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Q: |
How
will this help me increase my business? |
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A: |
By using HOME Grant's
down payment grant program, your business will be impacted in ONE
PRIMARY WAY!
The
pool of potential homebuyers
will EXPAND. In addition, the marketability
and sale of your listings will increase because homebuyers can now
purchase that home.
Become a grant funds expert and you will increase the pool of potential
Buyers and Sellers dramatically! Real estate professionals, who have
specialized in charitable programs, have experienced significant leaps in
production. |
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Q: |
When
can I present the HOME Grant program to my Seller? |
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A: |
If the Buyer is using the HOME
Grant program, present it to the Seller at
time of contract. Discuss using down payment grant programs with your
Seller early, as part of why they should select you as their agent. By
having your listings participate either at the time of the listing
agreement or anytime during the listing (example: don't reduce the price,
instead market the home as a participating HOME
Grant property), you can benefit from advertising "Down payment
Grant Money and Zero Cash Move-in Available on this Home". |
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Q: |
Can
HOME Grant funds be used to pay points? |
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A: |
Yes. Points are considered part of the closing costs associated with a
loan. The grant provided by HOME
Grant can be used for paying closing costs, as well as the down
payment. |
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Q: |
As
the real estate agent preparing the sales contract, do I need to make a
reference to the HOME Grant program in the purchase agreement? |
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A: |
If the
Lender requires one. |
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Q: |
Where does the grant money come from? The Buyer or the Seller? |
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A: |
Sellers
contribute a portion of their sales proceeds at Closing to the nonprofit.
This pool of money then funds future grants. |
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Q: |
Is
there a limit to the amount of grant funds that can be provided? |
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A: |
Availability of
funds is the only limitation. Otherwise there is no limit of how
much of a grant can be provided. |
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Q: |
Does
the Buyer have to be a first-time homebuyer? |
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A: |
No.
There is no requirement for the Buyer to be a first-time homebuyer. |
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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 gift from
HOME Grant when
they have been approved for a mortgage and complete an
application/worksheet. |
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Q: |
What
are the income limitations for the homebuyer? |
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A: |
There
are no income limits or asset restrictions for the homebuyer under this
program. |
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Q: |
When does the Buyer receive
the grant funds from HOME Grant? |
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A: |
The
Buyer receives the funds at or after Closing. |
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Q: |
Why
would a Seller want to use HOME Grant? |
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A: |
Typically, if a property is on the market for an extended period of time,
the Seller has a tendency to drop the price of the home to make it look
more attractive to potential buyers. By using the
HOME Grant
program, the Seller can stay much closer to the original asking price of
the home, maintain property values, and provide valuable help for future
buyers. Seller contributions provide grants. This creates a larger pool of
potential buyers for the property and helps to sell the home more
quickly. |
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Q: |
How much money does a Seller
contribute to HOME Grant? |
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A: |
HOME Grant
receives a contribution from the
Seller at Closing based on an amount that the Seller determines. There is
no set amount.
NEW!
Real Estate Agents can now post
their listings to our HOME - Open House Project
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