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For those looking to buy a home in need of rehabilitation, repair or remodeling, there are a number of loan options available.

The Portland Housing Bureau Home Repair Loan offers a 0% interest loan of up to $40,000 for critical repairs and is available to those purchasing in the Interstate Corridor and Lents Town Center Urban Renewal Areas.

HUD offers both the 203(K) Rehabilitation Loan and the Streamlined 203(K) Limited Repair Loan. Section 203(k) enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home. The Streamlined Limited Repair loan allows homebuyers and homeowners to finance up to $35,000 into their mortgage to repair, improve, or upgrade their home.

For lower-income buyers in rural areas, the USDA Single Family Housing Repair Loans and Grants offers grants and 1% fixed interest rate home repair loans.

Click here for information on these and other homebuying programs.

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