As a realtor in Portland Oregon I am aware of many different types of loan programs, bonds, grants, etc that are available to encourage home ownership. Recently, I was involved with a new client who wanted to buy a home in Portland Oregon. Unfortunately, like a lot of first time home buyers she didn’t have money for a down payment until she went through the necessary steps and was awarded the Down Payment Assistance Loan (DPAL). The Down Payment Assistance Loan (DPAL) Program is a homebuyer assistance tool designed for first time, low-to-moderate income homebuyers interested in purchasing a home in the Interstate Corridor or Lents Town Center Urban Renewal Areas.
This local program is a great program. It allows a new home buyer to receive up to $32,000 to be used towards the down payment on a new home in Portland Oregon. Here are a few things to know in order to qualify for this program.
- Property has to be located in the N Interstate or Lents renewal areas.
- You must be a first time homebuyer in Portland Oregon (defined as not owned a home in the last 3 yrs)
- Total household income must not exceed 80% of HUD median family income for the Portland area adjusted to household size.
- Combined liquid assets cannot exceed $10,000 at closing. (basically you cannot have more than $10k available to you)
- Buyer must invest at least $1,000 into transaction (can be owned funds or gift funds)
There are more details of the loan that you should know, but those are the main points of the program for now. For additional info you can call or email me today. I will post Down Payment Assistance Loan (DPAL) in Portland Oregon part 2 later this week which will give you additional info and how to get started!
Tags: Buy a home in Portland Oregon, down payment assistance, down-payment on a new home in portland oregon, first-time homebuyers in portland oregon, free down payment money, portland oregon realtor, Realtor in Portland Oregon