Extra Step and Project Reinvest Loans: Elevating Your Financial Future
Willamette Neighborhood Housing Services (WNHS), in partnership with various organizations, is dedicated to facilitating the journey to homeownership by offering a comprehensive range of services, including homebuyer education courses, counseling, and financial assistance. Their array of Down Payment Assistance Programs serves as a lifeline, bridging the affordability gap and liberating individuals from the renting cycle. These programs can be employed independently or in combination to provide invaluable support toward the dream of homeownership.
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Extra Step Loan
The Extra Step Loan program extends a generous hand by offering up to $10,000 in down payment assistance to qualifying first-time homebuyers seeking properties in Linn, Benton, or Lincoln Counties. To be eligible, applicants must have an income not exceeding 80 percent of the area median income (AMI) for the county in which they intend to make their purchase.
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Project Reinvest Loan
Designed to empower homebuyers, the Project Reinvest Loan program steps in to offer financial relief. It grants $10,500 to first-time homebuyers with incomes at or below 100 percent of the area median income (AMI) in Linn, Benton, or Lincoln Counties. This financial boost significantly eases the burden of down payment costs.
Both the Extra Step Loan and Project Reinvest Loan programs provide interest-free loans, with repayment only required when the home is sold or when the first-lien mortgage undergoes refinancing. However, participation in these programs entails certain prerequisites. Eligible applicants must commit to attending a minimum of eight hours of Home Buyer Education, coupled with at least one hour of individual Home Purchase Consultation. During consultation appointments with lenders, further details regarding eligibility criteria and any applicable limitations will be thoroughly explained and discussed.
