Downpayment Assistance

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Downpayment Assistance

Are you saving to buy a home? DevNW provides a combination of education, counseling, and, in some instances, financial assistance to help you make your dream of homeownership a reality. You may be eligible for up to $15,000 in downpayment assistance when funding is available. Get the process started today by taking our Homebuying Foundations class (required to qualify for assistance).

You may qualify for downpayment assistance.

If you cannot attend a class in Clackamas, Lane, Benton, Linn, Lincoln, Marion, or Polk County, you may opt for an online homebuying class, Framework. If you qualify for downpayment assistance, you may use the funds for down payment and closing costs when purchasing your new home.

You may be eligible for downpayment assistance if you:

  • Meet household income criteria, within 100 percent of Area Median Income (See “Income Criteria”).
  • Are a first-time homebuyer.
  • Complete DevNW Homebuying Foundations course.
  • Meet one-on-one for a homeownership consultation.
  • Purchase a home in Oregon.

City of Corvallis First-Time Homebuyer Loan Program

The First-Time Home Buyer Program provides zero-interest loans of up to $20,000 for low-income, first-time homebuyers to cover a portion of the down payment/closing costs associated with their purchase of a home in Corvallis. Learn more about this program, its benefits, limitations, and eligibility requirements.

Frequently Asked Questions

Is funding currently available?

As of September 2019, there are no downpayment assistance loan funds available through DevNW. Please check back for updates.

Do I have to pay this back?

Yes, our downpayment assistance loan is an interest-free loan and will be repaid with shared appreciation upon the sale of the home or refinance of the first mortgage.

What is the income criteria for DPA?

Your household must be within 100 percent of Area Median Income (AMI).

Have more questions? Contact your local DevNW office.