Flex Lending

Creating Equitable Pathways to Homeownership

Oregon Housing and Community Services (OHCS) has developed a first-of-its-kind lending program to help fulfill OHCS’ mission of providing homeownership opportunities for low- to moderate-income Oregonians. Paired with down payment assistance (DPA), Flex Lending helps Oregonians buy homes in partnership with our approved mortgage lenders.

The Flex Lending Program provides a fixed-rate first mortgage in combination with a second mortgage in the form of either a silent forgivable second lien or an amortizing repayable second lien.

DPA funds may be used for up to 100% of the borrower’s cash requirement to close, including down payment, closing costs, pre-paid items, upfront borrower-paid mortgage insurance, and other related loan fees and expenses.

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*For Password email: HCS_HomeownershipLending@hcs.oregon.gov

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Oregon Flex Lending Rates

OREGON FLEX LENDING RATES Dates and Rates Good Until 4 p.m. Pacific Standard Time Last Updated: April 24, 2024 *All first mortgages are 30-year fixed-rate terms.*
Loan Product	Second Mortgage Terms	1st Mtg Rate	2nd Mtg Rate
Conventional 4% DPA (FNMA)	20 Yr. Silent 80% AMI and Below	7.750%	0%
	20 Yr. Repayable 80% - 120% AMI	7.750%	8.750%
	10 Yr. Repayable - 120% AMI to $125K	7.750%	8.750%
Conventional Focused 5% DPA (FNMA)	10 Yr. Silent (Focused) 80% AMI and Below	7.750%	0%
Conventional Focused 5% DPA (FNMA)	30 Yr. Repayable (Focused) 80% - 120% AMI	7.750%	8.750%
Conventional 4% DPA (FHLMC)	20 Yr. Silent 80% AMI and Below	7.750%	0%
	20 Yr. Repayable 80% - 120% AMI	7.750%	8.750%
	10 Yr. Repayable - 120% AMI to $125K	7.750%	8.750%
Conventional Focused 5% DPA (FHLMC)	10 Yr. Silent (Focused) 80% AMI and Below	7.750%	0%
Conventional Focused 5% DPA (FHLMC)	30 Yr. Repayable (Focused) 80% - 120% AMI	7.750%	8.750%
Govt 4% DPA (FHA, VA, USDA, Section 184)	20 Yr. Silent 80% AMI and Below	7.125%	0%
	20 Yr Repayable 80% - 120% AMI	7.125%	8.125%
	10 Yr. Repayable 120% AMI to $125K	7.125%	8.125%
Govt Focused 5% DPA (FHA, VA, USDA, Section 184)	10 Yr Silent (Focused) 80% AMI and Below	7.125%	0%
Govt Focused 5% DPA (FHA, VA, USDA, Section 184)	30 Yr Repayable (Focused) 80% - 120% AMI	7.125%	8.125%

*Note: This is not an advertisement for credit as defined in Regulation Z.

Please contact an OHCS-approved participating lender for annual percentage rate (APR).

Please note: OHCS Homeownership Lending Division does not make or arrange loans. It is neither an originator nor creditor and is not affiliated with any lender. The law requires the lender to provide the following information to the consumer:

Loan fees
Annual percentage rate (APR)
Repayment conditions
Disclosures, and any other legally required information

Contact

Flex Lending
Oregon Housing and Community Services
725 Summer Street NE, Suite B
Salem, OR 97301
503-986-2000
HCS_HomeownershipLending@hcs.oregon.gov

Steps for Homebuyers

Steps for Homebuyers (PDF)