Oregon Down Payment Assistance Programs

Oregon Down Payment Assistance Programs

Oregon Down Payment Assistance Programs

Oregon own payment assistance is a program designed to solve this problem and give more opportunities for people to purchase homes by providing access to cash to buy the home now, rather than waiting for a later date. Owning a home through Oregon down payment assistance programs is a possibility. There are several programs in Oregon with varying levels of down payment assistance. Each program has different guidelines.

People buying homes for the first time may take advantage of the Oregon down payment assistance. For first time home buyers to qualify for the program, they must have owned a property for the last three years. This is also open for all who have owned a property for the last 3 years.

There are several types of down payment assistance programs. They include charitable organizations and government subsidized programs.  Federal Housing Administration (FHA) loans allow for home buyers to be given down payment assistance in forms of gifts or grants. The programs are permitted to give cash gifts and grants to qualified home buyers; however it does not need prior approval from the FHA.

This program helps in strengthening the towns, cities and villages in Oregon by granting states and local communities funds so that they can provide housing and create jobs opportunities for people with low and moderate income. This program contains the following:

Disaster Recovery Assistance: It helps the cities to recover from presidentially declared disasters by allocating flexible grants to countries states, and cities.

Community Development Block Grant (CDBG) programs or State Administered CDBG: It allocates smaller units of local government that deals with community development.

Large City and County Programs or Entitlement Communities: It allocates annual grants to larger urban counties aiming to develop a viable through provision of suitable living environment, decent housing, and expansion of income opportunities for moderate and low income people.

Below is a list of Oregon Down Payment Assistance Programs: