Welcome Home Program

Welcome Home Program is a deferred second loan for homebuyers in Gresham, Oregon. The City of Gresham Welcome Home Program provides up to $50,000 as a 0% interest deferred-payment second mortgage for down payment and closing cost assistance to low- and moderate-income first-time homebuyers purchasing within City of Gresham limits. Repaid upon sale, refinance without subordination, or loss of owner-occupancy. Up to $50,000 in down payment and closing cost assistance as a 0% interest deferred-payment second mortgage. Repaid upon sale, refinance without subordination, or loss of owner-occupancy. Maximum purchase price $489,000. Funding comes from City, HOME, and CDBG.

Welcome Home Program offers up to $40,000 in assistance. Homebuyer contribution: Per first-mortgage program requirements. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Welcome Home Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by Sale, transfer, refinance without subordination, or loss of owner-occupancy. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Welcome Home Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. On credit, the program states: Typically 640 minimum FICO. A homebuyer education course is required, through HUD-approved housing counseling agencies (Proud Ground, Portland Housing Center, Hacienda CDC, etc.). Residency requirement: Property must be located within City of Gresham, OR. Citizenship or immigration status: U.S. citizen or qualified non-citizen. Pre-purchase homebuyer education required. Property must be located within City of Gresham limits. Maximum purchase price $489,000. Income limit 80% AMI ($66,100 for 1-person; $124,650 for 8-person, 2025 Portland MSA limits).

Welcome Home Program limits household income to 80% of the area median income, which varies by county and household size. Household income at or below 80% Portland-Vancouver-Hillsboro MSA AMI: 1-person $66,100; 4-person $94,400; 8-person $124,650 (2025). The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Welcome Home Program caps the purchase price at $489,000. Eligible property types include 1-unit single-family, condominium, townhome, PUD. New construction is eligible. Manufactured homes are not eligible.

Welcome Home Program serves homebuyers purchasing in Gresham, Oregon.

Applications for Welcome Home Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Application through City of Gresham Housing Division. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.