NeighborImpact First Time Homebuyer Down Payment Assistance Program

What is NeighborImpact First Time Homebuyer Down Payment Assistance Program?

NeighborImpact First Time Homebuyer Down Payment Assistance Program is a deferred second loan for homebuyers in Bend|Redmond|Prineville|Madras|Sisters|La Pine, Oregon.

• NeighborImpact's First Time Homebuyer Down Payment Assistance Program provides 0% interest deferred-payment second mortgages for down payment and closing costs to first-time homebuyers in Deschutes, Crook, and Jefferson counties. NeighborImpact is the regional Community Action Agency for Central Oregon.
• Down payment and closing cost assistance for first-time homebuyers in Central Oregon (Deschutes, Crook, and Jefferson counties). Provided as a 0% interest deferred-payment second mortgage repayable upon sale, refinance, or loss of owner-occupancy.
• Funding comes from HOME, CDBG, and State.

Do you have to pay it back?

NeighborImpact First Time Homebuyer Down Payment Assistance Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Sale, transfer, refinance without subordination, or loss of owner-occupancy.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

NeighborImpact First Time Homebuyer Down Payment Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

NeighborImpact First Time Homebuyer Down Payment Assistance Program limits household income to 80% of the area median income, which varies by county and household size.

• Household income at or below 80% AMI for Bend-Redmond MSA: 1-person $45,400; 4-person $64,850; 8-person $110,550 (varies by county).
• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

NeighborImpact First Time Homebuyer Down Payment Assistance Program caps the purchase price as follows: Set per program guidelines / aligned with HOME 95% limits.

• Eligible property types include 1-unit single-family, condominium, townhome, PUD, manufactured home on owned land.
• New construction is eligible.
• Manufactured homes are eligible.

Where does it apply?

NeighborImpact First Time Homebuyer Down Payment Assistance Program serves buyers purchasing in Bend|Redmond|Prineville|Madras|Sisters|La Pine, Oregon.

How do you apply?

Applications for NeighborImpact First Time Homebuyer Down Payment Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through NeighborImpact Homebuyer Education (HUD-approved).

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application through NeighborImpact, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.