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The “On the Home Stretch” Closing Cost Program Helps Homebuyers in Central Oregon

By Tanya Svoboda
March 2021

Help has arrived for homebuyers looking to purchase a home in Central Oregon’s competitive real estate market. The Central Oregon Association of REALTORS® (COAR) is partnering with NeighborImpact to make the dream of homeownership achievable for more Oregonians.

“On the Home Stretch” is a closing cost assistance program funded by COAR that offers $1,000 in closing cost assistance in conjunction with homebuyer education courses. “COAR supports efforts to make housing more attainable in Central Oregon,” said  Louie Hoffman, COAR 2021 President. “With the current inventory levels the market is very competitive and every bit helps toward achieving the dream of homeownership.”

“On the Home Stretch” Aims to Educate and Assist

Program participants receive buyer education courses from a Department of Housing and Urban Development (HUD) certified housing counselor. The program includes:

  • A Home Buyer Education Workshop: This workshop helps homebuyers develop a spending plan, find trusted professionals to assist them in their home buying journey, and understand the lending process.
  • A Credit Report Fee and Analysis: Here homebuyers will learn about the costs associated with a credit report and discuss the criteria lenders use when analyzing the homebuyer’s report.
  • Counseling with a Certified HUD Housing Counselor: HUD counselors can provide individualized counseling services to homebuyers. They can help you gain an overall understanding of the home buying process, develop a spending plan, and identify other appropriate assistance programs.

After completing the workshops, qualified applicants can receive up to $1,000 to be used toward closing costs.



“On the Home Stretch” Applicants Must Meet Specific Criteria

To be eligible for the “On the Home Stretch” program you must:

  • Meet income limits.
  • Purchase a home in Central Oregon.
  • Buy your home in 2021.
  • Work with a REALTOR® to make your purchase.

Applicants can apply online and pay a $101 fee. While this program can be paired with other assistance programs, there are limitations. For instance, it can’t be paired with Individual Development Account (IDA) funds or other NeighborImpact loan products. The funds must be used to pay for closing costs and can still be used even if the seller offers to pay a portion of the closing costs.

Alternative Closing Cost Assistance Programs in Oregon

“On the Home Stretch” is one of the only assistance programs in Oregon designed specifically to help homebuyers with closing costs. There are other programs throughout the state that can help homebuyers cover closing costs in addition to providing down payment assistance.

  • Oregon Cash Advantage Home Loan: These loans provide first-time homebuyers with below-market interest rates. Additionally, they can receive cash assistance with their closing cost equal to 3% of the mortgage amount.
  • Oregon Down Payment Assistance: Low- and moderate-income homebuyers may qualify for a grant of up to $15,000. This money can be used to cover a down payment and closing costs.

In Oregon, you can expect your closing costs to be between 2% and 5% of the total cost of your home. On average that equals $2,122. For low- to moderate-income families who want to buy a home in Central Oregon’s competitive market, “On the Home Stretch” may provide the help they need to achieve their dream of homeownership.


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