Oregon Housing and Community Services’ (OHCS) NextStep product offers expanded eligibility for Oregonians who want to realize the dream of homeownership.
Borrowers must be under the maximum income limit. Please refer to the links below for income limits. Borrowers may be a previous homebuyer.
NextStep is combined with down payment assistance (DPA). DPA will be a second mortgage with terms based on income. 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.
Benefits and eligibility
- No first-time homebuyer requirement
- All first-time homebuyers must take homebuyer education classes.
- No minimum investment required.
- Down Payment Assistance:
- DPA may be combined with other DPA programs.
- Borrowers can receive 4% or 5% of the first mortgage loan amount as DPA.
- 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% / Unlimited
- VA & USDA 100% / Unlimited
- May not own any other real estate at time of closing.
- Credit scores as low as 620
- Income - Qualifying income used for income limits
- Non-occupying coborrowers and cosigners allowed.
Download the Program Manual