Oregon Housing and Community Services (OHCS) has developed a first-of-its-kind lending program to help fulfill OHCS’ mission of providing homeownership opportunities for Oregonians, which may be paired with down payment assistance (DPA). Flex Lending helps Oregonians buy homes in partnership with approved mortgage lenders statewide.
DPA funds may be used for up to 100% of the borrower’s cash requirement to close, including down payment, closing costs, pre-paid items, upfront borrower-paid mortgage insurance, and other related loan fees and expenses.
Flex Lending consists of two loan products, FirstHome and NextStep. Both of these are first mortgage loans that can be paired with the OHCS down payment assistance (DPA) program.
Flex Lending loan comparison
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FirstHome |
NextStep |
| First-time homebuyer requirement |
with exceptions |
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| Homebuyer education course required |
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| No minimum investment |
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| Down payment assistance |
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| Credit score 620 |
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| Income limits |
Max household income per county |
Max $125,000 |
| Purchase price limits |
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| Targeted areas (see FAQ) |
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| Agency maximum loan to value allowed |
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| Reduced MI for borrowers with less than 80% of area median income |
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In creating equitable pathways to homeownership, OHCS provides support for all Oregonians regardless of their first language. For support in a language other than English, email languageaccess@hcs.oregon.gov