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.
- Income may not exceed 125% SMI
- Must have fixed income greater than other income sources. Eligible fixed income sources:
– SS Retirement
– SS Permanent Disability
– VA Retirement
– VA Disability
* Other eligibility requirements may apply
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 HomeSource@NeighborImpact.org
Download the Principle Reduction Program Flyer
Download information on the Principal Reduction Application Process