Here are some more details on the program:
When can you apply?
Multnomah County PROPOSED DATES Oct 15 to nov 2
Clackamas County – NOW
Washington – TBD
How much money is available?
How much do you have to put down?
1% for properties that do not need repairs
5% for properties that do need repairs
What are the payments?
No interest – no payments
Only for first time buyers?
67,200 2 people
75,600 – 3
84,000 – 4
The city along with state and federal agencies have a created a new program called the Neighborhood Stabilization Program. With federal and state Neighborhood Stabilization Program funding, the program will help homebuyers purchase a home of their own by providing them a silent second mortgage of up to $50,000 for down payment, closing costs and home repairs. This new money is not yet available but the expectation is that by October these loans will be available to buyers.
The secondary loan does not accrue interest and does not require monthly payments. The program does have a declining five-year share of appreciation provision to encourage longer-term ownership and requires the borrowers to occupy the homes for the life of the loan.
Eligible properties are limited to foreclosed properties in specific target areas located in Fairview, Portland, and Troutdale
Program details HERE