City of Salem FTHB Loan Program: Making Homeownership Dreams a Reality
The City of Salem, Oregon is dedicated to addressing the housing needs of its community through various initiatives, including the rehabilitation of existing housing, the creation of new housing opportunities, assistance in acquiring homes, and supporting families in retaining their homes. Among these services, the First-Time Homebuyer Downpayment Assistance Loan Program (FTHB) stands out as a valuable resource for prospective homeowners.
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Access to Affordable Homeownership: The FTHB Program offers no-interest, deferred payment loans exclusively designed for first-time homebuyers. These loans are intended to help cover the down payment and closing costs when purchasing a condominium, single-family home, or multi-family property with 2 to 4 units. Repayment of the loan becomes due only when the property is sold or transferred, or if the borrower no longer uses the property as their permanent residence.
Generous Down Payment Matching: The FTHB Program goes above and beyond by providing matching funds for your down payment, potentially offering up to $6,500 in assistance. What’s more, applicants who take the initiative to complete a CHAPA-certified homebuyer counseling course before the loan closing can unlock an additional $1,000 in matching funds. This means that diligent homebuyers may be eligible for a total of $7,500 in down payment assistance. You can find a link to available courses on the City’s website, making it even easier to access this valuable resource.
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Income-Based Eligibility: To ensure that this assistance reaches those who need it most, the program has income limits in place. These limits are as follows:
- 1-person household: $70,750
- 2-person household: $80,850
- 3-person household: $90,950
- 4-person household: $101,050
- 5-person household: $109,150
- 6-person household: $117,250
The FTHB Program not only makes homeownership more accessible but also provides financial incentives for proactive and informed homebuyers. Salem residents looking to take the exciting step towards homeownership will find this program to be a valuable partner in their journey to secure a stable and affordable place to call home.
