City of Gresham Downpayment Assistance Grant

About This Opportunity

Grant Value: $170,000*

Designated Use: Home Downpayment

Number of Grants Available: 4

Proud Ground, a state-registered nonprofit, administers all grant opportunities.
This grant is funded by the City of Gresham's CDBG/HOME HUD program, OHCS HUD & Community Frameworks.

*Final grant amount based on need

Application Qualifications

Who qualifies for this grant?

Grant recipients must be currently living within the City of Gresham.
Grant recipients must be first-time homebuyers and meet income qualifications below.
The home purchased must be located within the City of Gresham.
Grant recipients must qualify for a minimum mortgage of $285,000 with a Proud Ground preferred lender. ITIN and Islamic Compliance loans are available.
Grant recipients must have at least $5,000 of personal savings for earnest money and inspections. Please note you will also be responsible for loan closing costs. Your lender will provide you with an estimate.
Grant recipients must have debt-to-income ratios that fall under certain limits.
Front-end debt-to-income ratio (% of income that goes toward housing costs): 35%
Back-end debt-to-income ratio (% of income that goes toward all debt): 45%

Household Income Qualification

Grant Recipients must have a total household income that falls under a specific income limit. This means that the combined income of all of the people that will live in the home you hope to purchase must be less than or equal to a certain amount. This amount changes based on your household size, or the number of people that will live in the Proud Ground home. Your total household income must include gross annual income (before taxes), commission, overtime, bonuses, child support, alimony, pension, benefits and any income from a household member over the age of 18, even if they are not going to be on the home loan.

Please review the table to see if you qualify.

    Household Size
    Maximum Household Income
  
    1
    $66,100
  
    2
    $75,550
  
    3
    $85,000
  
    4
    $94,400
  
    5
    $102,000
  
    6
    $109,550
  
    7
    $117,100
  
    8
    $124,650

Award Responsibilities

What to expect if you are awarded this grant

If you are awarded this grant, you and your Realtor will attend a grant orientation to review the grant guidelines and restrictions. Owner-occupancy, income limits, resale, and other restrictions apply.

In addition to the $5,000 in earnest money mentioned above, grant recipients are responsible for:

A minimum contribution of $1,000 toward the downpayment.
Loan closing costs. Your lender will provide you with an estimate.
Recording fees to document the property’s change in ownership. Please note that because we are a land trust, the recording fees are higher than is typical for other homes. These are estimated at $800.
The $50 Proud Ground monthly fee.

After you buy your home, you will be required to complete 60 hours of work on the home per homebuyer, plus 8 hours from a friend or family member, within 3 months after the closing date.