State Program
Oregon Cash Advantage Down Payment Assistance | Oregon Ho...
Oregon Cash Advantage Down Payment Assistance provides 3% of loan amount grant and low‑rate financing to help Oregonians purchase, repair, or retain affordable homes.
Program Details
Oregon Cash Advantage Down Payment Assistance is managed by Oregon Housing and Community Services (OHCS) or a
partnering city housing bureau to expand access to safe, affordable housing across Oregon. Qualifying
households may receive 3% of loan amount grant plus fixed‑rate first mortgages, homebuyer education, and
post‑purchase counseling. The program layers with FHA, VA, USDA, and conventional products and can pair with
the Oregon Affordable Housing Tax Credit for significant interest‑rate reductions. Income and purchase‑price
limits align with HUD Area Median Income guidelines and are updated annually. Properties must be primary
residences and meet OHCS minimum property standards. Certain assistance loans are forgiven after a required
occupancy period. Funds are reserved through an OHCS‑approved lender network and disbursed at closing to
reduce out‑of‑pocket costs.
partnering city housing bureau to expand access to safe, affordable housing across Oregon. Qualifying
households may receive 3% of loan amount grant plus fixed‑rate first mortgages, homebuyer education, and
post‑purchase counseling. The program layers with FHA, VA, USDA, and conventional products and can pair with
the Oregon Affordable Housing Tax Credit for significant interest‑rate reductions. Income and purchase‑price
limits align with HUD Area Median Income guidelines and are updated annually. Properties must be primary
residences and meet OHCS minimum property standards. Certain assistance loans are forgiven after a required
occupancy period. Funds are reserved through an OHCS‑approved lender network and disbursed at closing to
reduce out‑of‑pocket costs.
Eligibility Requirements
- Household income ≤ OHCS limits for county and family size.
- Purchase price (or after‑rehab value) ≤ OHCS/city cap for property location.
- Minimum 640 credit score (higher for conventional products); DTI ≤ 45 %.
- Completion of HUD‑approved homebuyer education prior to closing.
- Property must be a 1‑4 unit primary residence, condo, or manufactured home on permanent foundation.
- Purchase price (or after‑rehab value) ≤ OHCS/city cap for property location.
- Minimum 640 credit score (higher for conventional products); DTI ≤ 45 %.
- Completion of HUD‑approved homebuyer education prior to closing.
- Property must be a 1‑4 unit primary residence, condo, or manufactured home on permanent foundation.
Program Benefits
- **3% of loan amount grant** for down payment, closing costs, rehab, or principal reduction.
- 30‑year fixed‑rate mortgage with interest often below market.
- May combine with Oregon Affordable Housing Tax Credit for further interest savings.
- Free foreclosure‑prevention counseling statewide.
- 30‑year fixed‑rate mortgage with interest often below market.
- May combine with Oregon Affordable Housing Tax Credit for further interest savings.
- Free foreclosure‑prevention counseling statewide.
How to Apply
1. Review state or city income and purchase‑price charts on the OHCS website.
2. Obtain pre‑approval from an OHCS‑participating lender and reserve program funds.
3. Complete HUD‑approved homebuyer education online or in person.
4. Sign a purchase contract; lender finalizes underwriting and locks rate.
5. Attend closing; assistance funds are wired to cover eligible costs. Occupy home within 60 days.
2. Obtain pre‑approval from an OHCS‑participating lender and reserve program funds.
3. Complete HUD‑approved homebuyer education online or in person.
4. Sign a purchase contract; lender finalizes underwriting and locks rate.
5. Attend closing; assistance funds are wired to cover eligible costs. Occupy home within 60 days.
Program Overview
Category
State Program
Maximum Assistance
$3
Official Program Website
Information about this program is provided as a resource and may be subject to change. Always verify details with the official program website.
Important Note
Program availability, terms, and requirements may vary by lender and location. Additionally, programs are subject to change based on policy updates and market conditions. Always consult with a mortgage professional for the most current information and to determine eligibility for specific programs.