CITY OF GRESHAM OFFERS HELP FOR FIRST-TIME HOMEBUYERS
News Release from City of Gresham
Posted on FlashAlert: April 1st, 2015 9:01 AM
GRESHAM, Ore. - The City of Gresham today launches WELCOME HOME, its new homebuyer assistance program, to help some qualified residents get their first home.
The program provides no-interest loans to individuals or families who:
* Live in Gresham and buy a home in Gresham.
* Make 80 percent or less of federal annual median income, or $55,000 or less for a family of four.
* Qualify for a primary mortgage from an Oregon licensed lender.
* Are first-time homebuyers, or have not owned a home in the past three years.
* Live in the home as their primary residence.
Qualifying residents receive no-interest loans ranging from $10,000 to $20,000, depending on financial need. If they remain in their home for 15 years, the loan balance is forgiven.
"City leaders recognize that many families continue to struggle financially to get - or keep - their homes and have made helping homebuyers a priority," Gresham Community Development Director Eric Schmidt said. "So we created WELCOME HOME from scratch and are ready to accept applications."
Starting April 1, 2015, the City will fund approximately eight to 10 loans through WELCOME HOME. Funding for another five to seven loans has been proposed for the 2015-16 fiscal year.
WELCOME HOME is a partnership with the Portland Housing Center, which serves as the underwriter and provides homebuyer education required by the federal government. Loans are funded through the U.S. Department of Housing and Urban Development.
For more information or to apply, contact Heidi Martin, Portland Housing Center, at 503-797-4020 Heidim@PortlandHousingCenter.org
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The program provides no-interest loans to individuals or families who:
* Live in Gresham and buy a home in Gresham.
* Make 80 percent or less of federal annual median income, or $55,000 or less for a family of four.
* Qualify for a primary mortgage from an Oregon licensed lender.
* Are first-time homebuyers, or have not owned a home in the past three years.
* Live in the home as their primary residence.
Qualifying residents receive no-interest loans ranging from $10,000 to $20,000, depending on financial need. If they remain in their home for 15 years, the loan balance is forgiven.
"City leaders recognize that many families continue to struggle financially to get - or keep - their homes and have made helping homebuyers a priority," Gresham Community Development Director Eric Schmidt said. "So we created WELCOME HOME from scratch and are ready to accept applications."
Starting April 1, 2015, the City will fund approximately eight to 10 loans through WELCOME HOME. Funding for another five to seven loans has been proposed for the 2015-16 fiscal year.
WELCOME HOME is a partnership with the Portland Housing Center, which serves as the underwriter and provides homebuyer education required by the federal government. Loans are funded through the U.S. Department of Housing and Urban Development.
For more information or to apply, contact Heidi Martin, Portland Housing Center, at 503-797-4020 Heidim@PortlandHousingCenter.org
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