Terms and Minimum Requirements 

The Homebuyer Assistance Program is designed to assist low to moderate-income individuals and families in overcoming the biggest barriers to  homeownership: downpayment costs, closing costs, and loan fees.  The City of Salem's Urban Development Department provides up to $14,000 towards the purchase of a home.  The borrower and the home must meet the minimum requirements as outlined below; additional requirements may apply.  

Eligible Borrower

• Obtain approval from a primary lending institution for the purchase of the home.
• Annual household gross income cannot exceed 80% of the median income for Salem and Keizer.
• Contribute a minimum of $500, and a maximum of $14,000, toward the purchase of the home.
• Provide certification of completion of a City of Salem approved homebuyer training program at the time of application.
• Demonstrate financial ability to repay the loan.
• Home must be owner occupied. 

Eligible Homes

• Located within the city limits of Salem or Keizer.
• Sale price and appraised value cannot exceed $271,050.
• Qualifying structures include: single-family homes, condominiums, or manufactured homes that are placed upon a permanent foundation.
• Property must be in a decent, safe, sanitary condition and meet local code.
• Homes built prior to 1978 must pass a visual lead-based paint inspection.  Homes failing inspections will no longer qualify for financial assistance. 
• The home must pass an independent pest and dry rot inspection.

Documents

Lender information packet 
Homebuyer training programs
Application and supplemental information - use Acrobat Reader