Ohio

Ohio Housing Finance Agency (OHFA) First-Time Homebuyer Program

OHFA collaborates with mortgage lenders to offer a variety of loans suitable for first-time homebuyers, including conventional, FHA, VA, and USDA loans. These 30-year, fixed-rate mortgage loans feature generous income and purchase price limits designed especially for homebuyers with low- and moderate- incomes.

Highlights:

• • Diverse loan options: Conventional, FHA, VA, USDA.
  • Generous income and purchase price limits.
  • Mandatory completion of a free homebuyer education course.

Eligibility:

• • Must be a first-time homebuyer, or no ownership interest in any primary residence in the last three years, honorably discharged veteran or purchasing a home in a target area.
  • Meet income and purchase price limits specific to their location.
  • Must meet debt-to-income ratio requirements, which vary by loan type.
  • Minimum credit score of 640 for conventional, VA, and USDA loans, or 650 for FHA loans.
  • Purchase a single- to four-family home, condominium, modular home, or manufactured home.
  • Purchase a qualifying property that is limited to two acres within a municipal corporation and five acres outside a municipal corporation, unless additional acreage is required by local health or safety code.

Benefits:

• • Offers a range of options to make homeownership more affordable
  • Lower mortgage rates.
  • Additional options for down payment assistance.

Requirements:

• • Mandatory completion of a free homebuyer education course.
  • Compliance with specific debt-to-income ratios, purchase price limits, and borrower income limits.

How to Apply:

• • Locate an OHFA-approved lender in your area contact OHFA at 888.362.6432
  • Follow the application process provided by the lender.

Ohio Heroes

The Ohio Housing Finance Agency’s (OHFA) Ohio Heroes program rewards Ohio residents serving the public with a discounted mortgage interest rate.

Highlights:

• • Discounted mortgage interest rates.
  • Applicable to both first-time and repeat homebuyers.
  • Open to various service professions, including veterans, military members, police, firefighters, healthcare professionals, and educators.

Eligibility:

• • Meet income and purchase price limits.
  • Meet debt-to-income ratios based on the loan type.
  • Minimum credit score of 640 for conventional, VA, and USDA loans, or 650 for FHA loans.
  • Work in one of the specified careers:
  • Veterans, active duty military members or members of reserve components (including surviving spouses)
  • Police officers, firefighters, volunteer firefighters, EMTs and paramedics
  • Physicians, nurse practitioners, nurses (RN and LPN) and STNAs
  • Teachers (pre-K through grade 12), administrators and counselors

Benefits:

• • Discounted mortgage rates.
  • Option to include down payment assistance.

Requirements:

• • Have a minimum credit score of 640 for conventional, VA, or USDA loans; 650 for FHA loans.
  • Meet OHFA income and purchase price limits.
  • Complete a homebuyer education course.

How to Apply:

• • Locate an OHFA-approved lender in your area.
  • Follow the application process provided by the lender.
  • For inquiries and assistance, contact OHFA at the toll-free number: 888.362.6432.

OHFA YourChoice! Down Payment Assistance

OHFA’s YourChoice! Down Payment Assistance program provides financial support to both first-time and repeat homebuyers, offering options for down payments, closing costs, and other qualifying pre- closing expenses.

Highlights:

• • Down payment assistance ranging from 2.5% to 5% of the home’s purchase price.
  • Forgiveness of assistance after seven years provided they do not sell or refinance the property for seven years.

Eligibility:

• • 640 minimum credit score for conventional, VA, or USDA loans; 650 minimum credit score for FHA loans.
  • Meet OHFA income and purchase price limits.
  • Completion of a homebuyer education course.

Benefits:

• • Flexibility to choose between 2.5% or 5% assistance.
  • Assistance applicable to down payments, closing costs, or other pre-closing expenses.
  • Borrowers don’t have to repay the funds provided they do not sell or refinance the property for seven years.

Requirements:

• • Minimum credit score requirements based on the loan type.
  • Adherence to OHFA income and purchase price limits.
  • Completion of a homebuyer education course.

How to Apply:

• • Interested individuals can apply through OHFA-approved lenders. Completion of a homebuyer education course is necessary. For more information and assistance, contact OHFA at the toll-free number: 888.362.6432

OHFA Grants for Grads

The OHFA Grants for Grads program aims to ease the financial burden of student loan debt for recent graduates, making homeownership more accessible. This initiative caters to first-time homebuyers who have completed a qualifying degree within the last four years, offering forgivable down payment assistance ranging from 2.5% to 5% and a discounted mortgage rate.

