Matched savings and down payment assistance for qualified households.
Meet with a Portland Housing Center HomeBuying Specialist to find out what programs might be a good fit for you.
Loans
DEFERRED
TANDEM
A 2nd mortgage creates an additional lien on your property. Unless they are forgivable, these funds need to be paid back. Deferred loans are typically paid back on sale, refinance or transfer of a property, while tandem loans have a regular monthly payment similar to a first mortgage loan.
Benefits: Depending on the second loan product the use of a second loan may increase the overall amount you can spend on a home or allow you to avoid paying (sometimes costly) mortgage insurance on your first mortgage.
Downsides: These funds are required to be paid back either within a certain timeframe or upon sale/refinance of your home.
Grants
Grant funds typically are a gift you can use for down payment or closing costs that does not need to be paid back.
Benefits: Typically do not need to be paid back.
Downsides: Usually a much smaller dollar amount than a second mortgage. Some grants may require partial or complete repayment if certain requirements are not maintained (i.e. maintaining the home as your primary residence).
Matched Savings
A special type of account that allows you to save for home purchase and have those savings matched at a particular rate for use on your down payment and closing costs.
Benefits: These funds can help you significantly increase your own savings for down payment and closing costs while developing good savings habits. These funds typically do not require repayment.
Downsides: Matched savings programs typically require a long term savings commitment and tend to be better for people who are at least 6 months from being ready to purchase.
Community Land Trusts (CLTs)
Land Trusts create affordable homeownership by taking the cost of land out of the purchase price of a home. Home owners leasing CLT land enjoy the same benefits as other homeowners, but the CLT model controls the resale price of the home in order to preserve affordability for future borrowers.
Benefits: Land Trust homes typically exclude the price of the land, bringing the home price well below market value.
Downsides: The resale price of the home is typically controlled by the Land Trust to ensure continued affordability of the home.
Tax Incentives
MORTGAGE CREDIT CERTIFICATE (MCC)
Provides homebuyers with an annual tax credit, reducing federal income taxes owed as long as they have the loan and occupy the property.
Benefits: Reduces federal taxes to help homeowners more easily afford their monthly mortgage payments.
Downsides: The benefits of the program greatly depend on the homeowner’s tax situation. When considering the MCC a Certified Public Accountant should be consulted to determine if the program would be a benefit.
LIMITED TAX EXEMPTION
A 10 year limited tax exemption program that can only be used for new construction where the builder has secured a Limited Tax Exemption
Benefits: The homeowner pays taxes on the land for only 10 years, not on the value of the structural improvements.
Downsides: The program is only available on new construction where the builder has secured the Tax Exemption.
News
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Portland Housing Center
2 weeks ago
Our own Shalonda Menefee was on Think Out Loud yesterday to discuss our participation in the Portland Housing Bureau's Preference Policy. ... See MoreSee Less
Five years after its passage, how is the Portland preference housing policy working?
www.opb.org
In 2015, the city of Portland passed an affordable housing strategy that was the first of its kind in the nation: It would give preference for housing and home loans to those who’d been displaced fr...Share on FacebookShare on TwitterShare on Linked InShare by Email
Portland Housing Center
4 weeks ago
Start planning now for when your student loan payments resume. ... See MoreSee Less
How to Plan for the End of Student Loan Forbearance
twocents.lifehacker.com
The good news is the federal student loan payment freeze has been extended through Feb. 1, which gives borrowers some additional breathing room. However, since additional student debt relief beyond th...Share on FacebookShare on TwitterShare on Linked InShare by Email
Portland Housing Center
1 month ago
The Property Line: Buyers Face Emotional Journey in 2021 - NerdWallet
www.nerdwallet.com
First time home buyers face emotional highs and lows in 2021. Here are ways to manage your emotions.Share on FacebookShare on TwitterShare on Linked InShare by Email
Portland Housing Center
2 months ago
6 Ways to Instill a Positive Money Mindset
mint.intuit.com
Many of us know what we’re supposed to do when it comes to basic money management – spend less than you earn, save an emergency fund, and invest for retirement. However, establishing go...Share on FacebookShare on TwitterShare on Linked InShare by Email
Portland Housing Center
2 months ago
Portland Housing Center will be closed Thursday, November 26th - Friday, November 27th. We wish everyone a safe and healthy Thanksgiving! ... See MoreSee Less
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Contact Us
Phone: (503) 282-7744
Hours: 9 am-5pm, Monday to Friday
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3233 NE Sandy Blvd.
Portland, OR 97232
We’re on the #12 TriMet bus line.
Here’s a map of our Portland location.
Beaverton Office
4900 SW Griffith Dr, Suite 123
Beaverton, OR 97005
Here’s a map of our Beaverton location.
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