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NPHS Bridge Closing Cost Assistance

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HIGH DESERT ASSOCIATION OF REALTORS CLOSING COST ASSISTANCE PROGRAM

PROGRAM HIGHLIGHTS

  • $2,000 closing cost assistance grant helping borrowers "Bridge" the gap to home ownership
  • Fully forgiven grant with no repayment due
  • Must work with a Realtor® member of the High Desert Association of Realtors®
  • Can be used to purchase anywhere in the Inland Empire and East Los Angeles County

QUALIFYING CRITERIA

  • Borrower must be a first-time homebuyer
  • Maximum sales price of $417,000
  • Borrower must occupy the property as primary residence
  • Single-family detached homes, condominiums, and town homes are eligible
  • Borrower must complete 8 hours of HUD approved first-time homebuyer education
  • Family must not exceed 120% of the HCD Income Limits for San Bernardino and Riverside County

Funds are available on a first come, first served basis with fully executed purchase contract

BRIDGE HDAOR CLOSING COST FLYER

BRIDGE HDAOR CLOSING COST APPLICATION

LENDER PARTICIPATION AGREEMENT BRIDGE

NPHS BRIDGE CLOSING COST LOAN GUIDELINES

REALTOR PARTICIPATION AGREEMENT BRIDGE

The relevant Guide Sections are below.

4204.3: Interested party contributions (07/11/16)

(a) Types of interested party contributions and eligibility requirements Freddie Mac will purchase Mortgages that include interested party contributions under the terms of the Purchase Documents and this section. Interested parties include, but are not limited to, the builder, developer, seller of the property and real estate agent. Interested party contributions may include either financing and/or sales concessions. Freddie Mac considers the following to be interested party contributions:
• Funds from the Seller, originating lender, an employer, a municipality, a nonprofit organization and, except as stated below, a Related Person are subject to the interested party contributions requirements if the contributing party is affiliated with any of the interested parties as stated in the paragraph above
• Funds from an interested party that flow through a third-party organization or a nonprofit agency to the Borrower
• Funds from an interested party, including a third-party organization or a nonprofit agency, used to pay costs associated with the Mortgage transaction on the Borrower's behalf
• Funds that are donated to a third party, which in turn provides the funds to pay some or all of the Borrower's Closing Costs, Financing Costs and/or Prepaids/Escrows

A gift, including a gift of Equity, from a Related Person who is also the seller of the subject property is not subject to the requirements of this section, provided that:

• The Related Person is not, and has no affiliation with, the builder, real estate agent or any other interested party to the transaction and
• All of the requirements pertaining to gifts as stated in Section 5501.3 are met.

Based on "value" as defined in Section 4203.1, the maximum financing concessions allowed for Mortgages secured by Primary Residences and second homes are:

• 9% of value for Mortgages with loan-to-value (LTV) ratios or, if there is secondary financing, total LTV (TLTV) ratios less than or equal to 75%
• 6% of value for Mortgages with LTV ratios or, if there is secondary financing, TLTV ratios greater than 75% up to and including 90%
• 3% of value for Mortgages with LTV ratios or, if there is secondary financing, TLTV ratios greater than 90%

 

 

 

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