Oregon NextStep (Flex Lending)

How is Oregon NextStep (Flex Lending) paid back?

Forgivable or repayable loan: forgiven at the end of the term if your household earns no more than 80% of the area median income (AMI); otherwise repaid monthly over 10 to 30 years.

A forgivable loan is written off once you have kept the home and its first mortgage for the years the program sets.

A repayable loan is a small second mortgage you pay off each month, usually in the same payment as your main home loan.

Who qualifies for Oregon NextStep (Flex Lending)?

• Your income must be $125,000 or less.
• You don't have to be a first-time buyer.
• A credit score of 620 or higher.
• A homebuyer education course before you buy.
• It comes with an OHCS NextStep first mortgage (FHA, VA, USDA, Fannie Mae HFA Preferred or Freddie Mac HFA Advantage).

Most limits follow your county and household size. Our HUD income limits lookup shows your area's median income and where your household sits.

How to apply for Oregon NextStep (Flex Lending)

1. Oregon Housing and Community Services pays this help out through its approved lenders, so you apply with one of them, together with your home loan.
2. The lender checks your income, credit and the home against the program's rules and reserves the money for you.
3. The help is paid at closing, toward your down payment and closing costs.

Read the full rules and whether it is taking applications on Oregon Housing and Community Services's page for NextStep (Flex Lending), or pick a lender from the agency's list of participating lenders.

Other first-time buyer programs in Oregon

• Oregon Down Payment Assistance (DPA) program: up to 20% of the price, at most $60,000, grant or forgivable loan.
• Oregon Home Ownership Assistance Program (HOAP) / Veteran DPA: up to $60,000, grant.
• Oregon FirstHome (Flex Lending): up to 5% of the home loan, forgivable or repayable loan.

All Oregon first-time home buyer programs · Down payment assistance in every state