Come Home to Gresham Loan Program (CHG)

In order to stabilize neighborhoods and stop the decline of values of neighboring homes, the City of Gresham is offering homebuyer assistance for the purchase of foreclosed homes in Gresham. Come Home to Gresham provides 0% interest, deferred payment loans to eligible households of up to $25,000 toward the purchase of an eligible foreclosed property and is funded through the federal Neighborhood Stabilization Program 3 (NSP3) as part of the Housing and Economic Recovery Act of 2008.

Homebuyer Qualifications:

  • Must complete eight hours of HUD-approved homebuyer education (search by location & language at bottom of the linked page)
  • Household income cannot exceed homebuyer eligibility limits
    • 120% of median family income for area, adjusted for household size
      • $94,608 for family of 5
      • $87,600 for family of 4
      • $78,840 for family of 3
      • $70,080 for family of 2
      • $61,320 for single member household
  • Borrower must be pre-qualified for first mortgage
  • Borrower cannot currently own a home
  • Borrower does not need to be a first-time homebuyer
  • Borrower must pay greater of 1% of sales price or $1000 downpayment
  • For FHA loans, borrower must pay 1.75% of FHA required downpayment using non-Gresham funds
  • Maximum total debt-to-income of 45%
  • Maximum liquid assets of no more than $15,000 after closing (excluding retirement accounts)
  • Buyer does not have to have a disability*

Eligible Properties

 

Steps to Participate in the Come Home to Gresham Program

1. Confirm your eligibility (see list above)
2. Notify your lender of your participation in the CHG Program
3. Lender completes program forms that verify buyer income, documents buyer pre-approval for a primary mortgage, and confirms lender ability to comply with all requirements of the CHG Program. Download the Lender Packet.
4. Lender returns completed CHG Forms 2, 3, 4, 5, and 10 to rmiller@cvision.org with all additional documentation that is outlined on these forms.
5. CHG Program verifies eligibility and provides pre-approval notification to lender and buyer.  Buyer may now make offer on eligible property.
6. Realtor submits  Form 13 Sales Agreement Addendum and Form 12 Fair Market Value Disclosure to seller at the time of offer.  Upon acceptance of offer, realtor completes  Form 6 Home Inspection, requesting the HQS inspection required by and paid for by the City of Gresham.  Allow 45 days for closing.
7. Realtor & Lender continue to email the required documents, as outlined in the File Checklist.
8. Buyer makes appointment with Rebecca Miller, CHG Program Coordinator, to finalize the application materials.

For detailed history and information about NSP, including searchable maps and FAQ’s, please visit http://www.ohcs.oregon.gov/OHCS/SFF_Neighborhood_Stabilization_NSP_Oregon_Program.shtml.

Please direct all inquiries to Rebecca Miller, Asset Programs Manager, (503)292-4964 ext. 116 or rmiller@cvision.org.

*Community Vision is a non-profit organization that assists individuals with developmental disabilities to live independently.  Community Vision assists the City of Gresham to manage the Come Home To Gresham Loan program, on contract, to help fund our many other asset building programs offered to adults with developmental disabilities, but participants in the Come Home to Gresham program do not have to have a disability to participate.