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