The Secret to Buying Your First Home with $0 Down

How to Buy a Home with No Money Down

Get up to $15,000 for a down payment on your first home.

If you have thought about buying your first home, chances are you had to think about a down payment. It is a big chunk of money and for most people it takes years to save 10-20% for a down payment. 

Did you know you could get up to $15,000 to be used towards your down payment?

YES! With the Oregon Bond Residential Program, first-time homebuyers in Oregon can afford to buy their first home. 

About the Program

The Oregon Bond Residential Loan Program helps low to moderate income families buy their first home in Oregon. This program is provided through the Oregon Housing and Community Services Department and their vision is “that all Oregonians have the opportunity to pursue prosperity and live free from poverty”.

What the Program Offers

This program offers low interest rates, cash assistance, and down payment assistance options for qualifying first-time homebuyers. First-time homebuyers can use this assistance alongside whichever loan (Conventional, FHA, VA, USDA) you’ve qualified for. 

Interest Rate Advantage

The Oregon Bond Residential Loan Program offers 30 year fixed mortgages with below market interest rates. Making your monthly mortgage payments more affordable.

Cash Assistance

The Oregon Bond Residential Loan Program offers up to 3% of the loan amount in cash assistance through grants. This can be used to pay closing costs and your down payment. 

Down Payment Assistance

First-time homebuyers in Oregon may qualify for down payment assistance for up to $15,000. This money can be used to pay for closing costs and your down payment. However, in order to qualify for this program, first time homebuyers must complete the required education course and coaching through a qualified organization. And, Buyers will need to contribute at least $1,000 of their own funds. 

The Oregon Bond Residential Loan Program does have a purchase price limit and income limits depending on family size. These limits do change often so it is best to contact an approved lender to discuss the current limits. First-time homebuyers interested in the program must work with an approved Oregon Bond Residential Program Approved Lender. 

Another Option

Another great program for Oregonian’s is the Oregon IDA (individual development account) Program for lower income households. This program can be used to save and purchase a home. In the Oregon IDA Program the participants enroll, set a goal and once the goal is reached, the program matches the savings. So, if your goal is $5,000 the program will match that $5,000 for a total of $10,000. 

Need Help?

Housing counselors are also available in Oregon. These counselors assist you in preparation to buying a home. These certified counselors teach you important tools in the homebuying process like, setting a budget, helping you understand loans, and so much more. 

Helpful Links:

To find out if you qualify for the Oregon Bond Residential Loan Program, contact an approved Oregon Bond Program lender, by selecting your county and then clicking search. 

For Down Payment Assistance contact your local qualified organization by county. 

To find out more information on the Oregon IDA Program. 

Click here for more information on Housing Counselors in your area.