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- Oregon Housing and Community Services issues funds to local organizations for loans and grants.
- Oregon has a state homebuyer program specifically for military veterans.
- You may need to meet certain income limit requirements to be eligible for some of the programs.
First-time homebuyers struggling to navigate the homebuying process in Oregon may want to get help from Oregon Housing and Community Services (OCHS) or the Oregon Department of Veterans (ODVA).
These state agencies offer financial assistance and resources that might make a difference in purchasing your first home.
Below, we explain various programs and the requirements needed to apply, so you can determine if one is right for you.
OHCS down payment assistance
If you need help paying for your mortgage, OHCS has a down payment assistance program that provides funds for loans and grants to cover borrowers' down payment and closing costs.
The program is unique from other states because it doesn't directly offer down payment assistance. Instead, it awards money to local organizations throughout the state.
The following organizations offer loans and grants that you should consider:
- ACCESS: You may be able to apply for down payment assistance if you're a first-time homebuyer of low-to-moderate income in Jackson or Josephine County. Note that you'll have to attend a homebuyer's education course before applying and go to a counseling session.
- Community Connection of Northeast Oregon: You might be eligible for an Individual Development Account (IDA) if you're a first-time homebuyer in Harney or Malheur County who meets the income and net worth limits. For every $1 you put into this account toward your home purchase, CCNO provides a $3 match.
- Community in Action: First-time homebuyers in Malheur County are eligible for down payment assistance in the form of a grant if they meet the income limits.
- DevNW: You may receive a 0% interest loan to help pay your mortgage if you're a first-time homebuyer in Marion county or Springfield city.
- Hacienda Community Development: This is a corporation that offers a few different opportunities to receive partial or full down payment and closing cost assistance. Pre-purchase counseling and financial assistance are also available to first-time homebuyers in Clackamas, Multnomah, or Washington County.
- NeighborWorks Umpqua: If you're a first-time homebuyer in Coos, Curry, Douglas, or Josephine County who meets income limits, you can use the Dream$avers IDA Program to save for homeownership and get a $5 match for every $1 you save.
- Portland Housing Center: The organization offers loans and grants, but you'll need to speak with a Portland Housing Center HomeBuying Specialist to see if you're suitable for one of their programs.
OCHS Oregon Loan Residential Program
The Oregon Bond Residential Loan Program helps Oregon first-time homebuyers get a mortgage with a competitive interest rate. The program offers two types of loans: a Cash Advantage loan and a Rate Advantage Loan.
With the Cash Advantage loan, you'll apply for a loan through an approved lender and get 3% of your mortgage in cash. The Cash Advantage fund can't be used toward a down payment on FHA mortgages, but it can be used toward closing costs.
The Rate Advantage loan offers a more competitive interest rate than the Cash Advantage loan. It doesn't offer any financial aid, though.
To be eligible for the Cash Advantage loan or Rate Advantage loan, you'll need to meet the following requirements:
- Your home is less than the purchase price limit for your county (see if the home you plan to purchase is in a target or non-target area)
- You must have an income that is below the Oregon maximum household income limit for your county (see if the home you plan to purchase is in a target or non-target area)
How to determine if your home meets the purchase price limit for your county
Below you'll find the purchase price limit for non-target areas and target areas as of April 8, 2022, according to the OHCS.
| County | Non-Target Areas | Target Areas |
| Benton | $401,305 | $490,484 |
| Clackamas | $496,854 | $607,266 |
| Clatsop | N/A | $443,770 |
| Columbia | $496,854 | $607,266 |
| Deschutes | $472,967 | N/A |
| Hood River | $497,809 | N/A |
| Jackson | $349,525 | $427,198 |
| Marion | $349,525 | $427,198 |
| Multnomah | $496,854 | $607,266 |
| Polk | $349,525 | $427,198 |
| Washington | $496,854 | N/A |
| Yamhill | $496,854 | N/A |
| Other Counties | $349,525 | $427,198 |
How to determine if your income is below the Oregon maximum household income limit
Below you'll see the household income requirements to be eligible for all non-target area counties as of May 4, 2022, according to OHCS.
| County | Maximum total income for 2 people or less | Maximum total income for 3 people or more |
| Benton, Curry, Douglas, Gilliam, Grant, Hood River, Jackson, Lane, Lincoln, Linn, Marion, Polk, Morrow, Sherman, Tillamook, Umatilla, Wasco | $106,500 | $122,475 |
| Clackamas, Columbia, Multnomah, Washington, Yamhill | $113,531 | $130,561 |
| Deschutes | $107,880 | $125,860 |
Below you'll see the household income requirements to be eligible for all target area counties as of May 6, 2022, according to Oregon Housing and Community Services.
| County | Maximum total income for 2 people or less | Maximum total income for 3 people or more |
| Baker, Benton, Clackamas, Clatsop, Columbia, Coos, Crook, Curry, Douglas, Harney, Jackson, Jefferson, Josephine, Klamath, Lake, Lane, Linn, Malheur, Marion, Multnomah, Polk, Umatilla, Union, Wallowa, Wheeler | $127,800 | $149,100 |
How to apply for the Oregon Bond Residential Program
Once you've determined that you are likely eligible for the Oregon Bond Residential Program, apply for a loan through a select lender. Use this tool to contact a loan officer in a nearby county.
If English isn't your native language, some loan officers speak other languages, such as Spanish, Russian, Vietnamese, Chinese, French, German, Korean, Japanese, Hmong, or American Sign Language.
ODVA Home Loan Program
The ODVA Home Loan Program is open to veterans who plan to purchase a home, condo, or townhome in Oregon. The program offers 15-year, 20-year, and 30-year conventional loans.
This might be a good option if you're able to lock in a low interest rate with a select lender that's better than what you would get with a VA loan. You also don't need to be a first-time homebuyer or meet an income requirement to be a part of the program.
To be eligible for this program, you'll need to meet one of the following requirements:
- You served in the US Armed Forces for more than 90 days before January 31, 1955
- You served in the US Armed Forces for more than 178 days after January 31, 1955
- You served in the US Armed Forces for less than 178 days OR at least one day in a combat zone and were discharged under honorable conditions
- You earned a medal or notable distinction for your service
When you apply for the ODVA Home Loan Program, you'll need to provide service records, including your DD214.
Apply here to see if you're eligible for the program.