As we adjust to the new normal in the homebuying market, the greatest obstacle for first-buyers continues to be the down payment. Although the typical first-time buyer need only come up with three percent, the average home price in Oregon is $490,000. Add to that the need to cover closing costs and escrow (another three to four percent) and reserves, plus high rental costs that make saving very difficult, and many people have had to put off buying a home for months and even years.

Fortunately, there is another option DevNW, a non-profit founded in 2019, is now taking applications for down payment assistance in the form of forgivable, no interest loans of up to $60,000. These loans are geared to assist first-time buyers and first-generation buyers in covering their closing costs; putting homeownership within their reach.

Funds are limited, so we recommend contacting DevNW right away. The home of your dreams is waiting.

DevNW Salem
528 Cottage Street NE, Suite 304
Salem OR, 97301
Phone: 503-779-2680

Then give the Real Estate Lending team here at Heritage Grove Federal Credit Union a call at 503-588-0211, option 4, and start the pre-approval process.