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Guam Housing and Urban Renewal Authority

  • HOME Program

HOME is a grant provided by the U.S. Department of Housing and Urban Development. GHURA administers the grant on behalf of Guam. HOME grants fund a wide range of activities that build, buy and/or rehabilitate affordable housing for rent or home ownership or provide direct rental assistance to low-income people. HOME is designed exclusively to create affordable housing for low-income households. The program's flexibility allows States and local governments to use HOME funds for grants, direct loans, loan guarantees or other forms of credit enhancement, or rental assistance or security deposits.

Eligible Applicants:

Applicants must be organizations or individuals on Guam.

  • Government agencies
  • Non-profit organizations
  • Low-income families

Eligible Beneficiaries:

The eligibility of households for HOME assistance varies with the nature of the funded activity.
  • All Home funds must be used to assist families or individuals with incomes at or less than 80 percent of Guam’s median income. HUD publishes HOME Income Limits for Guam each year.
  • For rental housing and rental assistance, at least 90 percent of benefiting families must have incomes that are no more than 60 percent of the HUD-adjusted median family income for the area.
  • In rental projects with five or more assisted units, at least 20% of the units must be occupied by families with incomes that do not exceed 50% of the HUD-adjusted median. The incomes of households receiving HUD assistance must not exceed 80 percent of the area median.
    • HOME-assisted rental housing must comply with certain rent limitations. HOME Rent Limits are published each year by HUD. The program also establishes maximum per unit subsidy limits and maximum purchase-price limits.

Eligible Activities:

  • Home purchase or rehabilitation financing assistance to eligible homeowners and new home buyers
  • Building or rehabilitating housing for rent or ownership
  • Site acquisition or improvement
  • Demolition of dilapidated housing to make way for HOME-assisted development, and payment of relocation expenses
  • Tenant-based rental assistance contracts
  • Program planning and administration

Application:

To receive a HOME grant, an applicant must submit a proposal to GHURA’s Research, Planning and Evaluation Office. For application kit, contact the Research, Planning and Evaluation Office at Phone: 671-477-9851, Fax: 671-472-7565.


Technical Guidance:

HOME is authorized under Title II of the Cranston-Gonzales National Affordable Housing Act, as amended. Program regulations are at 24 CFR Part 92. Additional information about the HOME program can be found by visiting the HOME program web pages at the U.S. Department of Housing and Urban Development web site.

Guam Housing Corporation

  • Regular Loan Program

This is a residential mortgage lending program to assist families and individuals who are first time homeowners and are unable to obtain financing for purchase or construction through conventional lending institutions. Interest rate is prevailing rate for a term of 15 years to 30 years.

Eligibility Criteria:

  • U.S. Citizen or permanent alien resident
  • Resident of the territory
  • Minimum occupancy requirement of two (2) years
  • Must have a written denial from a financial institution

Qualifying Criteria:

  • Permanent employment of at least two (2) years
  • Acceptable credit
  • Maximum income to housing expense ratio of 29 percent
  • Maximum debt to income ratio of 41 percent including housing expense

Collateral Criteria:

  • Maximum loan-to-value ratio of 80 percent (first mortgage)
  • Improvement must be insurable with all perils
  • Detached single-family dwelling
  • Town house and condominiums acceptable upon review and common area fees must be included in housing expense calculations

Maximum Loan Amount:

Increased to FHA current maximum loan limit. Public Law 22-113 authorizes GHC to adjust its loan limits using the FHA maximum loan amounts as established.


Funding Source:

  • Generally funded through revenue generated by operations
  • GHC has utilized borrowed funds from financial institutions and the retirement fund.
  • GHC has obtained approval as a non-member borrower from the Federal Home Loan Bank of Seattle.
  • Six Percent Loan Program

This is a low interest rate residential mortgage loan program to assist families and individuals who are first time homeowners and are unable to obtain financing from conventional mortgage lending institutions. Interest rate is 6.00 percent for a term of 30 years.

Eligibility Criteria:

  • U.S. Citizen or permanent alien resident
  • Resident of the territory
  • Minimum occupancy requirement of two (2) years
  • Must have a written denial from a financial institution
  • Applicant must be a first time homebuyer

Qualifying Criteria:

  • Permanent employment of at least two (2) years
  • Acceptable credit
  • Maximum income to housing expense ratio of 29 percent
  • Maximum debt to income ratio of 41 percent including housing expense

Maximum Loan Amount:

Increased to FHA current maximum loan limit. Public Law 22-113 authorizes GHC to adjust its loan limits using the FHA maximum loan amounts as established by HUD.


Funding Source:

Through legislative appropriations – Public Law 20-210

  • Community Affordable Housing Action Trust (CAHAT)

This is an interest free second mortgage designed as a down payment assistance program for first time homeowners for families and individuals who lack the down payment resources to purchase or construct a typhoon-resistant home. Enabling legislation is Public Law 21-99. The term for the loan is 30 years.

Eligibility Criteria:

  • U.S. Citizen or permanent alien resident
  • Resident of the territory for at least five (5) years
  • Minimum occupancy requirement of five (5) years
  • Must be able to obtain financing from a participating financial institution
  • Applicant must be a first time homeowner

Qualifying Criteria:

  • Permanent employment
  • Acceptable credit
  • Maximum income to housing expense ratio of 29 percent
  • Maximum debt to income ratio of 41 percent including housing expense and first and second mortgage payments

Collateral Criteria:

  • Maximum loan-to-value ratio of 95.00 percent (first and second mortgage payments)
  • Improvement must be insurable with all perils
  • Detached single-family dwelling
  • Town home and condominiums acceptable upon review and common area fees must be included in housing expense calculations

Maximum Loan Amount:

  • The maximum interest free second mortgage amount is $40,000.
  • The first mortgage maximum amount is determined by the participating institution based on the borrower’s ability.

Funding Source:

  • Through legislative appropriations
  • Total funds appropriated through Public Law 21-99 was $4.5 million
  • Total funds received from the general fund to date is $2 million
  • Leverage Loan Program

The Rural Housing Loan Program is designed to:

  • Provide loans to assist eligible persons who will live in rural areas with an opportunity to own a home that would provide a decent, safe and sanitary living environment for its occupants.
  • Joint financing with Rural Development for a 100 percent financing with low interest rates. Term of the loan is 33 to 38 years for RD financing. Construction of dwelling on Chamorro Land Trust property is also eligible (Dededo properties are ineligible under this program).

Eligibility Criteria:

  • A person who does not own a dwelling, or owns a dwelling which is not structurally sound or functionally adequate.
  • Be without sufficient financial resources and unable to secure necessary credit elsewhere to meet housing needs.
  • Must be a U.S. Citizen or permanent resident alien.
  • Possess the legal capacity to incur loan obligation.
  • Will personally occupy the home on a permanent basis.
  • Acceptable credit history
  • Adequate and dependable income sufficient to meet the following income to debt qualifying ratios:
      • Low income not to exceed PITI – 33 percent; TD – 41 percent
      • Very low income not to exceed PITI – 29 percent; TD – 41 percent
  • Adjusted annual income not exceeding the applicable low income limits

For more information on Guam Housing Corporation Loan Programs, please call 671-647-4143 or visit the GHC office between 8 a.m. and 5 p.m., Monday through Friday at the 5th floor of the ITC Building.