FIRST-TIME HOMEOWNERS ASSISTANCE PROGRAM

FIRST-TIME HOMEOWNERS ASSISTANCE PROGRAM – updated October 2022

This is a grant for up to ten thousand dollars ($10,000) for closing costs only. Your lender must be a participating lending institution for this program.

REQUIREMENTS

1. Must be a First-Time Homeowner for five (5) years preceding the commencement date of the eligible transaction (Purchase Agreement or Construction Contract).
2. Must be a US Citizen or a Permanent Resident Alien.
3. Must be a resident for five (5) years preceding the commencement date of the eligible transaction (Purchase Agreement or Construction Contract).
4. Must submit a copy of the original executed Purchase Agreement or Construction Contract and other required documents.
5. Must attend a Homeownership Education Workshop. The following is a list of approved entities
   administering the workshop or you may take the online workshop:
   • Community First Federal Credit Union;
   • Micronesia Community Development Corporation – Carlos Camacho; and
   • Online Workshop: link – https://www.ehomeamerica.org/ (Select Guam as your state /country; then select Micronesia Community Development Corporation).
6. Lender must be a participating lending institution for the First-Time Homeowners Assistance Program.
7. All unmarried individuals must complete a separate application packet.

CHECKLIST

1. A copy of the original executed Purchase Agreement or Construction Contract;
   • Purchase Agreement:
     • Evidence of ownership by the Seller [Certificate of Title, Deed (Deed of Gift, Warranty Deed, etc.), Title Insurance Policy, etc.]
   • Construction Contract:
     • Provide one (1) of the following:  Certificate of Title, Deed (Deed of Gift, Warranty Deed, etc.), Lease Agreement with Chamorro Land Trust or Title Insurance Policy
     • Construction Plans and specification certified by a license engineer or architect
     • Construction Contract with construction cost
2. First-Time Homeowners Application;
3. Affidavit (please indicate citizenship). If married, spouse must complete and sign the Affidavit;
4. Verification of Residency;
5. Department of Revenue and Taxation Clearance (Income Tax Division and Real Property Tax
   Division);
6. Certificate of Homeownership Education Workshop;
7. Bank documents:
   • Commitment Letter;
   • Down payment and Closing Cost Breakdown (Loan Estimate, Truth-In-Lending Disclosure Statement);
   • Letter of Participation from Lender (bank), if not a participant; and
   • Letter and/or document if applicant(s) is receiving any assistance for closing costs, i.e.,
     gift letter.
8. Copy of Passport or Permanent Resident Alien ID for applicant(s).

NOTE:  If purchasing property, a Purchase Agreement must be submitted together with the Construction
Contract. The Purchase Agreement and/or Construction Contract must include the closing costs.
The total cost of the purchase or construction of the home cannot exceed $420,000.00

The FTHAP application will not be processed until all required documents are submitted to GHC.

APPLICATION PACKET FORM

GHC Loan Application 

FTHAP Checklist (Updated 10/25/2022)

Department of Rev & Tax Clearance – 2019

FTHAP Affidavit(Update 04/28/2023)

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GHC FTHAP Verification of Residency 2024