross annual income may not exceed 80% of HUD low income level for Corvallis. You must complete a homebuyer education course.

Valley Individual Development Account (VIDA)
VIDA savings accounts will match every dollar you save with 3 of their own. For instance if you save $1000 in one year, you will earn $3000 or $6000 if you save $2000 over 2 years. These funds can only be accrued for the purchase of a home by CASA of Oregon. You are not required to repay the funds. You must complete a homebuyer education course and have at least one hour of personal home individual consultation.