OHCS Flex Focused Demographics DPA - Silent Second
Best For: First Time Homebuyers, Zero Down
The Oregon Housing Flex Focused Demographics DPA program provides up to 5% in down payment assistance as a deferred payment, forgivable mortgage.
Program Description
The Oregon Housing Flex Lending "Focused Demographics" DPA (Down Payment Assistance) provides up to 5% of first loan amount as down payment and/or closing cost assistance. Demographics include households of four or more, household member with a disability, and sole heads of household. For borrowers making less than 80% AMI (Area Median Income), the assistance comes in the form of a "Silent Second" mortgage, which has a 240 month term and is forgiven on a pro rata basis after the 5th year.
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OHCS Flex Focused Demographics DPA - Silent Second
Min. Credit Score
620
Min. Down Payment
0%
Max Loan Amount
$726,200
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Program Benefits
Benefit type: Up to 5.00% of 1st Loan Amount
Type: Bond Deferred Payment Program - Forgivable
The OHCS Flex Focused Demographics DPA "Silent Second" is a 20-year deferred payment, forgivable, 0% interest rate second mortgage. It is due and payable upon transfer of title, sale of property, payoff of the first loan, refinancing, or default.
First Mortgage Program Option
This program can be used in tandem with the following first mortgage programs in order to help fulfill down payment requirements, pay closing costs, or provide other benefits. Learn all about how grants, bonds & 2nd mortgages work here.
- OHCS Flex Lending Conventional - Low Income
- OHCS Flex Lending USDA Loan
- OHCS Flex Lending VA Loan
- OHCS Flex Lending FHA Loan
Pros & Cons
- Up to 5% of price or value in down payment and closing cost assistance
- No monthly payment and 0% interest on assistance amount
- Assistance is fully forgiven after 20 years
- No minimum borrower investment required
- Available to focused demographics in all of Oregon
- Assistance must be repaid if home is sold or loan is refinanced before 20 years
- 80% of AMI (Area Median Income) income limits apply
- Only available for 1-unit primary residences
- Limited to "focused demographics" definition
Program Availability
OHCS Flex Focused Demographics DPA - Silent Seconds are available in 1 state.
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“When down payment and/or closing cost are getting in the way of you becoming a homeowner, this Oregon Housing assistance program can help you get over the hump."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
50.00%
Purchase Price Limit
No Limits
Income Limit
$48,560 - $88,960
Annual Qualifying Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- Must be combined with a OHCS Flex Lending first mortgage program
- Funds may be applied towards down payment and/or closing costs
- Must qualify as a "Focused Demographic"
Additional Conditions
- OHCS Flex Lending DPA may only be combined with an OHCS Flex Lending First Mortgage Program
- Only available for owner-occupied properties—the borrower(s) must live in the home as a primary residence
- Non-occupying co-borrower(s) and cosigner(s) allowed
- Focused demographics include: Households of four or more people, a household member with a disability, front-end debt ratio of 28% or higher, and sole heads of household
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class may be required for this loan program.
Class Name: NeighborWorks Homebuyer Education Class or Other
Homebuyer education is required only for first time homebuyers, including co-borrowers. Education must be completed through an OHCS Homeownership Center, which can be found on the OHCS website.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: OHCS Servicer's Funding Fees
Fees include the loan acquisition fee, the tax service fee, the code compliance review fee, and the flood cert fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5% 0.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
OHCS Flex Lending DPA - Silent Second
Best For: First Time Homebuyers, Zero Down
The Oregon Housing Flex Lending DPA program provides up to 4% in down payment assistance in the form of a deferred payment, forgivable mortgage.
OHCS Flex Lending DPA - Standard
Best For: First Time Homebuyers, Zero Down
The Oregon Housing Flex Lending DPA program provides up to 4% in down payment assistance in the form of a standard second mortgage.
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