Bill > HB4051

This bill establishes a program to provide deferred loans to first-time homebuyers in Oregon to help cover closing costs, with the loan amount capped at the actual closing costs or one percent of the purchase price, whichever is less, and accruing six percent simple interest annually. To be eligible, individuals must purchase a homestead in Oregon, own it outright, have never owned a home before, buy it at or below the county median value, pay at least three percent of the purchase price in cash, insure the home, and meet household income and net worth limits. Claims must be filed with the Department of Revenue within 180 days of purchase, and loans are granted on a first-come, first-served basis, with a limit of 500 loans per year. The deferred loan, including interest, becomes due and payable when the home is sold, the borrower no longer lives there (unless due to health or military service), or if it's a mobile home and it's moved out of state. Willful misrepresentation to obtain a loan can result in immediate repayment and a penalty of up to five percent of the loan amount. If the loan is not repaid within 90 days of becoming due, it can be foreclosed upon like a mortgage. This program will run for three years, with loans available for homes purchased in 2026, 2027, and 2028, and the program will be repealed on January 2, 2030. The bill also declares an emergency, meaning it takes effect immediately upon passage.

Housing and Urban Affairs

https://olis.oregonlegislature.gov/liz/2026R1/Measures/Overview/HB4051