Program: Portland Housing Bureau Home Repair Loan
Detail Verified 12/14/17 - Last Updated 11/3/17
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.
Eligible locations are the Interstate Corridor and Lents Town Center Urban Renewal Areas.
Who is Eligible for this Program?
Borrower must own and occupy the home. Total cash assets cannot exceed $20,000, excluding value of primary residence. Borrower must have a 60% maximum debt-to-income ratio and be current on their mortgage, homeowner's insurance, and property taxes.
Borrowers in the Interstate Corridor must have an annual household income at or below 120% of Portland’s Median Family Income (MFI 2017).
Borrowers in the Lents Urban Renewal Area must have an annual household income at or below 80% of Portland’s Median Family Income (MFI 2017).
Funds to be used toward critical repairs as determined by Portland Housing Bureau.
Is this program for first time buyers only?: No
Property Eligibility Requirements
Must be in the Interstate Corridor and Lents Town Center Urban Renewal Areas.
Benefit: Portland Housing Bureau Home Repair Loan is for owner occupants to make repairs critical to their health and safety as determined by PHB's Construction Coordinator. The loan maximum is $40,000 with 0% interest, 0% payments, and will be forgiven after 15 years if the property remains owner-occupied.
Loan Term: 15 years
Homebuyer Counseling / Education Required: No
Owner Occupancy Required: Yes
Other Program Comments: No reverse mortgages.