If you're saving to buy a house, but you don't have enough for a downpayment, you might qualify for $10,500 toward a new home.
Last week a new program was introduced in Clackamas County called Project Reinvest Down Payment Assistance, which is run by Community LendingWorks in partnership with the Neighborhood Economic Development Corporation and Willamette Neighborhood Housing Services. Eligible homebuyers in Benton, Lane, Lincoln, Linn and Marion counties also may qualify for a "silent second" (interest-free, payment-free) loan toward downpayment and closing costs.
To qualify for Project Reinvest DPA, borrowers must meet income qualifications and work with an approved lender. For example, in Clackamas County, a family of four making less than $75,700 annually can qualify for the interest-free loan.
Prospective homebuyers must attend a homebuying course and meet one-on-one for a homeownership consultation. The nonprofits want to help individuals and families feel confident throughout the homebuying process.
Qualification requirements and information can be found at nedcocdc.org/dpa.