$15,000 in Down Payment Assistance?

City of Portland will announce a program between Wells Fargo and NeighborWorks America (3.4M) to provide down payment assistance in an event December 13th and 14th at the Oregon Convention Center. 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.