Financial Resources

The Portland Housing Center offers every home  buyer a variety of different financial resources. We will work closely with you to determine those that best meet your home-buying needs.

Individual Development Account (IDA)

If you’re an Oregon resident who qualifies for and is accepted into the IDA program, you can save money for down payment and closing costs in a special  savings account. At the end of the savings period, the State of Oregon’s IDA initiative matches your dollars 3:1.

Typical Portland Housing Center IDA program participants save $2,000 over a two-year period and receive a $6,000 match. Ask your HomeBuying Specialist if you qualify for this program.

Down Payment Programs
The Portland Housing Center offers customers several down payment assistance options. The Mortgage Assistance Program, described below is one.

Mortgage Assistance Program (MAP 80)
Our MAP 80 program is a valuable financial resource if you are buying a home in Multnomah or Washington counties.

MAP 80 offers qualified borrowers with a $500 minimum down payment a low, fixed-interest rate loan of up to $50,000 for down payment and closing costs. It covers 20 percent of the home’s purchase price, and eliminates the need for an upfront mortgage premium and monthly mortgage insurance, thereby saving you money.First-time home buyers with incomes up to 80 percent of the area median income are eligible for the program (see table, below).

Household Size	Maximum Income
1	$40,900
2	$46,750
3	$52,600
4	$58,400
5	$63,100

Download this document (MAP80-Features) for more details.

First Mortgage Loans (including FHA, VA, USDA, and conventional loans)
Portland Housing Center offers our customers a variety of low, fixed-interest rate loans from federal agencies. These loans are perfect for first-time home buyers. For more information, contact the Portland Housing Center’s Loan Officer at (503) 282-7744.

The Oregon Bond Loan Program
This program provides qualified Oregonians with a 30-year, fixed-rate mortgage loan with a lower-than-market interest rate. If you qualify, you also may be eligible for cash assistance for your closing costs. Talk to the Portland Housing Center Loan Officer for more information, or visit www.oregonbond.us.