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FirstHome lenders

Oregon Housing and Community Services’ (OHCS) FirstHome lending product is designed for low- to moderate-income homebuyers.

Borrowers must meet income and purchase price limits, which are determined by county. Unless purchasing in a targeted area or a veteran using an exception, borrowers must be a first-time homebuyer. Please refer to the links below for income limits, purchase price limits, and targeted areas.

FirstHome is available with or without Down Payment Assistance (DPA). DPA will be a second mortgage with terms based on income. DPA may be used to cover up to 100% of the borrower’s cash requirement to close, which includes down payment, closing costs, prepaid items, upfront borrower paid mortgage insurance, and other allowable fees.


Benefits and eligibility

  • Must be first-time homebuyers
    • There are exceptions to the first-time homebuyer requirement for veterans and for properties located in targeted areas.
  • All first-time homebuyers must take homebuyer education classes.
  • No minimum investment required.
  • Down Payment Assistance may be combined with other DPA programs. Borrowers can receive 4% or 5% of the first mortgage loan amount as Down Payment Assistance.
    • Standard DPA: 4%
    • Focused Demographics: 5%
  • Single-family, owner-occupied homes in Oregon
  • Max LTV / CLTV:
    • Conventional 97% / 105% (Reduced MI for borrowers <80% AMI)
    • FHA 96.5% / follow HUD guidance
    • VA & USDA 100% / follow VA and USDA guidance
  • May not own any other real estate at time of closing
  • Credit scores as low as 620 
  • Income:
    • Household income used (all borrowers not attending school >18 years of age).
    • Income limits – see a list of income limits by county below. 
  • Purchase price limits – Based on county and targeted area. See purchase price limits table by county.
  • Non-occupying coborrowers and cosigners not allowed
Download program manual

Approved lenders

Approved lenders must be licensed and located in Oregon or within 50 miles of its border. This requirement applies to all originating staff, loan officers, loan officer assistants, and processors.

Lenders wanting to originate NextStep loans must complete the requirements of the RFA #7385 lender application. If a lender is approved for FirstHome, they also are approved for NextStep.


FirstHome rates

Rates are updated from 9 a.m. to 4 p.m. weekdays, except on observed holidays.


AMI tiers


Income limits


Purchase price limits