Why This Program Matters Right Now
Oregon homebuyers face high upfront costs at the same time that affordability remains tight across the state. For many first-time and first-generation buyers, the down payment is the barrier that keeps homeownership out of reach even when monthly income is otherwise stable.
The Oregon Housing and Community Services Down Payment Assistance program is worth highlighting because it can provide a substantial upfront cash reduction. With assistance of up to $60,000 or 20% of the purchase price, whichever is lower, the program directly targets one of the largest cost barriers in the homebuying process.
What This Program Provides
The Oregon Housing and Community Services Down Payment Assistance program provides eligible homebuyers with up to $60,000 or 20% of the purchase price, whichever is less. The assistance amount depends on the specific program and eligibility requirements.
The program is provided by Oregon Housing and Community Services, a state government agency. Funds may be used for down payment assistance, and eligible buyers must complete First-Time Homebuyer Education and meet with a certified housing counselor.
The program data also states that eligible veterans and their families may qualify for up to $60,000, depending on specific program guidelines. For veteran households, up to 10% of the down payment assistance may be used for lender-required repairs.
Program Structure
The program is structured as a forgivable loan. Program data states that down payment assistance funds are provided in the form of a grant or forgivable second lien, depending on program eligibility.
Repayment is not required based on the provided program data. The stated repayment terms say the funds are provided as a grant or forgivable second lien.
The interest rate applied to the program is not publicly disclosed.
Key Numbers
- Maximum assistance: $60,000
- Assistance cap: Up to 20% of the purchase price
- Assistance calculation: Up to $60,000 or 20% of the purchase price, whichever is less
- Minimum assistance: 20% of the purchase price
- Income limit: At or below 100% of area median income
- Veteran assistance: Up to $60,000, depending on specific program guidelines
- Veteran repair allowance: Up to 10% of the down payment assistance may be used for lender-required repairs
- Credit score requirement: Not publicly disclosed
- Minimum buyer contribution: Not publicly disclosed
- Provider phone number: 503-986-2000
- Provider address: North Mall Office Building, 725 Summer Street NE, Suite B, Salem, OR 97301-1266
Eligibility Requirements
- Buyer must be a first-time homebuyer and/or first-generation homebuyer.
- Buyer must be at or below 100% of area median income.
- Buyer must complete First-Time Homebuyer Education.
- Buyer must meet with a certified housing counselor.
- Eligible veterans and their families at or below 100% of area median income may qualify for assistance, depending on specific program guidelines.
- Additional eligibility requirements are not publicly disclosed.
Property Requirements
- Property location: Oregon
- Lender-required repairs may be eligible for veteran households, up to 10% of the down payment assistance amount.
- Eligible property types are not publicly disclosed.
- Purchase price limits are not publicly disclosed.
- Occupancy requirements are not publicly disclosed.
- Inspection requirements are not publicly disclosed.
How the Process Works
- Confirm that the homebuyer is purchasing in Oregon.
- Confirm that the buyer is a first-time homebuyer and/or first-generation homebuyer.
- Confirm that the buyer is at or below 100% of area median income.
- Complete First-Time Homebuyer Education.
- Meet with a certified housing counselor.
- Work with the program provider or approved program channel to determine eligibility and the available assistance amount.
- Apply the approved funds toward the down payment, subject to program guidelines.
- For eligible veteran households, determine whether up to 10% of the assistance may be used for lender-required repairs.
Affordability Impact
This program reduces upfront cash required by helping eligible buyers cover part of the down payment. The maximum benefit can be significant because the assistance may reach up to $60,000 or 20% of the purchase price, whichever is less.
This program does not reduce the monthly payment. It reduces upfront cash required.
Where This Fits in the Market
This Oregon homebuyer program sits in the upfront cost assistance category. Unlike smaller down payment assistance programs that may offer a fixed dollar amount, this program can provide assistance tied to the purchase price, subject to the $60,000 cap and eligibility requirements.
The program is also notable because the provided data identifies both grant and forgivable second lien structures. That makes it different from assistance programs that require standard monthly repayment, although the exact structure depends on program eligibility.
The program may be especially relevant for first-time and first-generation buyers who have income within the stated limit but need help clearing the down payment barrier. It may also support eligible veteran households by allowing a limited portion of assistance to address lender-required repairs.
Find the Right Programs for You
If you’re a homebuyer, visit the Wallet Wizard so you can find the right programs and a team that will get you the best deal possible.
If you are an agent or loan officer, visit our Professional Dashboard, which has instant access to 1400+ homebuyer programs.
