Terms and Minimum Requirements 

Funds can be used for the acquisition and/or rehabilitation of bank owned properties.  Individuals and families earning 120% of median family income may be eligible.  If you think you may qualify, prior to submitting an application you must be eligible for conventional financing and have an executed sales agreement.  These documents, along with an application, will need to be submitted with the City application.

Eligible Borrower

• Liquid assets not to exceed $15,000
• Obtain approval from a primary lending institution for the purchase of the home.
• Annual household gross income cannot exceed 120% of median family income for Salem and Keizer.
• Provide certification of completion of ABC of Homebuying or Realizing the American Dream.

Eligible Homes

• Located within the city limits of Salem or Keizer.
• 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.
• The home must be bank owned.
• The home must be in a designated census tract.
• The home must pass an independent pest and dry rot inspection.

Documents

Lender Information - Acquisition    
Lender Information - Acquisition/Rehabilitation   
NSP Application               
NSP - Inspection Report  
Disclosure to Seller of Fair Market Value      
Lender Compliance         
Environmental Review Property Standards Inspection - Home built before 1978
Environmental Review Property Standards Inspection - Home built after 1978 
Notice of Voluntary Sale    
Maps  

Links of Interest:
Oregon Housing and Community Services (OHCS) - provides additional information and the income limits.
OHCS First time homebuyer training - Links to approved classes
Federal Debarment List - to determine the eligibility of contractors.
State Debarment List - to determine the eligibility of contractors.

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