Eligibility and Terms
To apply for the Home Purchase Assistance Program (HPAP), please contact an Approved Lender.
Homebuyer Eligibility & Requirements
To qualify for the HPAP:
- The buyer does not have to be a first-time home buyer
- Borrowers may not have an ownership interest in another property at the loan closing.
- First-Time homebuyers are required to complete Homebuyer Education
- Buyer(s) income cannot exceed 140% AMI (currently $113,960) regardless of family size
- No max household income
- Borrower must contribute a minimum of $1,000 or 1% of purchase price, whichever is lower
- Borrower contribution can come from gifted funds
- Non-occupying co-borrowers and Co-signers are not allowed
- Meet 1st Mortgage lender’s loan requirements
- Have a minimum mortgage credit score of 620 (subject to lender approval)
Eligible Property Requirements
- Must be located within the City limits of Portland, OR. See www.portlandmaps.com to confirm jurisdiction eligibility.
- Are not limited to specific Portland Urban Renewal Areas.
- Must be 1 unit primary residence, Condominiums, PUDs, & Townhomes
- 2-4 units and manufactured homes are not eligible
- No purchase price limit, but first mortgage loan limit of $453,100
- Assistance is up to 7% of first mortgage
- Assistance is wrapped up into a silent second mortgage which is forgiven monthly pro rata over 10 years