Down Payment Path

Down Payment Assistance Programs in Oregon

Oregon provides a range of programs to assist homebuyers with down payments and closing costs, making homeownership more accessible across the Beaver State. These programs are available to both first-time and repeat buyers, ensuring financial support for a wide audience.

Oregon Bond Residential Loan Program

The Oregon Bond Residential Loan Program, offered by Oregon Housing and Community Services (OHCS), provides affordable mortgage options with down payment assistance for eligible buyers.

  • Offers competitive fixed interest rates on 30-year mortgages.
  • Includes down payment assistance through the Cash Advantage or Rate Advantage options.
  • Open to both first-time and repeat buyers meeting income and purchase price limits.

Oregon Down Payment Assistance Program

The Oregon Down Payment Assistance Program provides targeted financial support to help cover upfront costs.

  • Offers grants of up to $15,000 to assist with down payment and closing costs.
  • Administered through local housing agencies, ensuring support is tailored to community needs.
  • Open to buyers meeting income and property eligibility requirements.

LIFT Homeownership Program

The LIFT Homeownership Program aims to increase homeownership opportunities for moderate-income families in Oregon.

  • Provides down payment assistance in conjunction with affordable housing projects.
  • Targets households earning up to 80% of the area median income.
  • Open to both first-time and repeat buyers purchasing homes in designated areas.

USDA Rural Development Loans

For buyers in rural parts of Oregon, the USDA Rural Development Loan offers affordable financing with no down payment required.

  • Available to low- and moderate-income buyers in USDA-eligible rural areas.
  • Flexible credit requirements and competitive interest rates.
  • Can be paired with state or local assistance programs to cover closing costs.

Mortgage Credit Certificate (MCC)

The Mortgage Credit Certificate (MCC) program provides tax benefits to reduce the overall cost of homeownership.

  • Allows buyers to claim a federal tax credit for a portion of their mortgage interest paid annually.
  • Can be paired with OHCS loans and down payment assistance programs.
  • Income and purchase price limits apply, but the program accommodates a wide range of buyers.

Local Assistance Programs

Several cities and counties in Oregon offer additional resources to help buyers with upfront costs.

  • Programs in areas like Portland, Salem, and Eugene often include grants or low-interest loans for down payment and closing costs.
  • Some local initiatives target buyers in revitalization neighborhoods or provide enhanced benefits for public service workers, such as educators and first responders.
  • Eligibility criteria and assistance levels vary by location.

Oregon’s down payment assistance programs are tailored to reduce financial barriers, making homeownership more attainable for a diverse range of buyers. Whether you’re purchasing your first home or upgrading, these resources can help you achieve your goal of owning a home in the Beaver State.