The First Time Home Buyer Program assists individuals overcome the hurdle of these upfront costs with zero-interest  down payment/closing cost loans of up to $20,000 for low-income, first-time homebuyers purchasing within the City of Corvallis.

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First Time Home Buyer Assistance Program

Financial Assistance for Homebuyers in Oregon

The City of Corvallis Home Buyer Assistance Programs aims to promote home ownership within city limits by helping individuals fund part of the down payment and/or closing costs on their new homes. The First Time Home Buyer Program assists individuals to overcome the hurdle of these upfront costs.

Available Assistance
The First Time Home Buyers Program provides assistance funds in the form of a zero-interest loan of up to $20,000 for low-income, first-time homebuyers purchasing within Corvallis. These funds can be put toward covering some or all of down payment or closing costs associated with a mortgage.

Eligibility Requirements
Borrowers interested in applying for assistance via the First Time Homebuyer Assistance Program must meet certain requirements. They must be first-time homebuyers; they must not have owned a home in the last three years unless ownership was lost through divorce proceedings. All applicants must have an annual household income below 80 percent of the HUD’s area median income (limits shown below) and are required to attend and complete a Homebuyer Education program, provided by Willamette Neighborhood Housing Services. Any home being purchased must fall within Corvallis city limit.
 
Income Limits
1 person household: $45,850
2 person household: $52,400
3 person household: $58,950
4 person household: $65,450
5 person household: $70,700
6 person household: $75,950
7 person household: $81,200
8 perso householdn: $86,400

Note: these figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.
 
The Corvallis Home Buyer Assistance Programs use federal funding and require that all applicants be in compliance with the Uniform Relocation Act (URA). Borrowers should contact the City's Housing and Neighborhood Services Division in order to learn about these requirements as early as possible once they decide to use Home Buyer Assistance Programs, at (541) 766-6552.

Down Payment Grants in Oregon

Willamette Neighborhood Housing Services (WNHS), along with other organizations, aim to help individuals overcome the hurdles of homeownership by providing a combination of homebuyer education courses, counseling and financial assistance.

 The First Time Home Buyer Program assists individuals overcome the hurdle of these upfront costs with zero-interest  down payment/closing cost loans of up to $20,000 for low-income, first-time homebuyers purchasing within the City of Corvallis.

The Rogue Valley Association of Realtors (RVAR) together with the Oregon Association of Realtors (OAR) funds the HOME Foundation Buyers Assistance Grant. The program offers eligible homebuyers up to $1,000 to be used toward down payment, closing costs, or prepaid items.

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FHA.com Reviews

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