Principal Reduction Program

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The Principal Reduction Program is designed for homeowners who are on a fixed income and struggling to make their mortgage payment.  The program will pay up to $50,000 to reduce the unpaid mortgage resulting in a sustainable lower monthly payment.

Basic Eligibility: 

  1. Income may not exceed 125% SMI
  2. Must have fixed income greater than other income sources. Eligible fixed income sources:
    - SS Retirement
    - SS Permanent Disability
    - VA Retirement
    - VA Disability
    - Pension/Retirement
    * Other eligibility requirements may apply

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Applications are accepted via Oregon Homeownership Stabilization Initiative (OHSI) website: www.oregonhomeownerhelp.org

Once you have submitted your application NeighborImpact HomeSource staff will be your local intake agency for you to bring all the needed documentation.

This program is available in the tri-county region.

Questions: Call (541) 323-6567 or email [email protected]

Download the Principle Reduction Program Flyer 

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"People such as ourselves who worked so hard and put our blood, sweat and tears into buying and then keeping our home couldn't be happier with a program that offers the chance at keeping and maintaining our major investment." -- NeighborImpact Client

Office Locations

Redmond
2303 SW First Street
Redmond, OR 97756
(541) 410-3409

Bend
20310 Empire Ave, #A100
Bend, OR 97701

(541) 323-6567

Prineville
422 NW Beaver Street
Prineville, Oregon 97754

(541) 416-0107

Madras
374 SW 5th Street, Suite B
Madras, OR 97741
(541) 475-0442