Saving for a down payment can be difficult. Let's face it, you have a lot of bills every month, so putting away something extra for a future down payment is a stretch to say the least. Your rent keeps going up, and you see home prices continue to rise as well. You know buying a home is a good investment, but it just seems out of reach.
You are not alone if you are struggling to save for a down payment. But the good news is, there is help! There are many organizations in Oregon who help home owners with down payment assistance and grants, and there are even 100% financing programs still available such as USDA and VA loans. You can become a home owner right now and start building equity for your future!
The Veteran Home Buyer Grant program offers grants for down payment, and closing costs to first time home buyers of modest means who valiantly work to protect our country’s national security.
The amount of the grant is determined by a 2-to-1 match of the borrower’s contributions to their mortgage in earnest money deposit and cash brought to closing with a maximum grant of $5000. The borrower must contribute a minimum of $500. The Veteran must also put down 3%.
The Veteran Home Buyers Grant are truly that - a grant. It does not have to be repaid, ever. Cumberland County Affordable Housing Trust Fund is a forgivable grant that is forgiven over 60 months.
Dauphin County First-Time Home Buyers Second or Subordinated Mortgage Program is a loan that will be repaid when you sell the house, regardless if the sale of the home does not cover the original principal amount of the loan.
There are no charges for applying for the down payment assistance programs.
You must take a qualified home buyer education course. There are both online and in-person options. Contact us for information where you can take the course.
For more information on the down payment assistance programs, call MBI Mortgages at (503) 585-5223 today!