Down Payment Assistance Loans
Close the Gap on Your Down Payment and Closing Costs with a DPA Loan
Our Down Payment Assistance Loan Program provides no interest loans of up to $15,000 for first-time home buyers to cover a portion of the down payment and/or closing costs associated with the purchase of their home. These loans may be used to increase your down payment and avoid costly private mortgage insurance.
You may be an eligible home buyer if you:
- Are a first-time homebuyer
- Have a pre-approval and an accepted purchase offer
- Are purchasing a single-family residence in Coos, Curry, Douglas, Klamath, or Lake Counties.
- Property must be a single-family home, condominium, or manufactured home. Manufactured homes must comply with conventional first mortgage lending standards.
- Have completed or are willing to complete a HUD-certified Home Buyer Education course. (Available through NeighborWorks Umpqua)
Income Requirements:
- Total Household Gross Income must be below 100% Area Median Limits (see chart below)
- Liquid Assets cannot exceed $20,000 after closing (unless more is required by lender)
- Debt to Income Ratio cannot exceed 45%
- Loan to Value Ratio cannot exceed 103%
2020 HUD Income Limits – Individual Income Limits Areas – 100% of Median Income
| County | Family Median Imcome Limit |
| Coos | $53,400 |
| Curry | $59,200 |
| Douglas | $59,600 |
| Klamath | $53,100 |
| Lake | $44,700 |
Loan Terms:
Loan terms are in place as long you own and occupy your home, or until you refinance your home. At the time of sale, refinance, or occupancy change, the loan becomes due in full.
Amount – up to $10,000 for Non-Veterans; up to $15,000 for Veterans
Interest Rate – Interest-free
Monthly Payment – no monthly payment
Veterans may use up to $15,000 in DPA funds to cover the cost or improve the down payment VA Funding Fee.
“Homeownership would have been impossible without NeighborWorks Umpqua! I am definitely low income and I was worried that homeownership might be out of my reach.” – J.B.
Contact us to find out if you qualify or call 541-673-4909
| This program is made possible through funding from Oregon Housing and Community Services Down Payment Assistance Program. |
Our Mortgage Loan Products and Services
Interested in learning more about our products? Click the button below for more information.
First Mortgage Lending
- FHA financing
- Conventional loan programs
- Access to and layering with various down payment assistance programs
To find out more information contact our Lending Team at 541-673-4909
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