Come Home to Gresham Home Loan Program

All Come Home to Gresham funds have been committed as of May 25, 2010.

Program Details

The program is funded through the federal Neighborhood Stabilization Program (NSP) as part of the Housing and Economic Recovery Act of 2008.

For more information contact Rebecca Miller of Community Vision at 503-292-4964 ext. 116 or rmiller@cvision.org.

Eligible Properties/Sales

Properties must meet the following criteria:

• foreclosed single-family homes or condos 
• must be located in an eligible NSP Target Area
• sale price must be at a minimum of 1% below current appraised value
• appraisals must be done by a licensed appraiser
• must meet the federal housing quality and lead-based paint standards 
• must be a voluntary sale
• cannot be located in a floodplain

Eligible Buyers

Buyers must meet the following criteria:

• income no more than 120% area median income
• qualified for fixed-rate first mortgage
• pay at least $1,000 or 1% of price (whichever is greater) toward down payment
• total debt-to-income (excluding student loans) = 45%
• maximum liquid assets at closing (excluding retirement accounts) = $15,000
• must complete eight hours of approved homebuyer education

Restrictions on First Mortgage

• must be conventional first loan meeting federal standards (no ARMs or subprimes)

Terms of Assistance

• 0% interest loan of no more than $25,000 
• loan funds may be applied towards the down payment, closing costs, any pre-paid costs, and toward purchase price (i.e., toward reducing the first mortgage) 
• no payments until the property is refinanced or the title is transferred, at which point the loan is due in full 

Additional Requirements

• must be borrower's principal residence; the borrower may not rent out or sublease the residence
• borrower must maintain the property in good repair
• must maintain insurance and list the City as additional insured