Program: WELCOME HOME Gresham
Detail Verified 5/8/2018 - Last Updated 11/1/17
Gresham’s first-time homebuyer down payment assistance program.
Available within the Gresham city limits.
Who is Eligible for this Program?
To be an eligible applicant, you must:
-Be a “first-time homebuyer” (the homebuyer has not owned a home during the past three years, is a displaced homemaker, or is a single parent)
-Be low-income and demonstrate a financial need for WELCOME HOME assistance (see income limits)
-Be a US citizen, non-citizen national or a qualified alien
-Complete an authorized homebuyer education program
To be a qualified borrower, you must:
- Have sufficient income to qualify for and support the primary debt
-Be pre-qualified by a primary lender. (No contract sales)
-Be able to contribute $1,000 in cash towards the purchase from your own funds
Assistance up to $20,000.
Is this program for first time buyers only?: Yes
Property Eligibility Requirements
To be an eligible property, the house must:
-Be located within the city limits of Gresham and be in good physical condition
-Have a purchase price not to exceed $296,000
-Meet the definition of affordable, standard single family housing (a single unit)
-Meet property standards and pass the City’s inspection.
-Be free of chipped or peeling paint if the house was built before 1978
-Not be occupied by a tenant unless the homebuyer is the tenant
The sales price cannot exceed $296,000.
Benefit: Gresham’s WELCOME HOME program can loan up to $20,000 to help qualified low-income, first-time homebuyers pay for down payment and reasonable closing costs. A WELCOME HOME loan is a zero-percent interest deferred-payment loan that is forgiven at the end of 15 years. Homes purchased through the WELCOME HOME program must be the primary residence of the homebuyer for the length of the loan.
Homebuyer Counseling / Education Required: Yes
Owner Occupancy Required: Yes