No Money Down OR & CA

Archive for the ‘HAP’ Category

There are limited ways to buy a home with no money down in today’s mortgage environment. I have discussed VA loans and the USDA Rural Guarantee Loan Program, but there is another way for those of low to moderate income. The two programs outlined below are administered by the Cities of Eugene and Springfield to assist in the purchase of homes for these First Time Home Buyers.

The City of Springfield and the City of Eugene administer programs to help low to moderate income purchasers get into their first home. They are called SHOP and HAP, respectively. This is an acronym for Springfield Home Ownership Program and (Eugene) Homeowner Assistance Program. These assistance programs were created to encourage home ownership in Springfield and Eugene by assisting low income first time homebuyers with their real estate purchase.

The programs are designed to help first time home buyers with the down payment and closing costs in their purchase. A $10,000 interest free, payment free second mortgage is available for this purpose. The loan is accepted by FHA as a viable method of obtaining down payment money and is also accepted on some conforming products. Read More