Highlights:

• • Forgivable down payment assistance of 2.5% to 5%.
  • Down payment assistance forgiveness after five years of residence in Ohio.

Eligibility:

• • 640 minimum credit score for conventional, VA, or USDA loans; 650 minimum credit score for FHA loans.
  • Adherence to OHFA income and purchase price limits.
  • This program is for first-time homebuyers who have completed an associate’s, bachelor’s, master’s, doctorate or other post-graduate degree within the last four years

Benefits:

• • Discounted mortgage rate for recent graduates.
  • Down payment assistance forgiveness upon five years of continuous residency in Ohio.

Requirements:

• • Minimum credit score requirements based on the loan type.
  • Compliance with OHFA income and purchase price limits.
  • Graduation with a qualifying degree within the last four years.

How to Apply:

• • Locate an OHFA-approved lender in your area.
  • Follow the application process provided by the lender.
  • For inquiries and assistance, contact OHFA at the toll-free number: 888.362.6432.

Communities First DPA

Communities First – Down Payment Assistance program, administered by The Port of Greater Cincinnati Development Authority, offers first mortgage financing and down payment/closing cost assistance grants to eligible homebuyers in Ohio. The program aims to increase homeownership opportunities for Ohio residents.

Highlights:

• • Grant, not a loan: No second mortgage on the home.
  • Fewer restrictions: No limitations on reselling the home or refinancing the mortgage.
  • Instant equity: Grant provides immediate equity in the new home.
  • Based on borrower income: Income limits apply only to the borrower, not the household.

Eligibility:

• • Meet standard industry guidelines.
  • Income must not exceed 115% AMI by county, for any family size.
  • No DTI restriction with Approved/Accept AUS or LPA Eligible/Accept.
  • Minimum FICO credit score of 620 (subject to change)
  • Occupy the property as the principal residence within 60 days.
  • Eligible properties include single-family owner-occupied residences, condominiums, townhomes, and owner-occupied duplexes.

Benefits:

• • Down payment and closing cost assistance grants.
  • No second mortgage on the home.
  • Streamlined process through participating lenders.
  • Options for various first mortgage types: FHA, VA, Rural Development, Conventional.
  • Less paperwork: No TRID, documents to record, or second mortgage to sell.
  • Increased flexibility: Options of 3%, 4%, or 5% down payment assistance.

Requirements:

• • Apply through a participating lender.
  • Meet standard industry guidelines.
  • Income limits not exceeding 115% AMI by county.
  • Meet lender’s credit requirements
  • Occupy the property as the principal residence within 60 days of closing.

How to Apply:

• • Apply through a participating lender to verify eligibility and obtain pre-approval

Mortgage Tax Credit

The Ohio Housing Finance Agency’s Mortgage Tax Credit offers homebuyers a direct federal tax credit on a portion of mortgage interest paid, potentially providing up to a $2,000 tax savings per year.

Highlights:

• • Direct federal tax credit on mortgage interest.
  • Potential tax savings of up to $2,000 per year.
  • Non-refundable credit for homebuyers with a tax liability.

Eligibility:

• • Must meet income and purchase price guidelines
  • Homebuyers with a tax liability.
  • Availability of the credit is in addition to the IRS home mortgage interest deduction.

Benefits:

• • Tax credit percentage and maximum annual credit vary based on the location, property, and mortgage type.
  • Two options available: Mortgage Tax Credit Plus and Mortgage Tax Credit Basic.
  • Option to couple Mortgage Tax Credit Plus with 2.5% down payment assistance.

Requirements:

• • Specific tax liability conditions for eligibility.
  • Variation in tax credit percentage based on the type of mortgage and property location.

How to Apply:

• • Homebuyers can apply for the Mortgage Tax Credit through OHFA’s First-Time Homebuyer program for Mortgage Tax Credit Plus.
  • For Mortgage Tax Credit Basic, the credit can be applied when using a different mortgage option from the lender.

Oklahoma

OHFA GOLD Program

The OHFA GOLD Program, offered by the Oklahoma Housing Finance Agency (OHFA), provides financing opportunities for both first-time homebuyers and repeat buyers in targeted areas. The program encompasses government loans and conventional loans, each catering to specific eligibility criteria.

Highlights:

• • Available for first-time homebuyers unless purchasing in a targeted area
  • Includes government loans (FHA, VA, USDA, or Section 184) and conventional loans.
  • Special interest rates for teachers, law enforcement, firefighters, emergency medical technicians, and state employees.

