NeighborImpact announces city-funded down payment assistance program for first-time Bend home buyers

BEND, Ore. (KTVZ) -- NeighborImpact is excited to announce a Down Payment Assistance program, funded by the City of Bend, designed to help first-time home buyers achieve their dream of homeownership in the city.

This initiative offers low-interest DPA loans to assist eligible buyers with financing their down payment and/or closing costs, covering up to 20% of the sale price of their new home and eliminating the need for mortgage insurance.

"We are thrilled to offer this Down Payment Assistance program to help more families in Bend achieve the milestone of homeownership," said John Cox, lending director of NeighborImpact. "This program addresses a critical need for housing solutions in our community, and we are grateful for the City of Bend's support in making this possible."

The Down Payment Assistance program aims to alleviate some of the financial barriers that first-time home buyers often face, providing crucial support in today's competitive housing market. By reducing the upfront costs associated with purchasing a home, NeighborImpact is empowering families to build long-term stability and invest in their future.

In addition to reducing the up-front cost of a down-payment, a DPA loan also eliminates the need for mortgage insurance, which can substantially reduce the monthly cost of homeownership and enables buyers’ payments to go directly toward building earned equity in the property.

Program Eligibility:

To qualify for the Down Payment Assistance program, applicants must meet the following criteria:

• Household Income: Applicants must have a household income between 80-120% of the area median income (AMI).
• First-Time Home Buyer: Applicants must be first-time home buyers, defined as individuals who have not owned real property in the last three years.
• Debt-to-Income Ratio: Applicants must have a back-end debt-to-income ratio that does not exceed 55%.
• Occupancy: The applicant household must occupy the property being purchased.

How to Apply:

Interested residents can learn more about the Down Payment Assistance program and begin the application process by contacting NeighborImpact's lending program at: lending@neighborimpact.org
541-316-2036.

About NeighborImpact: NeighborImpact is a private non-profit governed by a board of directors drawn from across the community. Since 1985, NeighborImpact has led the region in developing solutions and bringing resources to Crook, Deschutes and Jefferson counties and the Confederated Tribes of Warm Springs. We help meet the basic needs of Central Oregonians, build economic security and create a community where everyone thrives. NeighborImpact receives federal, state and local grants, foundation grants and donations from individuals and businesses in our community. To learn more about NeighborImpact please visit www.neighborimpact.org.