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 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 pr below 100 percent of Area Median Income
  • Are a first-time homebuyer.
  • Complete DevNW Homebuying Foundations course.
  • Meet one-on-one for a homeownership consultation.
  • Purchase a home in Benton, Clackamas, Lane, Linn, Lincoln, Marion or Polk counties

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

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?

As of October 15, 2020, DevNW currently only has downpayment assistance for veterans or people buying in Milwaukie, Oregon. Please follow our Facebook page or check back on this page for announcements of future downpayment assistance.

Oregon Bond Residential Loan Program

OHCS helps low and moderate-income families in Oregon buy their first home. They provide below-market rate financing or 3% cash assistance. You must work with a participating lender. Learn more here.

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.

City of Springfield Homeownership Program (SHOP)

The City of Springfield can loan up to $7,000 toward the down payment and related costs of buying a qualified home in Springfield.  The loan is interest-free and repayment is generally not required until the home is sold, refinanced, or transferred.  The buyer must contribute at least 50 percent of the minimum down payment required by the primary lender. Learn more about this program, its benefits, limitations, and eligibility requirements. Eligibility includes completion and certificate of Homebuying Foundations or Fundaciones de Comprar Vivienda.

Have more questions? Contact your local DevNW office.