Eligibility:

• • Legal resident of the United States
  • Must be a first-time homebuyer unless purchasing in a targeted area.
  • Buying a home for primary residence in Oklahoma
  • Annual gross household income considered based on county and family size.
  • Minimum credit score of 640.
  • Total debt-to-income ratio not exceeding 45%.

Benefits:

• • Competitive interest rates for specific professions and targeted areas.
  • Special interest rates for qualified professionals and state employees.
  • Maximum purchase price: $349,525 (non-targeted areas) and $427,198 (targeted areas).
  • Down payment assistance of 3.5% at closing.

Requirements:

• • Purchase an existing home or new construction.
  • Primary residence only.
  • Repayment of down payment assistance required upon loan maturity, home sale or refinancing, or transfer of ownership or primary residence.

How to Apply:

• • Homebuyers can apply for the OHFA GOLD Loan Program through participating OHFA lenders. Qualification details, including credit score, income, and targeted area considerations, can be discussed and assessed during the application process.
  • Find a certified Blue Ribbon Realtor through OHFA
  • Call 405-419-8207 or email [email protected] for any questions

OHFA DREAM Program

The OHFA DREAM Loan Program, provided by the Oklahoma Housing Finance Agency (OHFA), is designed for buyers seeking to purchase their primary residence, whether as first-time or repeat homebuyers. The program encompasses both government loans and conventional loans, offering flexibility to meet diverse buyer needs.

Highlights:

• • Available for first-time and repeat buyers.
  • Buyers may own another property but must utilize OHFA loan for primary residence.
  • Option for Conventional or Government loans (FHA, VA, USDA-RD, DREAM Government ZERO)
  • Option to choose 3.5% down payment assistance or bring personal funds for a lower interest rate.

Eligibility:

• • Legal resident of the United States
  • Must be buying a home for primary residence located in Oklahoma
  • Minimum credit score of 640.
  • Debt-to-income ratio not exceeding 45-50% (depending on loan type).
  • Income and purchase limits apply.

Benefits:

• • Flexibility for both first-time and repeat buyers.
  • Option to add down payment assistance up to 3.50% of the total loan amount
  • Diverse loan types, including government loans and conventional loans.
  • Competitive interest rates.

Requirements:

• • Minimum credit score of 640 (varies based on debt-to-income ratio, property and loan type).
  • Debt-to-income ratio not exceeding 45-50% (depending on loan type).
  • Must occupy property as primary residence within 60 days of closing
  • Compliance with OHFA income limits and purchase price limits.

How to Apply:

• • Interested buyers can apply for the OHFA DREAM Loan Program through participating OHFA lenders. The application process involves assessing eligibility criteria, credit score, income, and preferences regarding down payment assistance or personal funds for a lower interest rate.
  • Find a certified Blue Ribbon Realtor through OHFA
  • Call 405-419-8207 or email [email protected] for any questions

Programs with Special Interest Rates for Public Servants

• • OHFA 4Teachers program: First-time buyers who are educators and teachers can receive a reduced mortgage interest rate, along with down payment assistance that’s equal to 3.5% of the total loan amount.
  • OHFA Shield program: If you’re a first-time homeowner who is currently employed as a firefighter, law enforcement officer, or emergency medical service provider, then you may be eligible for a mortgage rate reduction and down payment assistance
  • Oklahoma State Employee program: Eligible state employees may qualify for a low- interest mortgage loan through OHFA

Eligibility:

• • Purchasing a home in Oklahoma.
  • The home will be used as your primary residence and must be occupied within 60 days of closing.
  • Maximum household income requirements vary by family size and home location.
  • Middle credit score of 640 or greater is required.
  • Legal resident of the United States.

Requirements:

• • OHFA 4Teachers

o Borrowers must hold a current Oklahoma State Department of Education Teaching Certificate and be currently under contract with any Oklahoma Accredited Public School and/or Private/Parochial School.

• • OHFA Shield
• Firefighters – Borrowers must be currently employed as a firefighter with a fire department of an Oklahoma municipality or representing a volunteer department as a volunteer firefighter.
• Law Enforcement – Borrowers include police officers, patrol officers, sheriffs and other government law enforcement personnel currently employed by an Oklahoma municipality, including volunteers or reserve law enforcement officers. Individuals must be CLEET certified.
• Emergency Medical Services – Borrowers must be currently employed by an EMS provider. EMTs and Paramedics are included in this group.
  • OHFA State Employee

o Borrowers must be currently employed by a state agency in Oklahoma.

