Guam

Community Affordable Housing Action Trust (CAHAT)

Community Affordable Housing Action Trust (CAHAT) is a unique organization that provides down payment assistance to first-time homeowners in Guam. A zero-interest loan is similar to a traditional loan, except it helps people and families purchase or construct a house with a shortage of money to pay a down payment. Funds for this initiative will be for 30 years.

Homeowner assistance fund eligibility for CAHAT:

• Must have the status of a permanent resident or citizen of the United States.
• Possess a minimum of five years of residence in Guam.
• Have a minimum of five years of planned residence in the house.
• Be able to get a loan from a participating bank.
• Purchasing property for the first time.

To be eligible:

• Steady work
• Good credit
• No more than 29 percent of your salary may go toward housing costs
• All of your obligations, including mortgages, must not exceed 41% of your income

House requirements include:

• Have a loan-to-value ratio of no more than 95%.
• Home improvements must be insured against any and all forms of damage.
• Be a single-family home.

Loan amount details:

• A second mortgage with no interest is available up to $40,000.
• Both the bank and your financial condition determine the initial mortgage amount.

First-Time Homeowners Assistance Program (FTHAP)

The Guam Housing Corporation administers the First-Time Homeowners Assistance Program, which grants up to $10,000 for closing costs. This program is specifically tailored to help ease the financial burden associated with the final stages of purchasing a home.

Guam's first-time homebuyer programs reflect a commitment to making the dream of homeownership a reality for many. With grants for closing costs, comprehensive loan programs, and educational resources, these initiatives support the community's housing needs. Aspiring homeowners in Guam are encouraged to take advantage of these programs to make their home-buying journey a successful and rewarding experience.

For those interested in these programs, contacting the Guam Housing Corporation or visiting their official website is essential for the most current information and guidance on the application process.

First-Time Homeowners Assistance Program Eligibility Requirements:

• Must be a first-time homeowner for five years before the purchase or construction contract date.
• U.S. citizenship or permanent residence status is required.
• A five-year residency in Guam before the commencement of the transaction.
• Completion of a Homeownership Education Workshop.

Application Process:

The First-Time Homeowners Assistance Program eligibility applicants must submit a comprehensive packet that includes:

• The original executed Purchase Agreement or Construction Contract.
• Proof of ownership.
• Bank documents include a Commitment Letter, a down payment, and a breakdown of closing costs.
• Verification of residency and tax clearance from the Department of Revenue and Taxation.
• A certificate from the Homeownership Education Workshop.

Habitat for Humanity Homeownership Program

The Habitat for Humanity Homeownership Program in Guam aims to partner with people to help them acquire a safe, affordable place to call home. Here's a brief overview of the program:

• Eligibility: Prospective homeowners must demonstrate a need for safe, affordable housing, be willing to partner with Habitat throughout the process, and be able to pay an affordable mortgage.
• Sweat Equity: Homeowners invest hours of labor, known as 'sweat equity,' working alongside staff and volunteers constructing their new homes and the homes of other future Habitat homeowners. Sweat equity primarily replaces the traditional monetary down payment in Habitat for Humanity's model. Instead of making a cash down payment, homeowners contribute their labor, making homeownership accessible and fostering community collaboration.
• Mortgage: At closing, homeowners buy their homes from Habitat with a no-profit, no-interest mortgage. The mortgage payments are then used to build additional Habitat houses.
• Nondiscriminatory Policy: Habitat follows a nondiscriminatory policy of homebuyer selection, where neither race nor religion is a factor.

Homeowner Assistance Fund

The Guam Homeowner Assistance Fund (HAF) Program is a federally funded relief initiative designed to assist eligible homeowners impacted by the COVID-19 pandemic with their mortgage, utilities, and property tax payments. Administered by the Department of Administration (DOA), this program aims to support homeowners in need financially. Here are the key details:

• Eligibility: Homeowners who have been affected by the pandemic can apply for assistance. To qualify, they must demonstrate a need for relief and meet specific criteria.
• Relief Amount: Eligible homeowners can receive up to $26,550 to help cover mortgage payments, utilities, and property taxes. This expanded threshold benefits those who previously received a maximum of $15,000 but still require housing assistance.
• Application Process: Interested homeowners can submit their applications at the HAF office, Monday through Friday from 8 AM to 4 PM.

The HAF Program is crucial in supporting vulnerable homeowners during challenging times, allowing them to remain in their homes and fostering more vital communities.