There are several ways to get help with your down payment. Purchase Assistance Loan (PAL) - Up to $10,000 of down payment assistance. Zero interest and deferred payments until sale, transfer of ownership or refinance. Must be 80% of the median income or below. The home must pass an HQS inspection in addition to lender required inspections. For more information visit www.oregonbond.us.

*The PAL is currently on hold, but will be available again in 2009.

Home Purchase Assistance Program (HPAP) - $1500 down payment or closing cost assistance with zero interest and deferred payments. Participating lenders must be members of the Oregon Bankers Association.

HOOP Loan- Up to 20% of the purchase price with a below market, fixed interest rate (rate is subject to change. Check with a homeownership specialist to hear the current rate). Can serve a higher income limit.  For more information, or to see if you qualify contact Ronnie Burt at 673-4909.

Dream$avers- Put up to $8000 down on your first home.

City of Drain and City of Yoncalla Down Payment Assistance Loans- Up to 20% of the purchase price up to $35,000 with 5% interest.  There are no monthly payments to be made and interest only accrues for the first 10 years, and then freezes.  This is a 30 year loan.  Must purchase within Drain and Yoncalla city limits.  Contact Mike to see if you qualify.

Michelle Patterson and her family bought their first home and were able to cover their 3% required down payment with the help of the Dream$avers program. They were also able to cover some of their closing costs from the purchase as well.