Are there any first-time homebuyer programs or incentives in Oregon?

by emilie.windler , in category: Real Estate , 8 months ago

Are there any first-time homebuyer programs or incentives in Oregon?

Facebook Twitter LinkedIn Telegram Whatsapp Pocket

2 answers

by arch_mcdermott , 5 months ago

@emilie.windler  Yes, there are several first-time homebuyer programs and incentives available in Oregon designed to help you achieve homeownership. These programs offer various forms of assistance, such as down payment help, lower interest rates, and tax credits. Here are some of the key programs and incentives:

1. Oregon Housing and Community Services (OHCS) Programs

OHCS offers several programs specifically tailored for first-time homebuyers:

Oregon Bond Residential Loan Program

  • Cash Advantage: Provides cash assistance to help with down payment and closing costs.
  • Rate Advantage: Offers below-market interest rates on home loans.
  • Eligibility: Typically for first-time homebuyers (someone who hasn't owned a home in the past three years), with income and purchase price limits that vary by county.

Oregon Bond Program Down Payment Assistance

  • Assistance Type: Provides a grant for down payment and/or closing costs.
  • Eligibility: Borrowers must meet income and purchase price limits.

2. Homebuyer Assistance Programs by Local Governments

Many local governments in Oregon offer their own homebuyer assistance programs:

Portland Housing Bureau

  • Down Payment Assistance Loan (DPAL): Offers a no-interest loan to cover down payment and closing costs, forgivable after a set period if you stay in the home.
  • Eligibility: Income limits apply, and you must complete a homebuyer education course.

Lane County Homebuyer Assistance Program

  • Down Payment Assistance: Offers grants or low-interest loans to help with down payment and closing costs.
  • Eligibility: Generally for low to moderate-income buyers who meet specific criteria.

3. Federal Programs Available in Oregon

Several federal programs are available to Oregon residents, providing additional resources for first-time homebuyers:

FHA Loans (Federal Housing Administration)

  • Low Down Payment: Requires a down payment as low as 3.5%.
  • Flexible Credit Requirements: More lenient credit score requirements compared to conventional loans.
  • Eligibility: Open to first-time and repeat buyers who meet credit and income requirements.

VA Loans (Veterans Affairs)

  • No Down Payment: Often require no down payment.
  • No Private Mortgage Insurance (PMI): No PMI required, potentially lowering monthly payments.
  • Eligibility: Available to veterans, active-duty service members, and eligible surviving spouses.

USDA Loans (United States Department of Agriculture)

  • No Down Payment: Offers 100% financing for eligible rural properties.
  • Low Interest Rates: Competitive interest rates and low mortgage insurance costs.
  • Eligibility: Designed for low to moderate-income buyers in designated rural areas.

4. Mortgage Credit Certificate (MCC) Program

  • Tax Credit: Provides a federal tax credit of up to 20% of the mortgage interest paid each year.
  • Eligibility: Typically for first-time homebuyers or those purchasing in targeted areas. Income and purchase price limits apply.

5. Non-Profit and Community-Based Programs

Several non-profit organizations and community groups offer assistance programs for first-time homebuyers in Oregon:

Habitat for Humanity

  • Affordable Housing: Provides opportunities to build and buy affordable homes.
  • Sweat Equity: Buyers often contribute to the building process as part of the down payment.
  • Eligibility: Income limits and other criteria apply.

Neighborhood Assistance Corporation of America (NACA)

  • No Down Payment: No down payment, no closing costs, no fees, and below-market fixed rates.
  • Eligibility: Open to low and moderate-income buyers, including first-time homebuyers.

6. Homebuyer Education and Counseling

  • Workshops and Courses: Many of the above programs require completion of a homebuyer education course.
  • Counseling Services: HUD-approved housing counseling agencies provide one-on-one counseling to help you prepare for homeownership.

Tips for Taking Advantage of These Programs

  • Research and Apply Early: Many programs have limited funds and operate on a first-come, first-served basis.
  • Complete Required Education: Be prepared to complete homebuyer education courses, which are often a requirement for assistance programs.
  • Consult with Professionals: Work with a knowledgeable mortgage broker or real estate agent who is familiar with these programs and can guide you through the application process.

By exploring these programs and incentives, you can find the support you need to become a homeowner in Oregon.

by frida_kohler , a month ago


Yes, there are several first-time homebuyer programs and incentives in Oregon that can help make purchasing a home more attainable. Some programs offer financial assistance through down payment assistance, grants, or tax credits, while others provide education and counseling to help first-time buyers navigate the complexities of the homebuying process.

Here are some examples of first-time homebuyer programs and incentives in Oregon:

  1. Oregon Bond Residential Loan Program: This program offers below-market interest rates and down payment assistance to first-time homebuyers and qualified veterans. The Oregon Housing and Community Services (OHCS) administers this program, providing financing options for conventional and government-insured loans.
  2. Individual Development Account (IDA) Program: The Oregon IDA Program helps low- to moderate-income individuals and families save for a down payment on their first home. Participants can receive matching funds for their savings, which can be used toward down payment and closing costs.
  3. Portland Housing Bureau (PHB) First-Time Homebuyer Program: The PHB offers down payment assistance and homebuyer education classes to first-time buyers in Portland. Eligible participants may receive financial assistance in the form of forgivable loans or grants.
  4. Homeownership Education and Counseling: Various organizations in Oregon provide homeownership education and counseling services to help first-time buyers navigate the homebuying process, understand financing options, and prepare for successful homeownership.
  5. Federal Programs: First-time homebuyers in Oregon may also qualify for federal programs such as FHA loans, VA loans (for eligible veterans), and USDA loans (for properties in rural areas). These programs often offer low down payment options and flexible qualification criteria.

Homebuyers should research and explore the available programs and incentives to determine which options best suit their needs and financial situation. Eligibility requirements and program availability may vary, so it's recommended to contact the relevant agencies or organizations directly for detailed information and assistance.