Extra Step and Project Reinvest Loans

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 assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.

FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.