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Hart
Loan
Program |
BUYERS CONTRIBUTION AND INFORMATION:
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The home buyer must have at least 1% from their own funds to pay portions of the down payment and closing costs of the total purchase price of the home.
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Buyers can purchase a Single Family Property (SFP) and/or a 1-4 UNIT properties.
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The buyer's LIQUID ASSETS (e.g. cash savings, certificate of deposits, money market accounts, etc.) may not exceed HART's maximum gift amount.
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LOW to MODERATE INCOME and should be able to demonstrate their need for financial assistance.
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The buyer must OCCUPY the property as their primary residence.
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The buyer's EDUCATION may be a requirement.
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You do not have to be a 1st time homebuyer to qualify.
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Homebuyers will need to complete a PRE-PURCHASING COUSELING meeting.
SELLERS CONTRIBUTION AND INFORMATION:
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The home sellers participation is required in the HART / FHA loan program.
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The seller must agree to make a contribution in the amount of the borrowers gift to the HART program, and
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Pay a Processing Fee. The fee can be: (a) a fee of $650.00 for homes sold for $100,000 or less, or (b) a fee of $950.00 for homes sold greater than $100,000. |
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HART CONTRIBUTIONS / NO REPAYMENT:
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Hart will contribute maximum gift fund of up to $15,000. This amount can be used towards the down payment, closing cost, or debt that a underwriter has allotted to be paid through escrow. The down payment assistance provided is a gift and does not need to be repaid.