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Active Duty/Veteran Construction Loan

Detail Verified 6/13/17 - Last Updated 6/15/15

Active Duty/Veteran Construction Loan is a program in which the Veterans Administration (VA) is authorized to guarantee loans to eligible veterans and certain surviving spouses to obtain, retain and adapt a home and to refinance their loan. The home must be owner occupied. The no down payment loan may include simultaneous purchase of the land on which the residence is situated or will be situated.

Clackamas Homebuyer Assistance Program

Detail Verified 5/31/17 - Last Updated 3/2/17

Clackamas Homebuyer Assistance Program is a zero-percent interest deferred-payment loan for up to $14,000 to help qualified first-time homebuyers pay for down payment and reasonable closing costs.

Down Payment Assistance Loan (DPAL)

Detail Verified 6/13/17 - Last Updated 9/29/15

Down Payment Assistance Loan (DPAL) is a secondary financing source for first-time homebuyers who buy a home in Portland’s Interstate Corridor or Lents Town Center Urban Renewal Areas. It is a second mortgage loan used in conjunction with a first mortgage loan from a first mortgage lender. DPAL helps homebuyers who are selected by the Minority Homeownership Assistance Collaborative to: • Increase their purchasing power • Enjoy lower monthly house payments • Obtain funding for after-purchase repairs and improvements.

Dream Makers Grant Program

Detail Verified 6/13/17 - Last Updated 9/26/14

Dream Makers Grant Program is a program that offers financial assistance of up to $5000 in the form of a 2-to-1 matching grant to first-time homebuyers who are veterans or active-duty military servicemembers. Buyer must be a first-time homebuyer or have not owned a home for at least three years or have lost their home through divorce or disaster.

FHA 203(b) Loan

Detail Verified 6/13/17 - Last Updated 3/21/2014

A standard fixed rate loan for 1-4 family owner occupied houses with 3.5% down payment.

Good Neighbor Next Door

Detail Verified 6/13/17 - Last Updated 8/11/14

A program for law enforcement officers, pre-kindergarten through 12th grade teachers and firefighters/emergency medical technicians. They can contribute to community revitalization while becoming homeowners through the Housing and Urban Development (HUD) Good Neighbor Next Door Sales Program. Single family properties owned by Housing and Urban Development (HUD) as a result of foreclosure of Federal Housing Administration (FHA)-insured mortgages and located in a Revitalization Area are eligible for sale through special programs at discounts. These Housing and Urban Development (HUD) programs include the Good Neighbor Next Door. Housing and Urban Development (HUD) offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence. Housing and Urban Development (HUD) requires that you sign a second mortgage and note for the discount amount. No interest or payments are required on this “silent second” provided that you fulfill the three-year occupancy requirement.

HUD 203(K) Rehabilitation Loan

Detail Verified 6/13/17 - Last Updated 6/12/12

A government sponsored program designed to allow owner-occupants to obtain one loan for the purchase of residential property (1-4 units) in need of rehabilitation, repair, or and/or modernization. Loans include funds for rehabilitation work.

HUD Streamlined 203(K) Limited Repair

Detail Verified 6/13/17 - Last Updated 6/12/12

A program that permits homebuyers to finance up to $35,000 into their mortgage for home improvements or upgrades before move-in. Property repairs to be identified by a home inspector or Federal Housing Administration (FHA) appraiser.

Limited Tax Exemption

Detail Verified 6/13/17 - Last Updated 1/9/17

A program that offers income-eligible homebuyers, who purchase specific pre-approved newly constructed homes, a limited property tax exemption for a ten year period. The property taxes due during the ten year exemption period will be assessed on improved value of the lot, but not the improvements themselves. During the exemption period the property taxes due are typically 1/2 or less than their normal amount. After the exemption period expires or if the owner ceases to occupy the property as their primary residence the taxes return to their fully assessed rate.

Oregon State Bond Cash Adv. Home Loan

Detail Verified 6/13/17 - Last Updated 11/3/14

A program that helps eligible families increase their home purchasing power and lower their monthly house payments to be affordable. Eligible borrowers receive cash assistance to assist with closing costs.

Oregon State Bond Rate Advantage Home Loan

Detail Verified 6/13/17 - Last Updated 11/3/14

A program that provides eligible borrowers with the lowest fixed rate possible to maximize their home purchasing power.

Oregon Veterans Home Loan

Detail Verified 6/13/17 - Last Updated 3/2/17

A fixed-rate, primarily purchase-money, home loan program designed to provide some degree of economic parity to honorably discharged veterans. Veterans did not have to enter the service from Oregon nor be discharged back into the state. Oregon Department of Veterans’ Affairs (ODVA) loans are conventional loans, different from federal Veterans Administration (VA) loans. Federal Veterans Administration (VA) forms and disclosures do not apply.

