Among the states offering down payment assistance, Oregon has multiple options for new and experienced homebuyers.
Everything from down payment assistance loan programs to homebuyer education resources are available as long as you
know where to find them.
To help, here are some of the Oregon-specific homebuyer tools to know:
What to know about buying a house in Oregon
Home costs are high in Oregon, which can make it difficult for first-time buyers. It can be difficult to save enough
to afford a down payment high enough to make your mortgage affordable.
However, Oregon has great resources and information for homebuyers. It may be possible for people to receive cash
support to add to their down payments savings, and some cities or counties have their own specific local programs to
help.
Oregon first-time homebuyer programs
Oregon Housing and Community Services is an Oregon bond housing loan provider. This program helps low-income buyers
in Oregon afford a home. If a qualifying individual applies, there will be generous assistance available.
To find out if you’re eligible for an OHCS mortgage, talk to a housing advisor or contact a lending institution.
Buying a home in Oregon’s major cities
Portland’s prices can be high, but that doesn’t mean it’s impossible to buy a house. Costs in other major cities like
Eugene and Salem have also increased, but any location can offer local down payment assistance.
Other first-time homebuyer loan programs
In Oregon, buyers can also explore the universal products offered by the federal government. The Federal Housing
Administration offers multiple types of financing for new homebuyers, including VA loans for veterans and spouses
and USDA loans for qualifying rural regions.
These loan options have less stringent requirements based upon credit ratings or payments, but often have higher
monthly payments or other fees.
It’s also worth investigating down payment assistance programs offered by your specific mortgage lender. With a
little research, you might find that buying a home in Oregon is much more possible than you expected.
