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Come Home to Gresham - Detail verified 05/26/10 Last Updated 04/09/10

Program Overview

Come Home to Gresham - Detail verified 05/26/10 Last Updated 04/09/10 is a program that offers 0% interest, deferred payment loans of $25,000 to help qualified buyers with downpayments and closing costs when purchasing an eligible foreclosed property in Gresham target areas. No payments due on loan until home is sold or refinanced. For more information, visit http://cvision.org/connect-to-services/buy-a-home/. Gresham Neighborhood Stabilization Program Target Areas. The application fee is $ 625 paid out of loan.

Who is eligible for this program?

Persons who are approved for 1st mortgage and complete homebuyer education classes are eligible for this program. Eligible parties must pay $1,000 or 1% of purchase price, total debt to income no more than 45% (excluding student loans), and total liquid assess no more than $15K at closing. Household income up to 120% area median. Funds are used toward closing costs and down payment. Is this program for first time buyers only? No

Property Eligibility Requirements

Within the Gresham NSP areas. Allowable property types: Residential, foreclosed property only.

Benefit Details

Property must pass HQS inspection. HQS will be done prior to funding and if the house passes the NSP inspection is done. If lead based paint or significant repairs are apparent, property will not be eligible. $25,000 Benefit: 0% interest, deferred payment loans of $25,000 for down payment and closing costs assistance. No payment until sold or refinanced. Homebuyer Counseling / Education Required: Yes Owner Occupancy Required: Yes Other Program Comments: The homebuyer should NOT be living or occupying the home until the rehab is complete and the HQS inspection converts to

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