Are you looking to buy a home in Deschutes, Jefferson or Crook County?

First Time Homebuyer Down Payment Assistance Program (DPA)

This program provides assistance for low-to-moderate income first time homebuyers. Loan is limited to a maximum amount of 20% of the sales price with a 30 year loan term. Repayments begins immediately after closing, with a fully amortizing loan payment consisting of principal and interest paid monthly. The loan may be used in conjunction with eligible first-time homebuyer and low-to-moderate income loan programs, such as the Oregon Bond Program. To be eligible for a DPA loan, borrowers’ income must be below the area median income.

Household Eligibility Requirements:

  • First-Time Buyer: The program is for first-time homebuyers. A first time homebuyer is defined as households that have not owned real property in the past 3 years.
  • Income: This program is for applicants with a maximum household income below the median income for the county in which they intend to reside.
  • Debt-to Income: Cannot exceed 55% back end debt ratio. Back end ratio is defined as primary housing expense (PITI) plus all other monthly debt service which will continue for more than 10 months.
  • Down Payment: A minimum investment of 1% will be required from the borrower’s gifted or personal funds to be used for down payment and/or closing costs.
  • Credit Worthiness: Households shall have sufficient income and credit worthiness to qualify for primary financing from a conventional lender.
  • Required Training: All buyers receiving loans through the DPA program are required to participate in eight hours of home buying education. The participants must receive a certificate of completion for homebuyer education prior to DPA loan closing. Click here to sign up.
  • Owner-Occupancy: The applicant household must occupy the property being purchased

Loan Limits and Terms:

Maximum Loan: The maximum loan under this program is 20% of the Sales Price.

  • Rate: The rate of DPA loans to be set by the Lending Committee. Rates are subject to review and change by Lending Committee at any time, however interest rate will not exceed 2% of the rate of the first mortgage on any given loan regardless of posted rate.
  • Term: up to 30 years and fully amortized.
  • Security: A promissory note and deed of trust will secure the loan.
  • Loan to Value: NeighborImpact will not allow financing to exceed 100% of the purchase price, although DPA does allow for the closing costs to be financed.
  • Fees: Vary, depending on funding source.
  • Eligible Loan Types
  • Down payment assistance loans can be used with conventional or government fixed-rate loans or adjustable rate loans with no negative amortization. DPA loans cannot be used with interest only loans. To get started, email lending@neighborImpact.org or have your lender contact us directly.