Portland Housing Bureau Home Repair Loan

Detail Verified 6/13/17 - Last Updated 9/15/15

Portland Housing Bureau Home Repair Loan is a 0% interest loan up to $40,000 for critical repairs to improve the health and safety of the owner occupants.

Portland Mortgage Credit Certificate

Detail Verified 6/13/17 - Last Updated 4/28/16

A direct federal income tax credit that reduces the federal income taxes of a qualified borrower. 20% of the annual mortgage interest paid is a federal income tax credit, while the remaining 80% continues to qualify as an itemized deduction. $775 fee due upon closing if program is used.

MCC Target Areas

Section 184 Indian Home Loan Guarantee Program

Detail Verified 6/13/17 - Last Updated 4/17/14

A program that provides home ownership opportunities to Native Americans, Tribes, Tribally Designated Housing Entities (TDHEs), through a guaranteed mortgage loan program available through private financial institutions.

USDA Guaranteed Loan Program

Detail Verified 6/13/17 - Last Updated 3/4/15

A loan program that provides up to 100% financing for households with an income up to 115% of the median income for the area. The Guarantee eliminates the need for a down payment. Customers receive 30-year loans with fixed interest rates. Guaranteed Single Family Housing Loans are originated by approved mortgage lenders to assist qualified low to moderate income households in eligible rural areas.

USDA Section 502 Direct Loans

Detail Verified 6/13/17 - Last Updated 3/30/17

A program that provides Single Family Housing loans in rural areas to eligible moderate, low, and very low income applicants who are unable to obtain credit elsewhere. Under this program, low and very low income applicants may obtain 100% United States Department of Agriculture (USDA) direct financing to purchase and/or repair a home. Payment assistance is available. The amount of United States Department of Agriculture (USDA) subsidy varies based on an annual review of household income. The loan may be to purchase and/or repair existing housing, purchase a building site and construct a dwelling, purchase a newly constructed dwelling, or new manufactured housing. These homes must be owned and occupied by the borrower and be in a rural area.

USDA Section 504 Home Repair Program

Detail Verified 6/13/17 - Last Updated 3/4/15

A program offering grants and 1% fixed interest rate home repair loans to very low-income homeowners in rural areas and communities with a population of 35,000 or less. Program funds may be used to improve or modernize a home or to remove health and safety hazards for owner occupied single family residences.

VA Home Loans

Detail Verified 6/13/17 - Last Updated 7/13/15

A program that provides veterans a loan with no down payment requirement.
VA now will accept properties with a PACE lien.  See HERE for policy guidance.

VA Loans/Native American Veterans on Trust Lands

Detail Verified 6/13/17 - Last Updated 6/15/15

A program available to Native American veterans who wish to purchase or construct a home on trust land. A VA direct loan can be used to purchase, construct, or improve a home on Native American trust land. The maximum loan amount is the same as the Federal Home Loan Mortgage Corporation (also known as “Freddie Mac”) single-family conforming loan limit. That limit is currently $417,000 for loans made on Federal Trust land located in the 48 contiguous States and $625,000 for loans made on Federal Trust land in Alaska, Hawaii, and the South Pacific. Contact a VA office with loan activities for information regarding the current loan limit and any other questions you may have.

VA now will accept properties with a PACE lien.  See HERE for policy guidance.

VA Special Housing Adaptation Grant

Detail Verified 6/13/17 - Last Updated 9/29/16

A benefit program for the veterans and servicemembers who have service-connected disabilities. The disability requirements for this program are more stringent than the Specially Adapted Housing Grant. Veterans may be entitled to a grant subject to program eligibility requirements for the purpose of acquiring a land, constructing an adapted home, or modifying an existing home to meet their mobility needs. The goal of the Special Home Adaptation (SHA) grant program is to provide a barrier-free living environment that affords the veterans or servicemembers a level of independent living he or she may not otherwise enjoy.

VA now will accept properties with a PACE lien.  See HERE for policy guidance.

VA Specially Adapted Housing Grant

Detail Verified 6/13/17 - Last Updated 9/29/16

A benefit program for the veterans and servicemembers who have certain service-connected disabilities. The disability requirements for this program are less stringent than the Special Housing Adaptation Grant. Veterans may be entitled to a grant subject to program eligibility requirements for the purpose of acquiring a land, constructing an adapted home, or modifying an existing home to meet their mobility needs. The goal of the Specially Adapted Housing (SAH) grant program is to provide a barrier-free living environment that affords the veterans or servicemembers a level of independent living he or she may not otherwise enjoy.

VA now will accept properties with a PACE lien.  See HERE for policy guidance.

WELCOME HOME Gresham

Detail Verified 6/13/17 - Last Updated 3/30/17

Gresham’s first-time homebuyer down payment assistance program.

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