How to Apply:

• • Homebuyers can apply for the OHFA GOLD Loan Program through participating OHFA lenders. Qualification details, including credit score, income, and targeted area considerations, can be discussed and assessed during the application process.
  • Find a certified Blue Ribbon Realtor through OHFA
  • Call 405-419-8207 or email [email protected] for any questions

REI Down Payment Assistance

The REI Oklahoma collaborates with approved lenders to offer down payment and closing cost assistance to eligible borrowers statewide in Oklahoma.

Highlights:

• • Partnership with approved lenders for down payment and closing cost assistance.
  • Simple and accessible program with wide eligibility criteria.
  • Multiple program options to choose from based on client needs.

Eligibility:

• • Available to eligible borrowers statewide in Oklahoma.
  • Wide eligibility criteria to cater to a large portion of borrowers.
  • Specific eligibility requirements may vary based on chosen program option.

Benefits:

• • Down payment and closing cost assistance.
  • Assistance provided in the form of:
• Gift Funds: No need to repay.
• Second Mortgage Loan: Paid back monthly over ten years.
• Forgivable Second Mortgage Loan: No repayment if you live in the home for seven years.
  • Streamlined process with assistance obtained directly through the lender.

Requirements:

• • Work directly with an approved lender to secure down payment assistance.
  • Fulfill specific eligibility criteria based on chosen program option.
  • Meet any additional requirements outlined by the lender.

How to Apply:

1. Contact an approved lender participating in the REI Home100 Program.
2. Work with the lender to determine eligibility and select the most suitable program option.
3. Secure down payment and closing cost assistance through the lender.

For more information, visit www.reidownpayment.org or contact the REI housing team at [email protected] or 800-658-2823.

Oregon

Oregon Bond Residential Loan Program

The Oregon Residential Bond Loan Program provides competitive rates, enabling eligible families to enhance their home purchasing power and maintain affordable monthly house payments. Through approved lenders, homebuyers can apply for either a Cash Advantage or Rate Advantage loan.

Highlights:

• • Competitive rates for eligible families.
  • Two loan options: Cash Advantage or Rate Advantage.
  • Conventional, FHA, VA, and USDA Loan options

Eligibility:

• • First-time homebuyer or repeat buyer purchasing in a specific target area
  • Must be in Oregon
  • Must meet Oregon Bond Residential Loan income limits
  • Must meet Oregon Bond Residential Loan purchase price limits
  • Must be a single-family home, condominium, unit in a planned unit development (PUD) or manufactured home

Benefits:

• • Cash Advantage:
• Competitive interest rate.
• 3% of the loan amount in cash to reduce closing costs.
• Not applicable for the minimum investment required for an FHA Loan.
  • Rate Advantage:
• Competitive interest rate.
• Lower monthly payment.

Requirements:

• • Must be a first-time homebuyer.
  • Must meet eligibility criteria for both Cash Advantage and Rate Advantage options.
  • Contact a participating lender for the rates and additional eligibility requirements

How to Apply:

• • Oregon Housing and Community Services collaborates with approved lenders throughout the state. Homebuyers should contact one of the approved lenders listed on the program website for information on guidelines, requirements, and eligibility criteria.
  • For more information, contact: 503-986-2000 / 877-788-2663 or email [email protected]

Flex Lending Program

The Flex Lending Program offers a fixed-rate first mortgage paired with a second mortgage, either as a silent forgivable second lien or an amortizing repayable second lien.

Highlights:

• • Fixed-rate first mortgage combined with a second mortgage.
  • Second mortgage options: silent forgivable or amortizing repayable.
  • Down payment assistance (DPA) for up to 100% of the borrower’s cash requirement.

Eligibility:

• • Borrowers do not have to be First-Time Homebuyers
  • Borrower’s annual gross income not exceeding $125,000.
  • Must be a resident or intend to be a resident of Oregon.
  • Intends to occupy the property as a permanent principal residence.
  • Must meet credit underwriting guidelines set by the lender
  • Does not own any other residential property.

Benefits:

• • DPA funds applicable to down payment, closing costs, and related fees.
  • Flexible loan options for borrowers with different needs.

Requirements:

• • Homebuyer education mandatory for first-time homebuyers.
  • Occupancy principal residence requirement.
  • Income limits based on county AMI.
  • Eligible loan area limited to real estate in the State of Oregon.

How to Apply:

• • Interested borrowers can apply through approved lenders listed on the program website.
  • Complete a homebuyer education class
  • Work with a realtor to find a home that fits your needs.

