Households must apply for the program by contacting one of the 4 organizations that make-up the Minority Homeownership Assistance Collaborative: the African American Alliance for Homeownership, Hacienda Community Development Corporation, Native American Youth and Family Center, and the Portland Community Reinvestment Initiative. The application form lists selection criteria. Those who meet the minimum threshold score are eligible, with priority given to the highest scores • First-time homebuyer • Owner-occupied residences only • Must meet standard first mortgage criteria for credit and down payment. • At closing combined liquid assets cannot exceed $10,000. • Borrower must provide a minimum investment of no less than $1,000 (Gift funds are allowed). • Must be a US Citizen or legal resident • Must complete an 8 hour Housing and Urban Development (HUD)-approved homebuyer education class. Funds are subject to availability. Annual household income must be at or below 80% of Portland's Median Family Income adjusted for family size: 1-$38,850; 2-$44,400; 3-$49,950; 4-$55,500; 5-$59,950; 6-$64,400; 7-$68,850; 8-$73,300.
Loan funds are for down payment assistance and include a post purchase renovation grant that is equal to 25% of the loan.
Median Income Limits: 80%
Is this program for first time buyers only?