First-time homeowners assistance program requirements



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P.O. Box 3457, Hagåtña, Guam 96932

GUAM HOUSING CORPORATION


Kotporasion Ginima’ Guåhan

FIRST-TIME HOMEOWNERS ASSISTANCE PROGRAM

REQUIREMENTS


  1. Must be a First Time Homeowner for five (5) years preceding the commencement

date of the application

  1. Must be a US Citizen or a Permanent Resident Alien

  2. Must be a resident for Five (5) years preceding the commencement date of

the application.

  1. Must submit signed Purchase Agreement or Construction Contract

  2. Must attend Homeownership Education Workshop: (below is a list of the

company administering the workshop or you may take the online workshop:

  1. Community First Credit Union – Mike Finona

  2. Micronesia Community Development Corporation – Carlos Camacho

  3. Online Workshop: link - www.ehomeamerica.org (Please select Guam as

your state / country, then and select Micronesia

Community Development Corporation)

Must provide your certificate, and proof of payment (receipt or confirmation



of payment).

  1. Lender must be a Participating lending institution for the First-Time

Homeowner Assistance Program
CHECKLIST


  1. Purchase Agreement or Construction Contract

  2. Application

  3. Affidavit (please indicate citizenship)

  4. Verification of Residency

  5. Department of Revenue & Taxation Clearance

  6. Certificate of Homeownership Education Workshop

  7. Bank Documents:

  • Commitment Letter

  • Down Payment & Closing Cost Breakdown

  • Letter of Participation from Lender (Bank), if not a participant

  • Provide letter or document if applicant(s) is / are receiving any assistance

for closing cost (i.e. gift letter)

Note: If purchasing property, purchase agreement must be submitted along with Construction Contract.

Application will not be processed until all required documents are submitted.



Total cost cannot exceed $250,000.00 (Purchase Agreement or Construction contract to include closing cost)


590 S. Marine Corps Drive, Ste. 514 ITC Building, Tamuning, Guam 96931

Telephone Number (671) 647-4143/46 Fax Number (671) 649-4144




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