Down Payment Assistance Programs

The American dream of home ownership is still within reach!  WNHS works with Neighborworks’ HomeOwnership Center and others to provide a combination of education, counseling and in some instances, financial assistance to help you make this dream a reality.

Below is a list of programs that may be able to provide funds to bridge the gap between you and your first home (depending on availability and income qualifications).  Programs listed below can be used separately or in combination to access up to $46,500.00 for home purchase.

Extra Step Loan

The Extra Step loan program can provide $10,000 in down payment assistance funds to first-time home buyers purchasing in Linn, Benton or Lincoln Counties.  Funds are intended for home buyers earning a maximum of 80% of the area median income (AMI) in the county where they plan to purchase.  Extra Step Loan down payment assistance is an interest-free loan and payment is not due until the home is sold or the first lien mortgage is refinanced.  Qualifying applicants will be required to attend 8 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 your consultation appointment.

Project Reinvest Loan

The Project Reinvest loan program can provide $10,500 in down payment assistance funds to first-time home buyers purchasing in Linn, Benton or Lincoln Counties.  Funds are intended for home buyers earning a maximum of 100% of the area median income (AMI) in the county where they plan to purchase.  Project Reinvest Loan down payment assistance is an interest-free loan and payment is not due until the home is sold or the first lien mortgage is refinanced.  Qualifying applicants will be required to attend 8 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 your consultation appointment.

City of Corvallis First Time Home Buyer Program Loan

The First Time Home Buyer Program provides no interest loans of up to $20,000 for low-income first time home buyers to cover a portion of the down payment/closing costs associated with their purchase of a home within the City of Corvallis. Please follow the link to learn more about this program; it’s benefits, limitations and eligibility requirements.

Valley Individual Development Account (VIDA)

VIDA savings accounts amplify your saving power by matching every dollar you save with three more!  Qualified applicants will be able to earn up to $3000 (by saving $1000 over one year) or $6000 (by saving $2000 over two years). These funds are granted only for the purpose of home purchase by CASA of Oregon and, best of all, never have to be repaid!  Qualifying applicants will be required to attend Financial Literacy education, 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 your consultation appointment.

HUD 2017 Income Limits Reference Guide

Most funding assistance programs have income limits imposed to get help to where it’s needed most.  Income figures are determined by HUD and are determined annually.  Please see the table below for help in determining your income eligibility for our down payment assistance programs:

Linn County:

Family Size 1 Person 2 People 3 People 4 People 5 People 6 People 7 People 8 People
80% $30,900 $35,300 $39,700 $44,100 $47,650 $51,200 $54,700 $58,250
100% $38,650 $44,150 $49,650 $55,150 $59,550 $64,000 $68,400 $72,800

Benton County:

Family Size 1 Person 2 People 3 People 4 People 5 People 6 People 7 People 8 People
80% $45,850 $52,400 $58,950 $65,450 $70,700 $75,950 $81,200 $86,400
100% $57,300 $65,500 $73,700 $81,800 $88,400 $94,950 $101,500 $108,000

Lincoln County:

Family Size 1 Person 2 People 3 People 4 People 5 People 6 People 7 People 8 People
80% $30,100 $34,400 $38,100 $42,950 $46,400 $49,850 $53,300 $56,700
100% $37,600 $43,000 $47,600 $53,700 $58,000 $62,300 $66,600 $70,900

Housing Specialists are available by appointment only. Email us at info@w-nhs.org or call 541.752.7220 for more information.

WNHS is a HUD-approved housing agency.