$15,000 Down Payment Grants Still Available In Oregon

It was November of 2013 when Wells Fargo committed $5.15 million to expand its NeighborhoodLIFT program to help Oregon first time home buyers come up with the needed funds for a down payment. That program is still in existence, and Portland, Or 1st time buyers can still tap into this assistance.

Oregon Live reported:

Wells Fargo is offering up to $15,000 in down payment assistance for about 227 moderate-income homebuyers buying homes in Portland.

The nation’s largest mortgage originator committed $5.15 million to expand its NeighborhoodLIFT program to Portland, it announced Tuesday at Portland City Hall. Portland is the 22nd market where Wells Fargo and the nonprofit NeighborWorks America have brought the program.

The grants are intended to help homebuyers who may struggle to save enough for a down payment. Even though low mortgage rates and home prices have made homes more affordable, most loans now available to first-time homebuyers require a down payment of at least 3.5 percent.

“That’s a lot of cash out-of-pocket for first-time homebuyers,” said Peg Malloy, director of the Portland Housing Center, a local partner of NeighborWorks.

>> read more at oregonlive.com

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