Down Payment Assistance Programs
Resources
Oregon State Programs
Statewide Programs
HomeStart Savings Program
HomeStart Plus Savings Program
Home Purchase Assistance Program
MAP 20 (Mortgage Assistance Program 20%)
CAP (Closing Assistance Program)
Section 8 to Homeownership
Shared Appreciation Mortgage (SAM) Funds
Columbia Vista Homeownership Assistance Program
Oregon State Bond Cash Advantage
City of Salem Down Payment Assistance
Clackamas Homebuyer Assistance Program (CHAP)
HomeStart Savings Program
This program helps you accumulate funds for down payment and closing costs by matching $3.00 for every $1 dollar you save, up to a maximum of $5,000. These funds can be used toward the purchase of your first home as down payment or closing costs.
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HomeStart Plus Savings Program
This program, a variation of the HomeStart program, serves families enrolled in the Federal Family Self–Sufficiency Program and who are receiving public housing assistance. HomeStreet Bank matches $2 for every $1 saved. Eligible homebuyers may save up to $5,000 in a designated savings account to receive the two–to–one matching grant of up to $10,000. To qualify for matching funds, a HomeStreet Bank savings account must be open and active for at least six months.
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Home Purchase Assistance Program (HPAP)
This program offers $1,500 for down payment or closing cost assistance. This zero interest loan is paid upon the refinance or sale of the property.
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MAP 20: (Mortgage Assistance Program 20%)
This is a fixed–rate second mortgage program that offers up to $50,000 or 20% of the loan amount to help Portland residents earning up to 80% of the area median income buy a home. For more information, contact the Affinity Lending Center or go to http://www.portlandhousingcenter.org/
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CAP (Closing Assistance Program)
This program offers $7,500 in assistance to help cover closing costs and prepaid expenses. It is also available to people who earn up to 100% of the area median income. For more information, contact the Affinity Lending Center or go to http://www.portlandhousingcenter.org/
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Section 8 to Homeownership
Through a partnership between HomeStreet Bank, the Portland Housing Center, and the Housing Authority of Portland (HAP), this program allows existing Section 8 participants enrolled in the Goals program to use their Section 8 funds as a down payment. For more information, contact the Affinity Lending Center or go to http://www.portlandhousingcenter.org/
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Shared Appreciation Mortgage (SAM) Funds
This program is available in targeted areas and for specific projects. Funds are available up to $30,000 based on need (depending on project) for down payment and closing costs.
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Columbia Vista Homeownership Assistance Program
This program is only available to Columbia Vista employees purchasing their first home and who have been employed by Columbia Vista for at least three years. The Assistance Program offers up to $5,000 in interest–free forgivable loans to be used for down payment and closing costs. Contact the Portland Affinity Lending Center to learn more about this program. This program is only available through HomeStreet Bank. You must get your home loan through the Affinity Lending Center.
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Oregon State Bond Cash Advantage
The Oregon State Bond Cash Advantage is a good source of down payment and closing cost assistance through the Oregon Bond program. The interest rate is 0.5% higher than the regular Oregon State Bond rate and the buyer will receive a lender credit of 3% of the loan amount for down payment and/or closing costs at closing. For more information, contact the Affinity Lending Center or go to http://www.hcs.state.or.us/
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City of Salem Down Payment Assistance
The City of Salem program offers up to $10,000 that can be used for down payment or closing costs. The buyers must have $1,000 of their own funds to contribute toward the purchase. The payments on the loan are deferred until the house is sold or refinanced.
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Clackamas Homebuyer Assistance Program (CHAP)
Clackamas County Community Development (CDD) offers the Clackamas Homebuyer Assistance Program (CHAP). The program offers up to $10,000 to eligible low-income families buying their first home. The funds can be used for down payment or closing costs. The buyers must have $1,000 of their own funds to contribute toward the purchase. This zero interest loan is paid upon the refinance or sale of the property.
For more information, contact the Affinity Lending Center or go to http://www.hcs.state.or.us/.
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