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.

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April 25, 2018
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Extra Step and Project Reinvest Loans

Financial Assistance for Homebuyers 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. With different Down Payment Assistance Programs, they help to bridge the affordability gap, and help individuals out of the renters trap.  The programs listed can be used separately or in combination to aid home purchase costs.

Extra Step Loan
This loan program can provide $10,000 in funds for down payment assistance. It is for qualifying first-time home buyers purchasing a home in Linn, Benton or Lincoln Counties. This program is intended for applicants earning no more than 80 percent of the area median income (AMI) in the county where they plan to purchase. 

Project Reinvest Loan
This loan program is for home buyers earning a maximum of 100 percent of the area median income (AMI) in the county where they plan to purchase a home. The program offers $10,500 to first-time home buyers purchasing in Linn, Benton or Lincoln Counties, to help offset the cost of down payment.  
 
Both, Extra Step Loan and Project Reinvest Loan are interest-free loans, where payment is not due until the home is sold or the first lien mortgage is refinanced.  Eligible applicants are required to attend eight hours of Home Buyer Education and at least one hour of individual Home Purchase Consultation.  Other eligibility requirements and limitations may apply and will be discussed at consultation appointments with lenders. 

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

FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!