Welcome Home Program
The Welcome HOME Program is a homeownership program that offers fully rehabilitated and newly constructed affordable homes to eligible low- to moderate-income home buyers. The program provides assistance in the form of a 0% interest down payment loan to qualified first-time home buyers, who purchase affordable homes in Gwinnett County. The amount of assistance is dependent on household income and originally ranged between $14,975 and $22,500. With the rapidly changing housing market, GHC restructured the program by shifting solely to new construction. With typical down payment assistance no longer sufficient to cover the gap between median wages and median sales price , GHC makes the home affordable by holding the second soft mortgage up to $80,000 (dependent on need). There is no payment or interest, as long as the house remains owner-occupied. The loan is repaid upon resale and is always subordinated to the first mortgage. This program is funded, in part, by the HUD HOME Investment Partnership Program (HOME).
An increase in affordable homeownership opportunities in the area lowers monthly housing costs for residents and increases discretionary spending. In addition to keeping home purchase prices down, GHC assists the target population in addressing the down payment hurdle. Prospective home buyers, particularly those with limited income, can spend years saving up enough to afford a down payment for their dream home.
Welcome HOME Program also requires all potential candidates to undergo 8 hour of home ownership counseling prior to purchasing a GHC home. To date, not a single GHC home buyer has experienced a mortgage delinquency or foreclosure.