How to Become a Homeowner

If you earn $13 an hour or more, it is possible to become a homeowner with a no money down (100% ) loan from USDA and a house in a Gateway development. The Gateway Housing Program specializes in helping first time home buyers who earn between $27,000 to $55,350 a year ($73,050 for house of 4+) to become homeowners.

There are two key elements to the homeownership program – The House and The Loan.

The House

Gateway uses a modular construction process because it is faster and more affordable. This should not be confused with a manufactured home or trailer. 

A modular house is constructed exactly the same way as a house built on-site, the only difference is that many of the components are built off-site, then transported to the development. 

This cuts construction time in half and keeps costs down. These houses have to meet the same North Carolina Building Code that every other house has to meet and they are inspected by the same county building inspectors. 

These are modern, well-built homes. 

Come visit a Gateway Development and see for yourself!

The Loan

Interest rates shot up in the past year, making it harder to afford a house. We will partner with any lender but especially those that help first-time home buyers by providing them a preferential interest rate and 100% loans. We specialize in the USDA 502 loan program, and partner with the only loan team in the region who can help with this program. This loan program is unique in the following ways:

  • The interest rate is still low (currently 4.175%).
  • The length of the loan is 33 years and can be 38 years in some circumstances.
  • There is no down payment required: it is a 100% loan.
  • Depending on your income, the loan payments could also be subsidized for a period of time.

All of this helps to reduce the monthly payments and make a home affordable, particularly for first-time homebuyers.

Your credit score and credit history do impact your eligibility for a loan, and the process can take a number of months from start to moving in, but it is worth it in the end.

What’s Next? 

  1. Reach out to us: [email protected]. We want to help you become a homeowner.

  2. Fill out an initial application so that our USDA team can provide you with an assessment of where you are in the process. Don’t worry, we’ll walk you through this.

  3. Timing is everything. It takes us 6 months to build a house and even if you have to work on your credit history, we can time it so that when you are ready to apply for your loan we are in the process of building your house.