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Q: |
How do I get started? |
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A: |
Tell your Lender that
you are interested in the HOME Grant.
Then, work with your real estate agent or builder to buy your new home. |
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Q: |
So
what's the catch? |
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A: |
There is no catch. HOME Grant
is a nonprofit organization offering buyers a tool to use when purchase a
home. Sometimes with as little as zero total cash. All you have to do is
ask! |
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Q: |
Does
the Buyer have to be a first-time homebuyer? |
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A: |
No. The
program is not limited to a first-time homebuyers. |
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Q: |
Does a Buyer have to repay the funds received
through the HOME
Grant program? |
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A: |
No.
This is a true grant and does not need to be repaid. |
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Q: |
Does the
HOME Grant
program only apply to single-family homes? |
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A: |
No. The grant funds for this program can be used to purchase single-family
homes, condos, town homes, 2-4 unit multi-family properties.
HOME Grant is able
to assist with investment properties as well! |
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Q: |
How does a Buyer qualify for the
HOME
Grant program? |
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A: |
A
Buyer is automatically qualified for a grant from
HOME Grant when
they have been approved for a mortgage and complete a HOME
application/worksheet. Please check with your Lender to see if they
accept grant funds. |
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Q: |
How
much money does the Buyer need to use the HOME Grant program? |
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A: |
No money is required to purchase a home using the
HOME Grant
program. Several lending programs allow "gift funds" to be granted from
nonprofit organizations to use for down payment and closing costs. Some
contracts may require earnest money. |
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Q: |
Can
this program be used on any loan? |
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A: |
HOME
Grant will work with any loan program but not all loan programs will
work with HOME Grant. Check with your Lender or call us. |
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Q: |
Does
this program mean the price of the home is raised to cover the funds? |
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A: |
No. The
full fair market value of the home being purchased is verified by an
independent appraiser. The appraiser determines the value of the home
based on sales of comparable properties in the area. |
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Q: |
Are
there income or asset restrictions for the homebuyer? |
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A: |
There
are no limitations of income or asset restrictions for the buyer. |
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Q: |
When
are the grant funds available
to the Buyer? |
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A: |
Grant funds from HOME Grant
can be made available at or after the Closing. |
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Q: |
Can
the HOME
Grant funds be used in combination with other down payment assistance
programs, or with the buyers funds in order to increase the amount of the
down payment? |
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A: |
Yes. HOME Grant
will always give grant funds when requested and the Lender is in agreement |
