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 downpayment assistance when funding is available. Get the process started today by taking our Homebuying Foundations class (required to qualify for assistance).
Current Downpayment Assistance Programs
Eugene Downpayment Assistance - available for qualifying first-time homebuyers purchasing within the Eugene, Oregon city limits
Marion County Downpayment Assistance - available for qualifying first-time homebuyers purchasing within Marion county, outside Salem city limits
Springfield Downpayment Assistance - available for qualifying first-time homebuyers purchasing within the Springfield, Oregon city limits
Frequently Asked Questions
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, at or below 80 or 100 percent of Area Median Income
- Are a first-time homebuyer. That is, you have not owned a home in past three years.
- Complete DevNW Homebuying Foundations or Fundaciones de Comprar Vivienda course.
- Meet one-on-one for a homeownership consultation in English or Spanish
Do I have to pay this back?
Yes, 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?
Each downpayment assistance funding source is different. Typically, your household must be within 80 or 100 percent of Area Median Income (AMI).
Does DevNW partner with other DPA programs?
Yes, aside from DevNW, downpayment may be available through cities and other nonprofits. Here are some other places that may have downpayment assistance:
Does DevNW currently have funding?
See "Current Downpayment Programs" at the top of this page for a list of currently funded downpayment assistance.
Is there a cost?
$75, in most cases. Most downpayment assistance programs require that you complete a HUD-certified homebuying class and meet for a consultation with a HUD-certified homeownership counselor. A $75 DevNW Membership give you access to one year of classes and consultations. Register here and look at our calendar of upcoming classes.
Please follow our Facebook page or check back on this page for announcements of future downpayment assistance.
Other Downpayment Assistance
Oregon Bond Residential Loan Program
Some local lenders have programs or portfolio loans that are advertised as "downpayment assistance." Private downpayment can look quite different that downpayment assistance coming from nonprofits or state/federal funding sources. Always do your own research and due diligence. Sometimes they may charge you a higher rate, have more fees or have stricter underwriting guidelines to access their programs. Sometimes they may cover mortgage insurance and help you get into dream of a home quicker. Ask your HUD-certified Homeownership counselor at DevNW about available programs.
Have more questions? Contact your local DevNW office.