Extra Step and Project Reinvest Loans

Both of these loans are offered by Willamette Neighborhood Housing Services, but they are listed together here because although the programs vary slightly, they have the same requirements Individuals can apply for just one or both of these loans.

With the Extra Step loan, as much as $10,000 is offered to help qualified individuals with the expense of the down payment. Applicants for this loan cannot have a total annual household income higher than 80% of the area median income.

For the Project Reinvest loan, as much as $10,500 is offered. The difference here is that applicants for this loan can earn as much as (but no higher than) 100% of the area median income.

Both loans are meant for first-time homebuyers in Benton, Lincoln, or Linn Counties. Additionally, both loans are interest free with deferred payments. They do not need to be repaid until the property is sold or refinanced.

Both loans require a minimum of 8 hours of homebuyer education and 1 hour of homebuyer counseling. There may be additional requirements that you should discuss with your lender.

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