VIDEO: Governor Announces GHC Program That Will Help Pay Closing Costs for 1st Time Home Buyers

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Guam – Governor Eddie Calvo and the Guam Housing Corporation issued certificates to first time homeowners who have qualified to receive up to ten thousand dollars in assistance for mortgage loans and closing costs.

The money for the certificates comes from a housing trust fund grant program that has about five hundred thousand dollars available.

Five families were able to benefit from this trust fund receiving certificates that will help them pay for closing costs and other additional costs associated with first time home loans.

Governor Eddie Calvo thanked the members of the Guam Housing Corporation, Senator Tina Muna Barnes and Senator Ben Pangelinan for their help. Senator Pangelinan authored the bill that made the program possible.

“I know for many of you folks you have everything when it comes to a loan but there are still those areas when it comes to closing costs that are problematic and have really held a lot of people and families back in building the home of their dreams,” said Governor Calvo.

READ the release from Adelup in FULL below:

The dream of homeownership became reality for a tearful Jim Dimag who received a grant that is helping him purchase his first home today.

Dimag, his wife and children, along with four other grant recipients got the help they needed to become Guam’s newest homeowners during an emotional ceremony at Adelup.

Their dream is coming true because just as the Governor promised in Blueprint 2020, the government is providing grants to pay for closing costs on a first home.

“It’s really hard for struggling families working toward purchasing a home.  I’m so proud to stand with these families today.  They worked so hard to make the dream of homeownership come true,” Governor Calvo said.  “The home is the center of every family and we are working to help everyone achieve the dream of owning a home.  There are opportunities to help families of all walks of life and we’re making sure that everyone can get the assistance they need to purchase a home.”

The new homeowners are just the first to take advantage of the Guam Housing Corporation’s First Time Homeowners Assistance Program that provides up to $10,000 for mortgage fees and closing costs for qualified applicants.  These are critical – and arguably, cost prohibitive – expenses that have kept the dream of homeownership just out of reach for working Guamanians.

The FTHAP is made possible through the Housing Trust Fund Program.  The $500,000 available for qualified mortgage applicants is locally funded through the Guam Housing Corporation.

“I’m proud to work with this administration in turning the affordable housing vision into a reality for our families,” said Senator Tina Rose Muña Barnes, a partner in the governor’s affordable housing vision.  “It’s about building dreams and giving families the opportunity – that little bit of extra help – to make it happen.”

For more information on homeownership assistance programs, interested residents should call the Guam Housing Corporation at 647-4143.