There are several programs available to provide assistance to first-time homebuyers. These programs may offer reduced interest rates, matching funds for down payment and/or closing costs, or relaxed debt ratios. In some cases, the purchasing household must earn less than 80% of area median family income. View Income Chart. Several of these programs may be joined together when you purchase a home.

In order to receive most of these funds, your lender must request them after you have qualified for a loan. They are available only if the lender certified that you need them in order to purchase the home. As a first-time homebuyer, you personally cannot reserve the funds from the programs, but you should request that your lender reserve them for you.

These programs change frequently, so it is best to talk with a Homeownership Counselor at NEDCO when you are preparing to purchase.

Click on the following links to get a current list of first time homebuyer downpayment and loan programs:

Individual Development Accounts
Individual Development Accounts (IDAs) are an opportunity for people to earn a match for savings toward the purchase of an asset such as their first home.

City of Springfield's Homeownership Program (SHOP)
If you plan on purchasing in Springfield, then you could benefit from up to $10,000 towards the down payment and closing costs for a home.

Oregon Bond Program
Oregon Housing and Community Services helps low and moderate-income families in Oregon buy their first home by providing below-market rate financing and cash assistance through its Residential Loan Program.