Homeownership Programs DPA

There are multiple avenues in which OHCS supports homeownership with Down Payment Assistance (DPA).

Homeownership Programs DPA – Down payment assistance program funds are awarded to organizations throughout the state to create, continue and expand their existing down payment assistance programs. Eligible homebuyers who have completed Homebuyer Education and the recommended coaching from a qualified organization may qualify for down payment and/or closing costs assistance.

When funds are available, they are from the state’s document recording fee, and certain jurisdictions’ Construction Excise Taxes collected. A portion of these funds is distributed to Oregon Housing and Community Services to expand the state’s supply of homeownership housing for low to moderate-income families and individuals, particularly communities of color, with a percentage of funds reserved specifically for Oregon veterans.

Please contact the awarded organization serving your area for their program availability and requirements. The list of current awarded organizations offering the Homeownership Programs DPA can be found below.

RVAR/OAR HOME Foundation Buyers Assistance Grant

The RVAR/OAR HOME Foundation Buyers Assistance Grant offers up to $2,500 to first-time homebuyers in Jackson or Josephine County, Oregon, to assist with down payment, closing costs, or prepaid items.

Highlights:

• • Provides up to $2,500 in assistance.
  • First-time homebuyers in Jackson or Josephine County, Oregon, eligible.
  • Funds can be used for down payment, closing costs, or prepaid items.
  • Homebuyers contribute a minimum of $500 towards the purchase.

Eligibility:

• • Must be a first-time homebuyer (not owned a home in the past three years).
  • Pre-approved for a conforming conventional, government insured, or government guaranteed mortgage.
  • Attended “Realizing the American Dream” homebuyer education class or completed the online “eHome America” course.
  • Completed pre-purchase housing counseling appointment with a Certified Homeownership Counselor at ACCESS.
  • Household income does not exceed the State of Oregon Median Income Limit per HUD guidelines.

Benefits:

• • Financial assistance for down payment and closing costs.
  • Access to homeownership education and counseling services.
  • Support from local Realtors® and lenders.

Requirements:

• • Home must be located within Jackson or Josephine County, Oregon.
  • Must be the primary residence and considered real property.

How to Apply:

1. Enroll and attend the “Realizing the American Dream” homebuyer education course by calling the Homeownership Center at ACCESS at (541) 774-4305 or complete the “eHome” course at http://www.ehomeamerica.org/access
2. Schedule and attend an individual pre-purchase counseling session at ACCESS by calling (541) 774-4305.
3. Work with a lender and local Realtor® who is an active member of Southern Oregon Multiple Listing Service.
4. Obtain pre-approval for a mortgage from your lender.
5. Once all steps are completed and an offer on a home is accepted, submit a grant application to ACCESS through your lender.

For more information or to begin the application process, contact ACCESS Homeownership Center at [email protected] or call 541-774-4305

Individual Development Account for First-Time Homebuyers for Baker, Grant, Union, and Wallowa counties

The Individual Development Account (IDA) is a specialized savings account designed to assist individuals with modest finances in saving for a home. This program is supported by funding from Oregon IDA Tax Creditand is being facilitated by Community Connection of Northeast Oregon, Inc (CCNO) for Baker, Grant, Union, and Wallowa counties.

Highlights:

• • Provides a 5-to-1 match for savings towards a home.
  • Funds can be used for various expenses related to a first-time home purchase.

Eligibility:

• • Must be 18 years or older and able to open a bank account.
  • Household net worth must not exceed $20,000 (excluding certain assets).
  • Household income must meet specified guidelines

Benefits:

• • Participants in the IDA program receive a 5-to-1 match for their savings, meaning that for every $1 saved, the program matches it with $5
  • IDA funds may be used for down payment, closing costs, home inspection, appraisal, or earnest money deposit towards a first-time home purchase.
  • Financial management education and counseling.
  • Support in creating a savings plan tailored to individual goals.
  • You may save up to a total of $3,600, which would be matched by $18,000, for a total of $21,600.

Requirements:

• • Attend financial literacy courses and asset-specific training.
  • Complete pre-purchase counseling and develop a purchase plan for homebuyers.
  • Maintain deposits into the IDA savings account for at least six months before withdrawing funds.
  • There is a $25 application fee and a credit report fee.

How to Apply:

1. Speak with CCNO’s IDA Specialist to determine eligibility.
2. Set up a meeting to discuss next steps and pay the application fee.
3. Complete financial literacy courses and asset-specific training.
4. Develop a purchase plan for homebuyers.
5. Withdraw funds for qualified expenses after meeting program requirements.

