About This Opportunity
Grant Value: $130,000*
Designated Use: Home Downpayment
Number of Grants Available: 1
Application Deadline: 12:00 pm on Wednesday October 28th
Proud Ground, a state-registered nonprofit, administers all grant opportunities.
*Final grant amount based on need
Application Qualifications
Who qualifies for this grant?
Grant recipients must be first-time homebuyers and meet income qualifications. (See table, below.)
The home purchased must be located within the Lents Town Center TIF District in Southeast Portland.
Grant recipients must qualify for a minimum mortgage of $250,000 with a Proud Ground participating lender.
ITIN and Islamic Compliance loans are available.Grant recipients must have at least 1% of the purchase price for the earnest money deposit.
Grant recipients must have at least $3,000 in personal savings for inspections, potential lender-required expenses, which excludes earnest money.
Grant recipients must have debt-to-income ratios that fall UNDER certain limits.
Front-end debt-to-income ratio: 40% (maximum income toward housing costs)
Back-end debt-to-income ratio: 45% (maximum income toward debts)
Household Income Qualification
Grant recipients must have a total household income that falls under a specific income limit. This means that the combined income of all of the people that will live in the home you hope to purchase must be less than or equal to a certain amount. This amount changes based on your household size, or the number of people that will live in the Proud Ground home.
Your total household income must include gross annual income (before taxes), commission, overtime, bonuses, child support, alimony, pension, benefits and any income from a household member over the age of 18, even if they are not going to be on the home loan.
Please review the table to see if you qualify.
| Household Size | Maximum Gross Household Income |
|---|---|
| 1 | $71,900 |
| 2 | $82,150 |
| 3 | $92,400 |
| 4 | $102,650 |
| 5 | $110,900 |
Award Responsibilities
What to expect if you are awarded this grant
You and your realtor will attend a grant orientation to review the grant guidelines and restrictions. Owner-occupancy income limits, resale, and other restrictions apply.
Grant recipients are responsible for:
Earnest money: Recommended to be 1% of the purchase price of the home.
Home Inspections: Depending on the home you purchase, the required inspection fees can be up to $3,000.
Loan closing costs: Your lender will provide you with an estimate. Please note that because we are a land trust, the recording fees are higher than is typical for other homes. These are estimated at $800.
3. After you buy your home, you must complete 60 hours of work on the home per homebuyer plus 8 hours from a friend or family member, within 3 months of the closing date.
Funding Support Provided By
