Program Search

MAP 80 Multnomah & Washington Counties - Detail Verified 09/03/10 Last Updated 04/09/10

Program Overview

MAP 80 Multnomah & Washington Counties - Detail Verified 09/03/10 Last Updated 04/09/10 is a is a fixed rate 2nd mortage loan program designed to assist low to moderate income borrowers achieve homeownership in conjunction with a 1st mortgage from PHC participating private and public lending institutions. Often referred to as a "Combo Loan". Current maximum assistance: $50,000 depending on housing ratios. Fixed rate of 6.25% with an APR of 6.597%. Property must be in Multnomah county or Washington County. The application fee is $ 75.

Who is eligible for this program?

Verification of 1st Lender Credit Approval through standard Fannie Mae. May not exceed $10,000 in liquid assets after closing (excluding retirement funds). Housing ratios may not exceed 45% back-end. Maximum CLTV 105%. Must complete the educational programs through the Portland Housing Center. 1st time home buyer. Minimum credit score of 620. Minimum down payment is $500.00 and must have 2 months' reserves. Total household income may not exceed 80% area median income adjusted for family size. Funds must be used for 2nd mortgage, down payment of up to 20%. Maximum % of Sales Price: 20% HUD Median Income Limits: 80% Is this program for first time buyers only? Yes

Property Eligibility Requirements

Property must be in Multnomah County or Washington County The sales price cannot exceed $-----Fannie Mae/FHA published limits for single family homes. Allowable property types: Single family residence, condos, townhouses

Benefit Details

Assistance amount up to $50,000. Benefit: Enables limited income borrowers to purchase a home with less out of pocket cash, eliminates mortgage insurance requirements depending on the 1st mortgage loan product, reduced interest rate amortized over 30 years allowing borrower to increase their first mortgage loan amount. Assistance Amount is up to $50,000 depending on housing ratios. Homebuyer Counseling / Education Required: Yes Owner Occupancy Required: Yes

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification contact a certified REALTOR member.