5 myths about down payment assistance — and what's actually true.

Bad information keeps good buyers on the sidelines. I've heard the same DPA myths so many times that I decided to put them all in one place. If any of these have crossed your mind, here's the honest answer.

Myth 1: "DPA is only for people who are really struggling financially."

Not true. Down payment assistance is designed for moderate-income buyers — not just low-income ones. In the Portland metro, income limits on programs like Oregon Bond can reach well into six figures depending on household size. A nurse, a teacher, an electrician, a small business owner — these are the exact people these programs were built for.

Myth 2: "Sellers won't accept my offer if I'm using DPA."

Outdated. This was a more common concern when DPA processing was slower and less standardized. Today, a well-prepared DPA buyer with a pre-approval letter closes in 30–45 days — the same window as most financed purchases. How your offer is written and presented matters far more than the loan type behind it.

Myth 3: "I have to be a first-time homebuyer."

Partially true, but more flexible than you think. Many programs define "first-time buyer" as not having owned a home in the past three years. Divorced? Renting by choice for a few years? You may qualify even if you've owned before. Some programs — like WSHFC's Home Advantage — don't require first-time buyer status at all.

Myth 4: "DPA raises my mortgage rate."

The opposite is often true. State bond programs like Oregon Bond and WSHFC Home Advantage pair DPA with below-market interest rates. You may end up with a lower rate than you'd find on the open market — plus the down payment help on top. Check the actual numbers before assuming.

Myth 5: "There's always a catch — it's too good to be true."

There are conditions, not catches. DPA programs have income limits, purchase price caps, occupancy requirements, and sometimes repayment triggers. These aren't traps — they're conditions you agree to up front and that I walk through with you before you sign anything. Understanding the terms makes them work for you, not against you.

The biggest DPA myth is that it's for someone else. It's probably for you.

If you've been talking yourself out of asking about assistance, the conversation is free and there's no obligation. Let's find out what's actually available for your situation before deciding it's not worth pursuing.