American Dream Downpayment Initiative

By
Real Estate Agent with Keller Williams Realty Portland Premiere

    What is ADDI?  ADDI is a specialized loan to help first time home buyers in Washington County.  It has a 0% interest rate which is huge but it doesn't stop there.  There are also no payments required until you sell your home, the title is transfered, there is a default or the home is no longer your principal residence.  No payments!  So as long as you make money off your home sale you will never have to make a payment.  Now, this loan is not for the entire purchase price of the home, it is intended for the downpayment and/or closing costs of the home sale.  Also, the borrower is not the only one who has to qualify, the property must also qualify.  

Borrower Eligibility:

  • Be First-Time Homebuyers: Defined as a household in which no member has owned a home as their principal residence within the past three years.  An exception is made for displaced homemakers and single parents. 
  • Meet Income Limits:  Have combined gross annual income that does not exceed the HUD Low Income Limits adjusted for household size. (see income limits table below)
  • Homebuyer Education Requirement:  Complete an approved homebuyer education course.
  • Minimum Downpayment:  Homebuyer must contribute a minimum of $500.00  towards the purchase of the property.
  • Owner Occupancy Requirement:   Homeowner must occupy the property as their principal residence for the life of the loan.
  • Financing:  Buyer must qualify for and obtain loan commitment for a first mortgage using a conventional loan.  No private loans and no all cash transactions are allowed.

Income Limits for ADDI eligibility:

Persons in Household                                        Household Income

  1.                                                                      $38,000
  2.                                                                      $43,450
  3.                                                                      $48,900
  4.                                                                      $54,300
  5.                                                                      $58,650
  6.                                                                      $63,000

Property Eligibility:

  • Homes must be located in Washington County
  • Homes can be single family home, condominium, or a manufactured home on a permanent foundation.
  • The home sales price can not exceed 80% of FHA mortgage limits for Portland Metro Area.  $194,560 as of February 2005.
  • The property must meet HUD's housing quality standards and the home must not have lead paint hazards.

www.co.washington.or.us/deptmts/comm_dev/addi.htm

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