Additional Information:

• • Matching funds are provided through the Oregon IDA Tax Credit.
  • For more information, contact CCNO at www.ccno.org, 541-963-3186 or 800-838- 3186. You may also email the program’s IDA Specialist at [email protected]

Marion County Downpayment Assistance Program

The Marion County Downpayment Assistance Program offers eligible first-time homebuyers up to

$25,000 in no-interest funding for down payment and closing costs through DevNW. A portion of the loan is forgiven if the property is owned for at least 10 years. This program is designed to support homeownership outside the Salem city limits.

Highlights:

• • Provides up to $25,000 in no-interest loans for down payment and closing costs.
  • Forgivable portion available for properties owned for at least 10 years.
  • Aimed at first-time homebuyers purchasing outside the Salem city limits.

Eligibility:

• • Must be a “first-time homebuyer” (not owned a home in the past three years).
  • Purchase must be located within Marion County, Oregon, but outside Salem city limits.
  • Eligible properties include single-family homes or manufactured homes on owned land.
  • Occupy the home as primary residence
  • Household gross income must not exceed 80% of the Area Median Income (AMI), based on household size.
  • Pre-approved for a mortgage

Benefits:

• • Assistance of up to $25,000 towards down payment and closing costs.
  • Down payment assistance is provided as a zero-interest loan.
  • Forgiveness option for a portion of the loan if property is owned for at least 10 years.

Requirements:

• • Complete the Marion County DPA application.
  • Attend DevNW’s homeownership education course, available in both English and Spanish.
  • Meet with a DevNW HUD-certified homeownership counselor.
  • Undergo a home inspection conducted by DevNW.
  • Additional loan requirements

How to Apply:

1. Fill out the Marion County DPA application.
2. Attend the Fundaciones de Comprar de Vivienda (Spanish) or Homebuying Foundations (English) course offered by DevNW.
3. Schedule a meeting with a DevNW HUD-certified homeownership counselor.
4. Ensure compliance with additional loan requirements.

For inquiries, email [email protected] with “DPA question” in the subject line.

Portland Down Payment Assistance Loan Program

The Portland Down Payment Assistance Loan (DPAL) program offers favorable terms to assist first- time homebuyers in purchasing a home within Portland city limits. This program, administered by the Portland Housing Bureau (PHB), provides eligible buyers with a second mortgage loan in conjunction with a first mortgage loan from a participating lender.

Highlights:

• • Offers up to $80,000 – $100,000 in DPAL funds, depending on location and funding source.
  • DPAL is a second mortgage loan, used alongside a first mortgage loan.
  • Loan forgiveness options available starting at the 15th anniversary of the loan.

Eligibility:

• • Must work with a Homebuying Counselor at a designated Community Partner.
  • First-time homebuyer (not owned a home in the past three years).
  • Annual household income at or below 100% of Portland’s Area Median Income (AMI).
  • Meet first mortgage lender’s financing requirements.
  • Maintain liquid assets of no more than $10,000 at closing.
  • US citizen or legal resident.
  • Complete a HUD-approved homebuyer education class.
  • Provide a minimum borrower investment of at least $500.
  • For properties in the Interstate Corridor Urban Renewal Area (ICURA), must participate in the N/NE Homeownership Preference Policy.
  • Property must be located within Portland city limits.
  • Single-family units only, including existing condos and townhomes.

Benefits:

• • Up to $80,000 – $100,000 in DPAL award amounts, depending on funding source and home location.
  • A portion of the award is set aside as a grant for post-purchase Home Improvement.
  • 30-year loan term with 0.00% interest per year with an Annual Percentage Rate (APR) of 0.012%
  • Loan payments deferred until the sale of the home, refinance of the first mortgage, or when no longer occupied as primary residence.
  • Loan forgiveness option starting at the 15th anniversary of the loan.

Requirements:

• • Must be used with a first mortgage loan from a participating lender.
  • Loan must be secured by the purchased property by a lien no lower than second position.
  • $500 origination fee plus other third-party closing costs apply.
  • Homebuyers must maintain primary residence at the home securing the DPAL second lien throughout the loan term.

How to Apply:

• • Contact one of the DPAL Community Partners to schedule an appointment with a homebuyer counselor, who can assist with qualification assessment and program requirements.

For further inquiries, contact PHB Housing Loan Coordinator, Bev Keagbine, at 503-823- 3336 or email [email protected]