Downpayment Assistance Available up to $40,500 for Income Eligible Households

Downpayment Assistance Available up to $40,500 for Income Eligible Households

Homebuyers may qualify for down payment assistance from a variety of programs offered through WNHS, NEDCO and the City of Corvallis.

Homebuyers who are looking to purchase a home in Lane, Linn, Marion, Clackamas, Coos, Benton, or Lincoln counties may qualify for $10,500 in Project Reinvest down payment assistance (DPA). The program, administered by Willamette Neighborhood Housing Services (WNHS) and Neighborhood Economic Development Corporation (NEDCO), is made possible through NeighborWorks America’s Project Reinvest Homeownership grant. Project Reinvest DPA is an interest-free loan that is repaid upon the sale of the home or refinance of the first mortgage. To be eligible for the program, homebuyers’ income must be within 100% of Area Median Income, they must complete NEDCO or WNHS’ homebuying course and meet one-on-one for a homeownership consultation. Homebuyers must also work with a Project Reinvest approved lender. For median income levels by county, visit: https://www.huduser.gov/portal/datasets/il.html.

Homebuyers in Linn, Benton, and Lincoln counties who are interested in Project Reinvest DPA should contact WNHS at: (541) 752-7220 or info@w-nhs.org

For Marion, Clackamas, Lane, and Coos counties, contact NEDCO at: (541) 345-7106 or visit http://nedcocdc.org/dpa/.

 

WNHS’ Extra Step Program provides a $10,000 loan with 0% APR toward down payment or closing costs for income-qualified first-time homebuyers in Linn, Benton and Lincoln counties. To be eligible for an Extra Step loan, borrowers’ income must be at or below 80% of the Area Median Income. This loan does not have to be repaid until the home is sold or the first-mortgage loan is refinanced. The loan may be used in conjunction with eligible first-time homebuyer and low-to-moderate income loan programs

The First Time Home Buyer Program through the City of Corvallis 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. To qualify, applicants must not have owned a home in the last three years, their gross taxable income must be below 80% the HUD low income level for Corvallis and they must complete Willamette Neighborhood Housing Services (WNHS’) homebuyer course. For more information about the homebuyer course offered by Willamette Neighborhood Housing Services please visit https://w-nhs.org/home-ownership-center/

 

For questions about downpayment assistance programs, potential homebuyers can contact Willamette Neighborhood Housing Services at:

Willamette Neighborhood Housing Services

257 SW Madison Ave.

Corvallis, OR  97333

541-752-7220 ext. 300 or info@w-nhs.org