GUAM HOUSING CORPORATION by kuy13163

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									GUAM HOUSING
CORPORATION
     Regular Loan Programs
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
fixed for a term of 30 years.
             Eligibility Criteria
   1. U.S. Citizen or permanent alien resident
   2. Resident of the territory
   3. Minimum occupancy requirement two
       (2) years
   4. Must have a written denial from a financial
       institution
            Qualifying Criteria
   1. Permanent employment (2 yrs employment)
   2. Acceptable credit
   3. Maximum Income to Housing expense
       Ratio 29%
   4. Maximum Debt to Income
       (including housing expense) 41%
            Collateral Criteria
   1. Maximum loan-to-value ratio 80%
       (1st Mortgage)
   2. Improvement must be insurable with all
       perils
   3. Detached single family dwelling
   4. Town House and Condominiums acceptable
       upon review and common area fees must be
       included in housing expense calculations
 Maximum Loan Amount
Increased to FHA maximum loan limit
currently $271,000.00. Public Law 22-113
authorizes GHC to adjust its loan limits
using the FHA maximum loan amounts as
established
               Funding Source
   1. Generally funded through revenues
       generated by operations
   2. GHC has utilized borrowed funds from
       financial institutions and the retirement fund
   3. GHC has obtained approval as a
       non-member borrower from the Federal
       Home Loan Bank of Seattle
   Six Percent Loan Program
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% for
term of 30 years.
             Eligibility Criteria
   1. U.S. Citizen or permanent alien resident
   2. Resident of the territory
   3. Minimum occupancy requirement
        two (2) years
   4. Must have a written denial from a financial
       institution
   5. Applicant must be a first-time homeowner
            Qualifying Criteria
   1. Permanent employment (2 yrs employment)
   2. Acceptable credit
   3. Maximum Income to Housing expense
       Ratio 29%
   4. Maximum Debt to Income
       (including housing expense) 41 %
    Maximum Loan Amount
Increased to FHA maximum loan limit currently
$271,000.00. Public Law 22-113 authorizes
GHC to adjust its loan limits using the FHA
maximum loan amount as established by HUD
    Funding Source
Through legislative appropriations
      Public Law 20-210
 Community Affordable Housing
    Action Trust (CAHAT)
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 Public Law 21-99. Term of the loan
is 30 years.
              Eligibility Criteria
   1. U.S. Citizen or permanent alien resident
   2. Resident of the territory for at least
       five (5) years
   3. Minimum occupancy requirements
       five (5) years
   4. Must be able to obtain financing from a
       participation financial institution
   5. Applicant must be a first time homeowner
            Qualifying Criteria
   1. Permanent employment
   2. Acceptable credit
   3. Maximum Income to Housing expense
       Ratio 29%
   4. Maximum Debt to Income
       (including housing expense) 41 % to include
       1st and 2nd Mortgage payments
             Collateral Criteria
   1. Maximum loan-to-value ratio 95%
       (1st Mortgage and 2nd Mortgage payments)
   2. Improvements must be insurable with all
       perils
   3. Detached single family dwelling
   4. Town home and condominiums acceptable
       upon review and common area fees must be
       included in housing expense calculations
        Maximum Loan Amount
   1. The maximum interest free 2nd Mortgage
       amount is $40,000.00
   2. The first Mortgage maximum amount is
       determined by the participating institution
       based on the borrower’s ability
               Funding Source
   1. Through Legislative appropriations
   2. Total funds appropriated through
       Public Law 21-99 was $4,500,000.00
   3. Total funds received from the general
       fund to date is $2,000,000.00
                  CAHAT
    Participating Financial Institutions
   CITIBANK
   BANK OF HAWAII
   BANK OF GUAM
   BANKPACIFIC
   CITIZENS SECURITY BANK
   GOVGUAM EMPLOYEES FEDERAL
    CREDIT UNION
   FIRST HAWAIIAN BANK
       Leverage Loan Program
Rural Housing Loan Program
 Objective

  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% financing with low interest rates. Term of
    loan is 33 – 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 the loan obligation
   Will personally occupy the home on permanent
    basis.
   Acceptable Credit History
   Adequate and Dependable income sufficient to
    meet the following income to debt qualifying
    ratios:
   a. Low income not to exceed PITI 33%; TD –
    41%
   b. Very Low income not to exceed PITI-29%;
    TD – 41%
     Adjusted annual income not exceeding the applicable
      Low Income limits established below:
      INCOME LIMIT Effective March 03, 2005
      (Subject to Change)

Household
Size             1       2      3      4       5       6       7       8

Very Low
Income        22050   25200 28350   31500   34000   36550   39050   41600


Low Income    35300   40300 45350   50400   54450   58450   62500   66550


38 Year       21500   24600 27650   30700   33200   35650   38100   40550


Adj. Median
Income        44100   50400 56700   63000   68000   73100   78100   83200
American Native Loan Program
Veterans Loans for Chamorro Land Trust
recipients. Term of loan is 30 years.
        Guam Housing Corporation
           Employee Directory
   Jeremy J. Rojas, President

    Loan Division
   Mary R. Guerrero, Loan Administrator
   Emily Blas, Mortgage Loan Underwriter
   Adelina Arceo, Loan Officer
   Annie Gutierrez, Trust Fund Clerk
   SusyMae Santos, Loan Technician
  Guam Housing Corporation
TELEPHONE NUMBERS:
OFFICE: 671-647-4143
FAX:     671-649-4144
WEBSITE: www.guamhousing.org

LOCATION:
590 S. Marine Corps Drive
Suite 514 ITC Building,
Tamuning

HOURS OF OPERATION:
Monday – Friday 8:00 am – 5:00 pm
Yigo




YIGO
YIGO
Purchase Property & Construction
  3 Bedroom/2 Bath w/Carport
           Barrigada
MERIZO
Chamorro Land Trust
3 Bedroom 2 Bath
Guam Housing Corporation
   Management and Staff
would like to Thank You for
giving us this opportunity to
share our programs with all
            of you

								
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