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Office of Business and Finance

$15,000 in Down Payment Assistance?

November 26, 2013

The program will offer $15,000 forgivable second liens with 0% interest and no payments due, forgiven over 5 years. Allocations will be made based on loan pre-approval and then first come, first served. The general requirements are that the home be in the city of Portland, AMI of 120% or less (if FHA it will be 115%) and have a sellers agreement/contract within 60 days of the event. There is no limit on the home purchase price. Program participants cannot receive the funds in buying a house while still owning another house, although participants do not have to be a first time home buyer. 

Participants do not need to use Wells Fargo for their mortgage loan, it can be Home Street Bank, Key, CHASE, Umpqua. No brokers or real estate agents will be allowed in the event.
All applications will be processed through the Portland Housing Center (https://portlandhousingcenter.org/LIFT) and advanced registration for the event at OCC is recommended. For more information, please visit: http://www.oregonlive.com/front-porch/index.ssf/2013/11/wells_fargo_offers_15000_downp.html  .
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