PDC's 20% Downpayment Assistance Program means 100% Financing for houses in Portland inner city!

The Portland Development Commission is offering an unbelievable loan program for it's Urban Renewal areas. It's called the 20% Down-payment Assistance Program- and it is even more than it says. If you qualify....and you will qualify if you are at the median income for your family size in Portland- then the city will pay for 20% of your house-you only have to get a loan for 80%....in other words, if you buy a house for $250,000- you only have to pay for $200,000 of it- the PDC will pay the rest. And you don't have to repay it until you sell your house.....with absolutely NO INTEREST owed.

Not only that- if you want to add a bathroom, finish a basement or attic, or tackle another home improvement that the city approves, they will pay for that too- up to a certain percentage of the value of the house. And you don't have to repay that until you sell your house.

Sound too good to be true? It does to me too. But it is true. And if you are within the income range that qualifies, and buy a house in one of the targeted areas, you can benefit from it! These areas are the Lents neighborhood, which is basically from SE Powell to Flavel, and from SE 76th to SE 122nd. There is also the Interstate Corridor in North Portland which is out near the Max and north of Lombard. And the Gateway District, which is a crazily shaped area that is impossible to describe- but it is out in Gateway along the 205 Corridor. You can see the maps by going to the Portland Development Commission Website- or just contact me and I will help you find houses that are for sale in the areas.

They are out of funds right now, but are taking applications June 15, 2009 for July. But you must have an accepted offer in tow! If you want to try for this, please contact me and I'll help you through the process and help you get your offer situated for approval when the funds come in!

Click here to see more details.

http://www.portlandcreativerealtors.com/main_Portland_Developement_Commission_Down_Payment_Assistance_Program.php