First-time home buyer programs in Portland
Portland Housing Bureau, City of Portland runs Down Payment Assistance Loan (DPAL) Program for buyers in Portland: up to $100,000, as a deferred loan.
- Program available locally
- 1
- Highest amount
- $100,000
- Loan or grant
- Loan with deferred payments
Help with a down payment in Portland
| Program | Amount | Loan or grant | Income limit | First-time buyers only |
|---|---|---|---|---|
| Down Payment Assistance Loan (DPAL) Program. Portland Housing Bureau, City of Portland operates it. | Up to $100,000 | Loan with deferred payments | Your household income must be 100% of Portland area median income or less. Some awards have an 80% AMI cap. | Yes |
Down Payment Assistance Loan (DPAL) Program: who's eligible?
- Funding source determines the exact area, but it stays within Portland city limits.
- Your household income must be 100% of Portland area median income or less. Some awards have an 80% AMI cap.
- First-time buyer status is required.
- A Homebuying Counselor at a Community Partner assesses you as mortgage ready during your work together.
- Take a HUD-approved homebuyer education class.
- Your combined liquid assets can't exceed $10,000 when you close.
- The borrower's minimum investment is $500, and gift funds are allowed.
The second mortgage carries 0% interest over 30 years. Payments are deferred until sale, refinance, or move-out. At year 15, 50% is forgiven. From year 16 through year 29, another 3% is forgiven each year. If you keep living in the home, any remaining balance at year 30 is forgiven. The award may have at least 10% set aside for a home improvement grant.
Nothing is due each month for a deferred loan, while the full balance becomes payable once you sell, refinance or clear the first mortgage.
Go through a community partner for PHB's Down Payment Assistance Loan (homebuyer counselor). For the complete rules, read Portland Housing Bureau, City of Portland's page for Down Payment Assistance Loan (DPAL) Program.
In Portland, you can also use Oregon's statewide programs
| Program | Amount | Loan or grant |
|---|---|---|
| Oregon Down Payment Assistance (DPA) program | You may receive up to 20% of the price, but no more than $60,000. | Grant or forgivable loan |
| Oregon FirstHome (Flex Lending) | Up to 5% of the home loan | Forgivable or repayable loan |
| Oregon NextStep (Flex Lending) | Up to 5% | Forgivable or repayable loan |
Oregon Housing and Community Services provides all Oregon programs for first-time home buyers. Use our HUD income limits lookup to see Multnomah County's income figure.
To get advice about buying in Portland, contact a lender.
Tell us where you're buying and a lender that works with Oregon's programs can tell you which of these fit you, and which you can combine.
Would you rather not call? If you send your details, the lender will contact you.