How to Become a Homeowner

If you earn $16-$26 an hour, 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 $27,000 – $55,350 per year  for a household of four (or up to $73,050 per year for a household of 5 or more members) 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 have increased dramatically, making it harder to afford a house with traditional bank loans. We will partner with any lender but especially those that help first-time home buyers by providing them a low interest rate and loans that do not require a down payment.

Gateway specializes in assisting potential home buyers with the process of applying for a USDA 502 Direct Loan. This loan program is unique in the following ways:

  • The interest rate is lower than most other loans: currently 4.625%
  • There is no down payment required: it is a 100% loan.
  • The length of the loan is 30-33 years, and can be 38 years in some very limited circumstances.
  • 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 impact your eligibility for a loan, and the process can take several months from start to moving in, but it is well worth it in the end.

What’s Next? 

  1. Reach out to Heather Boyd, Homeownership Center Specialist: [email protected] or (828) 384-1386. We want to help you become a homeowner.

  2. We will send you a an initial pre-application to fill out so that our 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 about 6 months to build a house, and even if you have to work on your credit, we can time it so that when you are ready to apply for your loan we are in the process of building your house.

Homeownership Program Contact Information

Heather Boyd, Homeownership Center Specialist: [email protected] or (828) 384-1386

Sarah Morse, Director of Programs and Grants: [email protected] or (828) 237-9274